Lmcg Investments LLC Has $8.07 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Lmcg Investments LLC reduced its stake in Bank of America Co. (NYSE:BAC) by 27.9% during the third quarter, Holdings Channel.com reports. The fund owned 203,385 shares of the financial services provider’s stock after selling 78,652 shares during the period. Lmcg Investments LLC’s holdings in Bank of America were worth $8,070,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Private Management Group Inc. lifted its stake in shares of Bank of America by 85.2% in the third quarter. Private Management Group Inc. now owns 13,957 shares of the financial services provider’s stock worth $554,000 after acquiring an additional 6,422 shares during the period. BluePath Capital Management LLC increased its holdings in Bank of America by 17.2% in the third quarter. BluePath Capital Management LLC now owns 21,728 shares of the financial services provider’s stock worth $862,000 after purchasing an additional 3,187 shares in the last quarter. Ceredex Value Advisors LLC increased its holdings in Bank of America by 26.0% in the third quarter. Ceredex Value Advisors LLC now owns 1,531,531 shares of the financial services provider’s stock worth $60,771,000 after purchasing an additional 316,206 shares in the last quarter. Lowe Brockenbrough & Co. Inc. increased its holdings in Bank of America by 3.5% in the third quarter. Lowe Brockenbrough & Co. Inc. now owns 25,816 shares of the financial services provider’s stock worth $1,024,000 after purchasing an additional 874 shares in the last quarter. Finally, Gladstone Institutional Advisory LLC increased its holdings in Bank of America by 68.4% in the third quarter. Gladstone Institutional Advisory LLC now owns 81,775 shares of the financial services provider’s stock worth $3,245,000 after purchasing an additional 33,205 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

BAC stock traded down $0.06 during midday trading on Friday, hitting $41.76. The company’s stock had a trading volume of 31,220,003 shares, compared to its average volume of 38,410,574. The stock’s 50-day moving average price is $40.54 and its 200 day moving average price is $39.78. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 1 year low of $26.59 and a 1 year high of $44.44. The stock has a market cap of $320.42 billion, a price-to-earnings ratio of 15.19, a PEG ratio of 1.43 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the previous year, the firm earned $0.90 earnings per share. The business’s revenue was up .4% on a year-over-year basis. On average, equities analysts forecast that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America announced that its board has initiated a share repurchase plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.49%. Bank of America’s dividend payout ratio is presently 37.82%.

Insider Activity

In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,078,718 shares of company stock valued at $4,548,920,425 in the last 90 days. Insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Evercore ISI lifted their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Oppenheimer boosted their price objective on Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, Cfra restated a “sell” rating and set a $39.00 price objective on shares of Bank of America in a report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.