Mn Services Vermogensbeheer B.V. Has $64.03 Million Stock Position in Bank of America Co. (NYSE:BAC)

Mn Services Vermogensbeheer B.V. lowered its stake in Bank of America Co. (NYSE:BAC) by 3.6% during the second quarter, Holdings Channel.com reports. The fund owned 1,610,100 shares of the financial services provider’s stock after selling 59,900 shares during the period. Mn Services Vermogensbeheer B.V.’s holdings in Bank of America were worth $64,034,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bank Pictet & Cie Europe AG grew its position in shares of Bank of America by 5.4% in the second quarter. Bank Pictet & Cie Europe AG now owns 613,938 shares of the financial services provider’s stock valued at $24,416,000 after purchasing an additional 31,347 shares during the last quarter. Bank of Stockton boosted its stake in shares of Bank of America by 1.2% in the second quarter. Bank of Stockton now owns 21,523 shares of the financial services provider’s stock valued at $856,000 after buying an additional 253 shares during the period. Atlantic Union Bankshares Corp boosted its stake in shares of Bank of America by 28.8% in the second quarter. Atlantic Union Bankshares Corp now owns 273,715 shares of the financial services provider’s stock valued at $10,886,000 after buying an additional 61,125 shares during the period. McAdam LLC boosted its stake in shares of Bank of America by 2.1% in the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after buying an additional 238 shares during the period. Finally, LRI Investments LLC lifted its stake in Bank of America by 36.0% during the second quarter. LRI Investments LLC now owns 15,783 shares of the financial services provider’s stock worth $628,000 after purchasing an additional 4,174 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of several recent analyst reports. Oppenheimer upped their target price on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 30th. Jefferies Financial Group upped their target price on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Evercore ISI increased their price target on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Finally, Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $42.07.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the sale, the insider now owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the sale, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the business’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 completion of the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The disclosure for this sale can be found here. Insiders have sold a total of 66,768,513 shares of company stock valued at $2,807,216,504 in the last 90 days. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Stock Up 1.4 %

Shares of BAC stock traded up $0.53 on Friday, reaching $39.77. 45,616,647 shares of the company were exchanged, compared to its average volume of 39,208,762. The company has a market cap of $311.02 billion, a price-to-earnings ratio of 13.76, a PEG ratio of 1.41 and a beta of 1.35. The company has a 50-day moving average of $40.20 and a 200-day moving average of $38.06. 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 announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter last year, the firm earned $0.88 EPS. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. Analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Increases Dividend

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

Bank of America declared that its Board of Directors has authorized a share buyback 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 buy up to 7.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

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.