MCIA Inc Cuts Stock Holdings in Bank of America Co. (NYSE:BAC)

MCIA Inc decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 10.9% during the third quarter, HoldingsChannel reports. The firm owned 5,536 shares of the financial services provider’s stock after selling 678 shares during the period. MCIA Inc’s holdings in Bank of America were worth $220,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Two Sigma Advisers LP grew its position in shares of 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 during the last quarter. 1832 Asset Management L.P. grew its position in shares of Bank of America by 1,432.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after buying an additional 5,749,567 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its position in shares of Bank of America by 193.4% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock worth $301,898,000 after buying an additional 5,015,378 shares during the last quarter. International Assets Investment Management LLC grew its position in shares of Bank of America by 3,550.7% in the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after buying an additional 4,423,215 shares during the last quarter. Finally, D1 Capital Partners L.P. acquired a new stake in Bank of America in the 3rd quarter worth approximately $174,858,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Piper Sandler lifted their target price on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Barclays lifted their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Finally, StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.57.

Bank of America Stock Performance

BAC opened at $46.73 on Friday. 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 firm has a fifty day moving average price of $43.60 and a 200 day moving average price of $41.20. Bank of America Co. has a 1 year low of $30.45 and a 1 year high of $48.08. The stock has a market cap of $358.52 billion, a P/E ratio of 16.99, a P/E/G ratio of 1.57 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the previous year, the business posted $0.90 EPS. The business’s revenue was up .4% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is presently 37.82%.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 3,966,178 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $39.58, for a total value of $156,981,325.24. Following the completion of the sale, the insider now owns 854,214,328 shares of the company’s stock, valued at approximately $33,809,803,102.24. The trade was a 0.46 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders sold 56,945,263 shares of company stock valued at $2,300,620,438. 0.29% of the stock is owned by corporate 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.