Mendel Money Management Reduces Stock Holdings in Bank of America Corporation $BAC

Mendel Money Management reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 11.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 38,262 shares of the financial services provider’s stock after selling 4,725 shares during the quarter. Mendel Money Management’s holdings in Bank of America were worth $1,811,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Boston Common Asset Management LLC raised its holdings in shares of Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after buying an additional 24,740 shares during the period. Disciplined Investments LLC acquired a new stake in Bank of America during the 2nd quarter valued at approximately $217,000. Nicholas Hoffman & Company LLC. grew its stake in Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after purchasing an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC grew its stake in Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC acquired a new stake in Bank of America during the 2nd quarter valued at approximately $287,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on BAC shares. Truist Financial raised their price objective on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Piper Sandler raised their price objective on Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, October 16th. Deutsche Bank Aktiengesellschaft raised their price objective on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Ameriprise Financial upgraded Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Finally, Seaport Global Securities raised their price objective on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $57.27.

Bank of America Price Performance

Shares of BAC opened at $52.85 on Wednesday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $53.28. The firm has a market cap of $391.42 billion, a price-to-earnings ratio of 14.40, a PEG ratio of 2.01 and a beta of 1.33. 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 stock has a 50 day moving average of $50.77 and a 200-day moving average of $46.68.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the previous year, the firm posted $0.81 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its board has initiated a share buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a dividend of $0.28 per share. 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 payout ratio is currently 30.52%.

About Bank of America

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.