Bank of America Corporation $BAC Shares Purchased by MML Investors Services LLC

MML Investors Services LLC increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 5.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 894,859 shares of the financial services provider’s stock after purchasing an additional 50,215 shares during the quarter. MML Investors Services LLC’s holdings in Bank of America were worth $49,217,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Wiser Advisor Group LLC acquired a new stake in Bank of America in the third quarter valued at $27,000. Legacy Bridge LLC lifted its holdings in Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 330 shares during the period. Joseph Group Capital Management acquired a new stake in Bank of America in the fourth quarter valued at $32,000. HFM Investment Advisors LLC raised its stake in shares of Bank of America by 566.0% during the 4th quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider’s stock worth $34,000 after buying an additional 532 shares during the last quarter. Finally, Coston McIsaac & Partners raised its stake in shares of Bank of America by 90.2% during the 4th quarter. Coston McIsaac & Partners now owns 662 shares of the financial services provider’s stock worth $36,000 after buying an additional 314 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.27% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

BAC has been the topic of several recent research reports. Royal Bank Of Canada reissued an “outperform” rating and set a $59.00 price target on shares of Bank of America in a research report on Thursday, April 16th. Piper Sandler boosted their price target on Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Evercore reduced their price target on Bank of America from $70.00 to $61.00 and set an “outperform” rating on the stock in a research report on Friday, May 15th. Keefe, Bruyette & Woods boosted their price target on Bank of America from $63.00 to $64.00 and gave the stock an “outperform” rating in a research report on Thursday, April 16th. Finally, UBS Group upped their target price on Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Twenty-two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $61.06.

Bank of America Price Performance

Shares of BAC opened at $55.89 on Tuesday. The company has a market cap of $396.62 billion, a P/E ratio of 13.83, a PEG ratio of 0.95 and a beta of 1.19. The stock has a fifty day moving average price of $52.42 and a 200 day moving average price of $52.44. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. Bank of America Corporation has a 12 month low of $44.06 and a 12 month high of $57.55.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. The firm had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm’s revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.90 EPS. On average, research analysts forecast that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio is presently 27.72%.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.