Mayfair Advisory Group LLC Sells 3,818 Shares of Bank of America Corporation $BAC

Mayfair Advisory Group LLC decreased its holdings in Bank of America Corporation (NYSE:BAC) by 28.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,434 shares of the financial services provider’s stock after selling 3,818 shares during the period. Mayfair Advisory Group LLC’s holdings in Bank of America were worth $434,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of BAC. All Terrain Financial Advisors LLC purchased a new stake in shares of Bank of America during the second quarter worth $218,000. Elgethun Capital Management increased its position in shares of Bank of America by 11.4% in the second quarter. Elgethun Capital Management now owns 6,182 shares of the financial services provider’s stock worth $293,000 after purchasing an additional 635 shares during the last quarter. GM Advisory Group LLC lifted its position in Bank of America by 79.1% during the second quarter. GM Advisory Group LLC now owns 65,384 shares of the financial services provider’s stock valued at $3,094,000 after purchasing an additional 28,875 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of Bank of America by 32.3% during the 2nd quarter. Quadrant Capital Group LLC now owns 220,186 shares of the financial services provider’s stock worth $10,419,000 after acquiring an additional 53,806 shares during the last quarter. Finally, Vinva Investment Management Ltd lifted its stake in Bank of America by 44.6% during the second quarter. Vinva Investment Management Ltd now owns 499,327 shares of the financial services provider’s stock worth $23,528,000 after purchasing an additional 153,993 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BAC has been the subject of several research reports. Citigroup upped their target price on Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Wolfe Research increased their target price on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday, October 7th. Dbs Bank upgraded shares of Bank of America to a “moderate buy” rating in a research report on Wednesday, October 22nd. Truist Financial boosted their price target on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Finally, Robert W. Baird raised their price objective on Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a research note on Thursday, October 30th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.77.

Bank of America Trading Up 1.0%

Shares of BAC opened at $53.01 on Thursday. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $54.69. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm’s 50-day moving average price is $51.85 and its 200-day moving average price is $48.66. The firm has a market capitalization of $387.07 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the previous year, the firm posted $0.81 EPS. The business’s revenue was up 10.8% on a year-over-year basis. Sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s dividend payout ratio is 30.52%.

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.