Bank of America Corp (NYSE:BAC) insider Dean C. Athanasia sold 129,615 shares of the company’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 transaction of $3,859,934.70. Following the completion of the transaction, the insider now owns 243,617 shares in the company, valued at approximately $7,254,914.26. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.
Shares of BAC opened at $30.03 on Monday. Bank of America Corp has a 12 month low of $22.66 and a 12 month high of $31.91. The firm has a market cap of $307.62 billion, a PE ratio of 11.51, a price-to-earnings-growth ratio of 1.31 and a beta of 1.47. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.70 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 for the quarter, compared to analyst estimates of $23.24 billion. During the same quarter in the prior year, the business posted $0.62 EPS. Bank of America’s quarterly revenue was down .4% on a year-over-year basis. Equities research analysts forecast that Bank of America Corp will post 2.86 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently made changes to their positions in BAC. CI Investments Inc. increased its stake in shares of Bank of America by 168.5% during the 3rd quarter. CI Investments Inc. now owns 5,840,497 shares of the financial services provider’s stock worth $172,061,000 after purchasing an additional 3,665,300 shares during the last quarter. GSA Capital Partners LLP grew its stake in Bank of America by 76.5% in the 3rd quarter. GSA Capital Partners LLP now owns 17,989 shares of the financial services provider’s stock valued at $530,000 after buying an additional 7,797 shares during the last quarter. Vident Investment Advisory LLC acquired a new position in Bank of America in the 3rd quarter valued at $214,000. Point72 Asset Management L.P. grew its stake in Bank of America by 27.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 75,600 shares of the financial services provider’s stock valued at $2,227,000 after buying an additional 16,200 shares during the last quarter. Finally, Macquarie Group Ltd. grew its stake in Bank of America by 6.2% in the 3rd quarter. Macquarie Group Ltd. now owns 1,379,027 shares of the financial services provider’s stock valued at $40,626,000 after buying an additional 79,980 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.
Several research firms have weighed in on BAC. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday. Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a research note on Tuesday, March 12th. HSBC began coverage on shares of Bank of America in a research note on Thursday, April 4th. They issued a “hold” rating and a $29.00 price objective on the stock. Jefferies Financial Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price objective on the stock. in a research note on Wednesday, April 17th. Finally, BMO Capital Markets upped their price objective on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Wednesday, April 17th. Eleven analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $33.25.
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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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