Main Street Group LTD Sells 5,857 Shares of Bank of America Co. (NYSE:BAC)

Main Street Group LTD lessened its position in Bank of America Co. (NYSE:BAC) by 47.7% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 6,414 shares of the financial services provider’s stock after selling 5,857 shares during the period. Main Street Group LTD’s holdings in Bank of America were worth $256,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new stake in shares of Bank of America in the fourth quarter worth $3,502,000. Brio Consultants LLC acquired a new stake in Bank of America in the 4th quarter worth $227,000. Gilbert & Cook Inc. increased 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 worth $585,000 after purchasing an additional 662 shares during the period. Rollins Financial raised its position in shares of Bank of America by 12.5% during the fourth quarter. Rollins Financial now owns 441,919 shares of the financial services provider’s stock valued at $14,879,000 after buying an additional 48,998 shares during the last quarter. Finally, Gryphon Financial Partners LLC lifted its stake in shares of 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 during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Royal Bank of Canada boosted their price target on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Cfra reaffirmed a “sell” rating and set a $39.00 price objective on shares of Bank of America in a report on Tuesday, July 16th. Finally, Barclays upped their target price on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.22.

Bank of America Price Performance

Shares of NYSE BAC traded down $1.11 during trading on Friday, reaching $38.76. The company had a trading volume of 47,007,588 shares, compared to its average volume of 39,322,148. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The business’s 50 day moving average price is $40.30 and its 200-day moving average price is $38.49. The stock has a market cap of $303.12 billion, a PE ratio of 13.42, a PEG ratio of 1.46 and a beta of 1.35.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.88 EPS. Analysts expect that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be issued a $0.26 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.68%. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Bank of America declared that its board has authorized a stock repurchase program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The disclosure for this sale can be found here. In the last three months, insiders sold 112,670,620 shares of company stock valued at $4,651,681,930. 0.29% of the stock is currently owned by insiders.

Bank of America Profile

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.