Migdal Insurance & Financial Holdings Ltd. Acquires 308 Shares of Bank of America Corporation $BAC

Migdal Insurance & Financial Holdings Ltd. boosted its stake in Bank of America Corporation (NYSE:BAC) by 0.0% in the second quarter, Holdings Channel reports. The firm owned 730,308 shares of the financial services provider’s stock after purchasing an additional 308 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in Bank of America were worth $34,558,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Nova Wealth Management Inc. raised its stake in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. Quaker Wealth Management LLC raised its stake in Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares in the last quarter. RMG Wealth Management LLC acquired a new position in Bank of America in the second quarter valued at about $28,000. CGC Financial Services LLC raised its stake in Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC acquired a new position in Bank of America in the second quarter valued at about $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the company’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 value of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.30% of the stock is owned by corporate insiders.

Bank of America Stock Performance

Bank of America stock opened at $52.85 on Wednesday. The business has a 50 day moving average of $50.77 and a 200-day moving average of $46.68. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $53.28. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market capitalization of $391.42 billion, a P/E ratio of 14.40, a P/E/G ratio of 2.01 and a beta of 1.33.

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 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 company had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the prior year, the firm posted $0.81 earnings per share. The firm’s revenue was up 10.8% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

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

Bank of America Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. Deutsche Bank Aktiengesellschaft boosted their target price on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Evercore ISI boosted their target price on Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. The Goldman Sachs Group lowered their target price on Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a research note on Monday. Finally, Morgan Stanley boosted their target price on Bank of America from $66.00 to $67.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price of $57.27.

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.