Mmbg Investment Advisors CO. Has $12.11 Million Position in Bank of America Co. (NYSE:BAC)

Mmbg Investment Advisors CO. trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 22.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 275,613 shares of the financial services provider’s stock after selling 81,125 shares during the quarter. Bank of America accounts for 1.3% of Mmbg Investment Advisors CO.’s holdings, making the stock its 18th biggest position. Mmbg Investment Advisors CO.’s holdings in Bank of America were worth $12,113,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Collier Financial bought a new position in shares of Bank of America during the 4th quarter worth approximately $25,000. Life Planning Partners Inc increased its stake in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after buying an additional 545,936 shares during the last quarter. Graney & King LLC purchased a new position in Bank of America in the fourth quarter worth $25,000. Fairway Wealth LLC bought a new position in Bank of America during the fourth quarter valued at about $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Bank of America in the fourth quarter worth $31,000. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on BAC. Citigroup dropped their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Evercore ISI cut their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. Royal Bank of Canada reduced their target price on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Truist Financial decreased their price objective on Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Finally, Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.25.

Bank of America Stock Up 0.6%

Shares of Bank of America stock opened at $41.85 on Monday. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The stock has a market capitalization of $315.21 billion, a price-to-earnings ratio of 13.00, a PEG ratio of 1.21 and a beta of 1.27. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The business’s 50 day simple moving average is $39.69 and its 200-day simple moving average is $43.49.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.49%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

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.