Stone House Investment Management LLC purchased a new stake in shares of Bank of America Corp (NYSE:BAC) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 3,191 shares of the financial services provider’s stock, valued at approximately $88,000.
Several other institutional investors also recently bought and sold shares of BAC. Cranbrook Wealth Management LLC lifted its position in Bank of America by 86.1% during the 4th quarter. Cranbrook Wealth Management LLC now owns 1,081 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 500 shares during the last quarter. Karp Capital Management Corp acquired a new position in Bank of America during the 4th quarter worth $31,000. Semmax Financial Advisors Inc. acquired a new position in Bank of America during the 4th quarter worth $34,000. NewSquare Capital LLC lifted its position in Bank of America by 50.0% during the 4th quarter. NewSquare Capital LLC now owns 1,500 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 500 shares during the last quarter. Finally, Intercontinental Wealth Advisors LLC acquired a new position in Bank of America during the 4th quarter worth $41,000. Institutional investors and hedge funds own 65.19% of the company’s stock.
In related news, insider Dean C. Athanasia sold 129,615 shares of the stock in a transaction dated 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 owns 243,617 shares of the company’s stock, valued at $7,254,914.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.17% of the stock is currently owned by corporate insiders.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.05. The business had revenue of $23 billion during the quarter, compared to analyst estimates of $23.24 billion. Bank of America had a net margin of 25.42% and a return on equity of 11.79%. The firm’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.62 earnings per share. As a group, equities analysts forecast that Bank of America Corp will post 2.86 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Thursday, June 6th. Bank of America’s dividend payout ratio is currently 22.99%.
A number of research firms have weighed in on BAC. Atlantic Securities lowered shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 target price for the company. in a research report on Tuesday, April 30th. ValuEngine raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, April 19th. BMO Capital Markets boosted their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 17th. Zacks Investment Research lowered shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Finally, Jefferies Financial Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price objective for the company. in a research report on Wednesday, April 17th. Eleven analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $32.98.
Bank of America 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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