Searle & CO. raised its position in shares of Bank of America Corp (NYSE:BAC) by 0.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 208,960 shares of the financial services provider’s stock after acquiring an additional 700 shares during the quarter. Bank of America makes up approximately 3.6% of Searle & CO.’s holdings, making the stock its 2nd largest position. Searle & CO.’s holdings in Bank of America were worth $5,765,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of BAC. Cranbrook Wealth Management LLC boosted its position in shares of Bank of America by 86.1% in the 4th quarter. Cranbrook Wealth Management LLC now owns 1,081 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 500 shares in the last quarter. Paragon Capital Management LLC bought a new stake in shares of Bank of America in the 1st quarter worth approximately $33,000. Karp Capital Management Corp bought a new stake in shares of Bank of America in the 4th quarter worth approximately $31,000. Semmax Financial Advisors Inc. bought a new stake in shares of Bank of America in the 4th quarter worth approximately $34,000. Finally, NewSquare Capital LLC boosted its position in shares of Bank of America by 50.0% in the 4th quarter. NewSquare Capital LLC now owns 1,500 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 500 shares in the last quarter. 63.40% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Dean C. Athanasia sold 129,615 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total value of $3,859,934.70. Following the completion of the transaction, the insider now directly owns 243,617 shares in the company, valued at approximately $7,254,914.26. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.17% of the stock is owned by insiders.
A number of brokerages have recently commented on BAC. Atlantic Securities cut Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price target on the stock. in a research report on Tuesday, April 30th. Oppenheimer boosted their price target on Bank of America from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 26th. Zacks Investment Research cut Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. ValuEngine raised Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, April 19th. Finally, Jefferies Financial Group cut Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price target on the stock. in a research report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the stock. Bank of America currently has a consensus rating of “Hold” and a consensus target price of $32.98.
Shares of NYSE BAC opened at $28.18 on Friday. Bank of America Corp has a twelve month low of $22.66 and a twelve month high of $31.91. The company has a market capitalization of $288.67 billion, a P/E ratio of 10.80, a PEG ratio of 1.26 and a beta of 1.49. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.96.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.05. Bank of America had a net margin of 25.42% and a return on equity of 11.79%. The company had revenue of $23 billion during the quarter, compared to analyst estimates of $23.24 billion. During the same period in the previous year, the business earned $0.62 EPS. The firm’s revenue for the quarter was down .4% on a year-over-year basis. Sell-side analysts expect that Bank of America Corp will post 2.86 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a $0.15 dividend. The ex-dividend date is Thursday, June 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.13%. Bank of America’s payout ratio is currently 22.99%.
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Bank of America Company Profile
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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