Mediolanum International Funds Ltd Has $33.35 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Mediolanum International Funds Ltd lessened its holdings in Bank of America Co. (NYSE:BAC) by 0.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 847,856 shares of the financial services provider’s stock after selling 6,406 shares during the period. Mediolanum International Funds Ltd’s holdings in Bank of America were worth $33,350,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Lake Street Advisors Group LLC increased its holdings in shares of Bank of America by 2.9% during the third quarter. Lake Street Advisors Group LLC now owns 59,667 shares of the financial services provider’s stock worth $2,368,000 after buying an additional 1,663 shares in the last quarter. Burke & Herbert Bank & Trust Co. increased its holdings in shares of Bank of America by 0.8% during the third quarter. Burke & Herbert Bank & Trust Co. now owns 46,466 shares of the financial services provider’s stock worth $1,844,000 after buying an additional 368 shares in the last quarter. Cullinan Associates Inc. increased its holdings in shares of Bank of America by 20.4% during the third quarter. Cullinan Associates Inc. now owns 67,325 shares of the financial services provider’s stock worth $2,813,000 after buying an additional 11,400 shares in the last quarter. Ballentine Partners LLC increased its holdings in shares of Bank of America by 3.2% during the third quarter. Ballentine Partners LLC now owns 142,909 shares of the financial services provider’s stock worth $5,671,000 after buying an additional 4,390 shares in the last quarter. Finally, Garrison Point Advisors LLC increased its holdings in shares of Bank of America by 4.5% during the third quarter. Garrison Point Advisors LLC now owns 17,479 shares of the financial services provider’s stock worth $694,000 after buying an additional 751 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on BAC shares. Oppenheimer raised their price objective on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Piper Sandler Companies raised shares of 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. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, Evercore ISI increased their price target on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Bank of America Stock Down 0.3 %

Shares of NYSE:BAC traded down $0.11 during midday trading on Friday, reaching $42.54. 4,432,963 shares of the company were exchanged, compared to its average volume of 38,530,344. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a fifty day simple moving average of $40.11 and a two-hundred day simple moving average of $39.53. The firm has a market cap of $330.09 billion, a PE ratio of 15.51, a P/E/G ratio of 1.43 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly 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 for the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the business earned $0.90 EPS. The company’s revenue was up .4% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Bank of America declared that its Board of Directors has initiated a share buyback program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, insider Lindsay D. Hans sold 10,901 shares of Bank of America 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 completion of the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were 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. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 125,336,839 shares of company stock valued at $5,049,968,704 in the last quarter. Company insiders own 0.29% of the company’s stock.

Bank of America Company 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.