Miramar Capital LLC Purchases 700 Shares of Bank of America Co. (NYSE:BAC)

Miramar Capital LLC boosted its position in Bank of America Co. (NYSE:BAC) by 3.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,214 shares of the financial services provider’s stock after acquiring an additional 700 shares during the quarter. Miramar Capital LLC’s holdings in Bank of America were worth $844,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in BAC. Brio Consultants LLC acquired a new position in Bank of America during the fourth quarter worth about $227,000. Gilbert & Cook Inc. grew its holdings in shares of Bank of America by 4.0% during the 4th quarter. Gilbert & Cook Inc. now owns 17,388 shares of the financial services provider’s stock valued at $585,000 after purchasing an additional 662 shares during the last quarter. Rollins Financial lifted its stake in Bank of America by 12.5% in the 4th quarter. Rollins Financial now owns 441,919 shares of the financial services provider’s stock valued at $14,879,000 after purchasing an additional 48,998 shares during the last quarter. Gryphon Financial Partners LLC boosted its position in Bank of America by 44.4% in the fourth quarter. Gryphon Financial Partners LLC now owns 11,664 shares of the financial services provider’s stock valued at $393,000 after buying an additional 3,585 shares in the last quarter. Finally, Hillsdale Investment Management Inc. grew its stake in shares of Bank of America by 19.7% during the fourth quarter. Hillsdale Investment Management Inc. now owns 9,765 shares of the financial services provider’s stock worth $329,000 after buying an additional 1,610 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of Bank of America stock opened at $39.64 on Thursday. The business has a 50-day simple moving average of $40.03 and a 200 day simple moving average of $38.81. The firm has a market capitalization of $309.96 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 1.40 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same period in the prior year, the firm earned $0.88 earnings per share. Bank of America’s revenue for the quarter was up .7% on a year-over-year basis. On average, research analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has approved a share buyback program on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a dividend of $0.26 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the completion of the sale, the insider now directly owns 861,175,131 shares of the company’s stock, valued at approximately $34,076,699,933.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the completion of the sale, the insider now owns 861,175,131 shares of the company’s stock, valued at approximately $34,076,699,933.67. The disclosure for this sale can be found here. Insiders have sold 114,391,986 shares of company stock worth $4,719,796,383 in the last quarter. Insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on BAC shares. Morgan Stanley increased their price target on Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Jefferies Financial Group raised their price objective on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Cfra reissued a “sell” rating and set a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. Finally, Barclays lifted their price target on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $42.22.

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.