ARP Americas LP Takes Position in Bank of America Corp (BAC)

ARP Americas LP bought a new stake in Bank of America Corp (NYSE:BAC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 25,500 shares of the financial services provider’s stock, valued at approximately $628,000.

Other hedge funds have also recently bought and sold shares of the company. Glacier Peak Capital LLC grew its position in shares of Bank of America by 33.1% during the fourth quarter. Glacier Peak Capital LLC now owns 82,731 shares of the financial services provider’s stock worth $2,038,000 after purchasing an additional 20,562 shares in the last quarter. Vivaldi Capital Management LLC purchased a new position in Bank of America during the 4th quarter valued at approximately $223,000. Magnus Financial Group LLC purchased a new position in Bank of America during the 4th quarter valued at approximately $1,248,000. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its holdings in Bank of America by 2.8% during the 4th quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 69,011 shares of the financial services provider’s stock valued at $1,699,000 after buying an additional 1,882 shares in the last quarter. Finally, Quinn Opportunity Partners LLC grew its holdings in Bank of America by 10.4% during the 4th quarter. Quinn Opportunity Partners LLC now owns 351,000 shares of the financial services provider’s stock valued at $8,649,000 after buying an additional 33,000 shares in the last quarter. 65.21% of the stock is currently owned by institutional investors.

In other news, insider Dean C. Athanasia sold 129,615 shares of Bank of America stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $29.78, for a total value of $3,859,934.70. Following 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 Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.17% of the company’s stock.

Several equities research analysts have recently issued reports on the company. Atlantic Securities lowered Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price objective for the company. in a research note on Tuesday. ValuEngine raised Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, April 19th. BMO Capital Markets raised their price objective on 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. Jefferies Financial Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price objective for the company. in a research note on Wednesday, April 17th. Finally, HSBC began coverage on Bank of America in a research note on Thursday, April 4th. They set a “hold” rating and a $29.00 price target for the company. Eleven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Bank of America has a consensus rating of “Hold” and a consensus price target of $32.98.

BAC traded up $0.21 during trading on Friday, hitting $30.71. 35,221,155 shares of the stock were exchanged, compared to its average volume of 61,376,289. The company has a market capitalization of $314.58 billion, a P/E ratio of 11.77, a PEG ratio of 1.34 and a beta of 1.49. Bank of America Corp has a 1 year low of $22.66 and a 1 year high of $31.91. 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 released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.65 by $0.05. The company had revenue of $23 billion for the quarter, compared to the consensus estimate of $23.24 billion. Bank of America had a return on equity of 11.79% and a net margin of 25.42%. Bank of America’s quarterly revenue was down .4% on a year-over-year basis. During the same period last year, the business posted $0.62 EPS. Equities analysts anticipate that Bank of America Corp will post 2.86 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders 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 dividend yield of 1.95%. Bank of America’s dividend payout ratio is presently 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.

Further Reading: Are sell-side analysts objective?

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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