228,673 Shares in Bank of America Corporation $BAC Acquired by Mmbg Investment Advisors CO.

Mmbg Investment Advisors CO. acquired a new position in shares of Bank of America Corporation (NYSE:BAC) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 228,673 shares of the financial services provider’s stock, valued at approximately $13,030,000. Bank of America accounts for approximately 1.0% of Mmbg Investment Advisors CO.’s portfolio, making the stock its 22nd largest position.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. West Family Investments Inc. bought a new stake in shares of Bank of America during the 2nd quarter valued at $478,000. Tacita Capital Inc bought a new position in shares of Bank of America in the second quarter worth $118,000. Denali Advisors LLC raised its stake in Bank of America by 1.9% in the second quarter. Denali Advisors LLC now owns 22,000 shares of the financial services provider’s stock valued at $1,254,000 after purchasing an additional 400 shares in the last quarter. NewEdge Wealth LLC acquired a new position in Bank of America in the second quarter valued at about $9,530,000. Finally, Empirical Asset Management LLC bought a new stake in Bank of America during the second quarter worth about $1,162,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America’s active participation in the August bond market demonstrates continued access to wholesale funding and allows it to extend maturities through senior unsecured offerings. Its latest quarterly results also showed strong earnings and revenue growth, providing a fundamental counterweight to near-term concerns. Bank of America’s Stock Market Signal Flashes Warning
• Neutral Sentiment: Bank of America increased its indirect stake in Turkish industrial technology company Hidropar to 5.386%. The disclosure indicates portfolio or client-related investment activity, but it is not expected to materially affect BAC’s earnings. Bank of America Lifts Indirect Stake in Hidropar to 5.386%
• Neutral Sentiment: Bank of America crossed a disclosure threshold in Smith & Nephew, reflecting an updated shareholding. The move is unlikely to have a meaningful direct impact on BAC’s common stock. Smith & Nephew Discloses Updated Bank of America Shareholding
• Neutral Sentiment: Bank of America’s analysts issued views on HP, Home Depot and Nvidia. These calls may generate research-related attention, but they do not materially change BAC’s own fundamentals. Bank of America Sends Warning on HP Stock
• Negative Sentiment: A market commentary warns that crowded positioning in Bank of America could make any broader-market pullback sharper. Separate analysis questions whether BAC is undervalued after its recent bond issuance, while noting recent short-term share-price weakness. These factors are weighing on sentiment despite the bank’s solid earnings profile. Bank of America’s Stock Market Signal Flashes Warning Is Bank of America Undervalued?
• Negative Sentiment: Analysis of Bank of America preferred stock suggests that more attractive alternatives may exist than Series GG. While this primarily affects preferred securities, it can modestly temper sentiment toward BAC’s capital-raising instruments. Bank of America Preferreds: Better Propositions Available Than Series GG

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Barclays increased their price objective on shares of Bank of America from $71.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Daiwa Securities Group upped their price target on shares of Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Citigroup increased their price target on shares of Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Evercore set a $63.00 price objective on shares of Bank of America and gave the company an “outperform” rating in a research note on Monday, July 6th. Finally, Truist Financial boosted their price objective on shares of Bank of America from $64.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.08.

Bank of America Stock Performance

Bank of America stock opened at $61.73 on Friday. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The business’s 50-day moving average price is $60.60 and its two-hundred day moving average price is $54.67. The stock has a market cap of $431.66 billion, a PE ratio of 14.16, a P/E/G ratio of 0.98 and a beta of 1.17.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm had revenue of $31.56 billion during the quarter, compared to analysts’ expectations of $30.78 billion. During the same quarter in the prior year, the business earned $0.89 earnings per share. The business’s revenue for the quarter was up 19.6% compared to the same quarter last year. As a group, analysts expect that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s payout ratio is currently 25.69%.

Bank of America Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.