Miracle Mile Advisors LLC Raises Position in Bank of America Co. (NYSE:BAC)

Miracle Mile Advisors LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 1,088.6% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 235,310 shares of the financial services provider’s stock after acquiring an additional 215,512 shares during the period. Miracle Mile Advisors LLC’s holdings in Bank of America were worth $10,342,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Two Sigma Advisers LP lifted its holdings in Bank of America by 31,021.6% in the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after buying an additional 10,175,100 shares in the last quarter. 1832 Asset Management L.P. lifted its stake in shares of Bank of America by 1,432.1% in the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after acquiring an additional 5,749,567 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its holdings in Bank of America by 193.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after purchasing an additional 5,015,378 shares during the last quarter. International Assets Investment Management LLC grew its stake in Bank of America by 3,550.7% during the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after purchasing an additional 4,423,215 shares in the last quarter. Finally, D1 Capital Partners L.P. purchased a new stake in Bank of America during the 3rd quarter worth approximately $174,858,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction that occurred 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 sale, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.29% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on BAC shares. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Barclays raised their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Morgan Stanley downgraded Bank of America from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $48.00 to $55.00 in a research note on Monday, December 9th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Stock Performance

BAC stock traded down $0.02 on Monday, reaching $45.09. The company’s stock had a trading volume of 34,288,388 shares, compared to its average volume of 33,709,824. The firm has a fifty day moving average of $45.53 and a two-hundred day moving average of $42.22. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market capitalization of $345.97 billion, a P/E ratio of 16.40, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. Bank of America Co. has a 52 week low of $31.27 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the company earned $0.90 earnings per share. As a group, analysts predict that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date was Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

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.