Bank of America Corporation $BAC Stock Holdings Increased by Moors & Cabot Inc.

Moors & Cabot Inc. raised its stake in Bank of America Corporation (NYSE:BAC) by 12.5% during the 4th quarter, Holdings Channel reports. The institutional investor owned 134,934 shares of the financial services provider’s stock after purchasing an additional 14,998 shares during the quarter. Moors & Cabot Inc.’s holdings in Bank of America were worth $7,421,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC lifted its holdings in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares during the last quarter. Sivia Capital Partners LLC grew its position in Bank of America by 40.5% in the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock worth $1,013,000 after acquiring an additional 6,174 shares in the last quarter. Jump Financial LLC increased its stake in shares of Bank of America by 38.4% during the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock worth $3,108,000 after purchasing an additional 18,227 shares during the last quarter. Nebula Research & Development LLC bought a new position in shares of Bank of America during the 2nd quarter valued at $1,396,000. Finally, Vivaldi Capital Management LP lifted its stake in shares of Bank of America by 4.2% in the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock valued at $417,000 after purchasing an additional 355 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BAC has been the topic of a number of recent analyst reports. Oppenheimer boosted their price objective on shares of Bank of America from $58.00 to $61.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. Autonomous Res cut their target price on shares of Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Monday, April 6th. Robert W. Baird raised their price target on Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. Jefferies Financial Group boosted their price objective on Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Finally, Erste Group Bank lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 4th. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $61.06.

Bank of America Trading Down 0.5%

Shares of BAC opened at $50.85 on Friday. The firm has a market capitalization of $360.87 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 0.87 and a beta of 1.21. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a 12-month low of $43.36 and a 12-month high of $57.55. The stock’s 50-day moving average price is $51.01 and its 200 day moving average price is $52.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. The firm had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.90 earnings per share. As a group, research analysts predict 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 announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is 27.72%.

Insider Buying and Selling

In other Bank of America news, insider Thomas M. Scrivener sold 50,000 shares of the company’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total value of $2,491,000.00. Following the sale, the insider directly owned 227,973 shares in the company, valued at $11,357,614.86. This represents a 17.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider James P. Demare sold 83,832 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total value of $4,191,600.00. Following the transaction, the insider owned 307,240 shares of the company’s stock, valued at $15,362,000. This represents a 21.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 354,588 shares of company stock worth $17,814,296 in the last quarter. Corporate insiders own 0.27% of the company’s stock.

Bank of America News Roundup

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: CEO Brian Moynihan said Bank of America expects second-quarter trading revenue to rise about 15% year over year, pointing to continued strength in markets activity and a potential 17th straight quarter of trading growth. Article Title
• Positive Sentiment: Bank of America also signaled solid Q2 support from investment banking and wealth-management fees, which could help offset pressure in other areas and support earnings momentum. Article Title
• Positive Sentiment: Keynova Group ranked Bank of America among the top U.S. credit card issuers for online experience, reinforcing its strong digital banking franchise. Article Title
• Positive Sentiment: Bank of America said its Community Homeownership Commitment has delivered more than $15 billion in affordable home loans and grants, highlighting continued consumer lending and community-banking activity. Article Title

Bank of America Profile

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.