Bank of America Corp (BAC) Insider Sells $3,859,934.70 in Stock

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.

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, February 28th. This represents a $0.60 annualized dividend and a dividend yield of 2.00%. Bank of America’s dividend payout ratio (DPR) is 22.99%.

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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