Aspire Private Capital LLC purchased a new position in shares of Bank of America Corp (NYSE:BAC) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 7,504 shares of the financial services provider’s stock, valued at approximately $185,000.
Several other hedge funds have also recently added to or reduced their stakes in the stock. CRA Financial Services LLC purchased a new stake in Bank of America in the 4th quarter valued at about $1,320,000. PGGM Investments purchased a new stake in Bank of America in the 4th quarter valued at about $128,471,000. Fosun International Ltd boosted its position in Bank of America by 333.9% in the 4th quarter. Fosun International Ltd now owns 40,783 shares of the financial services provider’s stock valued at $1,005,000 after buying an additional 31,383 shares during the period. Sunesis Advisors LLC bought a new stake in shares of Bank of America in the 4th quarter valued at about $268,000. Finally, First Citizens Bank & Trust Co. raised its holdings in shares of Bank of America by 1.0% in the 4th quarter. First Citizens Bank & Trust Co. now owns 311,732 shares of the financial services provider’s stock valued at $7,681,000 after purchasing an additional 2,994 shares in the last quarter. 65.10% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Dean C. Athanasia sold 129,615 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 243,617 shares of the company’s stock, valued at approximately $7,254,914.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.17% of the stock is owned by corporate insiders.
Several equities research analysts have recently commented on BAC shares. Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $32.00 price target for the company in a report on Tuesday, March 12th. UBS Group set a $33.00 price target on shares of Bank of America and gave the company a “buy” rating in a report on Saturday, February 2nd. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, April 19th. 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 note on Wednesday, April 17th. Finally, HSBC assumed coverage on shares of Bank of America in a research note on Thursday, April 4th. They set a “hold” rating and a $29.00 price objective for the company. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $32.98.
Shares of BAC stock traded down $0.20 during trading hours on Wednesday, hitting $28.49. The company’s stock had a trading volume of 27,640,236 shares, compared to its average volume of 59,518,262. The company has a market capitalization of $291.84 billion, a P/E ratio of 10.92, a price-to-earnings-growth ratio of 1.24 and a beta of 1.49. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.91 and a quick ratio of 0.91. Bank of America Corp has a 12-month low of $22.66 and a 12-month high of $31.91.
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, beating the consensus estimate of $0.65 by $0.05. The business had revenue of $23 billion for the quarter, compared to the consensus estimate of $23.24 billion. Bank of America had a net margin of 25.42% and a return on equity of 11.79%. The business’s revenue for the quarter was down .4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.62 EPS. As a group, sell-side analysts forecast that Bank of America Corp will post 2.86 earnings per share for the current year.
The firm also recently disclosed 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. This represents a $0.60 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Thursday, June 6th. Bank of America’s dividend payout ratio (DPR) is currently 22.99%.
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About Bank of America
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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