ABN AMRO Bank N.V. Has $353.21 Million Holdings in Bank of America Corporation $BAC

Key Points

• ABN AMRO Bank N.V. boosted its Bank of America stake by 49.8% in the fourth quarter, ending with 6.44 million shares worth about $353.2 million. Bank of America is now its fifth-largest holding and makes up 3.3% of its portfolio.
• Bank of America reported better-than-expected quarterly results, with EPS of $1.11 versus the $1.00 consensus and revenue of $30.27 billion, up 10.7% year over year. Analysts now expect full-year EPS of 4.46.
• The company also announced a quarterly dividend of $0.28 per share, or $1.12 annualized, for a 2.2% yield. Meanwhile, analysts remain broadly positive, with a consensus rating of Moderate Buy and an average price target of $61.06.

ABN AMRO Bank N.V. increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 49.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,444,409 shares of the financial services provider's stock after purchasing an additional 2,143,764 shares during the quarter. Bank of America accounts for 3.3% of ABN AMRO Bank N.V.'s holdings, making the stock its 5th biggest position. ABN AMRO Bank N.V. owned approximately 0.09% of Bank of America worth $353,208,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Meridian Wealth Management LLC grew its stake in shares of Bank of America by 54.6% in the third quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider's stock valued at $3,008,000 after buying an additional 20,591 shares in the last quarter. Lockheed Martin Investment Management Co. grew its stake in shares of Bank of America by 15.9% in the third quarter. Lockheed Martin Investment Management Co. now owns 629,610 shares of the financial services provider's stock valued at $32,482,000 after buying an additional 86,290 shares in the last quarter. AdvisorShares Investments LLC bought a new position in shares of Bank of America in the third quarter valued at $482,000. Mufg Securities Americas Inc. grew its stake in shares of Bank of America by 26.6% in the third quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider's stock valued at $10,262,000 after buying an additional 41,809 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. AG grew its stake in shares of Bank of America by 11.2% in the third quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider's stock valued at $34,974,000 after buying an additional 68,093 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Down 0.1%

BAC opened at $51.26 on Monday. Bank of America Corporation has a fifty-two week low of $41.69 and a fifty-two week high of $57.55. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market capitalization of $363.79 billion, a P/E ratio of 12.69, a P/E/G ratio of 0.87 and a beta of 1.21. The stock has a fifty day moving average of $50.44 and a 200-day moving average of $52.51.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter last year, the firm earned $0.90 earnings per share. The company's revenue was up 10.7% on a year-over-year basis. On average, equities analysts expect that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be given a $0.28 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America's dividend payout ratio (DPR) is presently 27.72%.

Insider Buying and Selling

In related news, insider Thomas M. Scrivener sold 50,000 shares of the firm's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total value of $2,491,000.00. Following the transaction, the insider owned 227,973 shares in the company, valued at approximately $11,357,614.86. This trade represents a 17.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bernard A. Mensah sold 94,000 shares of the firm's stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $46.94, for a total value of $4,412,360.00. Following the completion of the transaction, the insider owned 170,184 shares in the company, valued at $7,988,436.96. The trade was a 35.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 354,588 shares of company stock worth $17,814,296 over the last three months. Company insiders own 0.27% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BAC. Robert W. Baird raised their target price on shares of Bank of America from $56.00 to $58.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. CICC Research began coverage on shares of Bank of America in a research note on Wednesday, January 14th. They issued an "outperform" rating and a $62.00 target price for the company. Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $63.00 to $64.00 and gave the company an "outperform" rating in a research note on Thursday, April 16th. Wall Street Zen raised shares of Bank of America from a "sell" rating to a "hold" rating in a research note on Saturday, February 14th. Finally, Morgan Stanley decreased their target price on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a research note on Tuesday, March 31st. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $61.06.

Key Headlines Impacting Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: UBS raised its price target on Bank of America to $63 from $62, reinforcing a constructive Wall Street view and suggesting further upside from current levels. UBS Raises PT
• Positive Sentiment: Bank of America expanded its defense financing role and is helping support drone and robotics production, which could translate into more lending, fee income, and long-term client relationships. Defense Financing
• Positive Sentiment: The bank acted as lead lender on a $1.8 billion refinance of 9 West 57th Street, highlighting continued strength in commercial real estate financing activity. 9 West 57th Refinance
• Neutral Sentiment: Bank of America shareholders backed the current leadership and governance structure at the annual meeting, reducing governance uncertainty but not likely driving a major near-term stock reaction. Shareholder Vote
• Neutral Sentiment: Reuters reported the hiring of tech dealmaker Richard Hardegree as vice chair of M&A, a sign of continued investment banking leadership buildup, though the stock impact is likely limited for now. M&A Hiring
• Neutral Sentiment: Bank of America’s commentary on card spending pointed to a sudden slowdown in U.S. consumer activity, but the bank said it is not yet sure of the cause. Spending Slump
• Negative Sentiment: High-profile insider selling by Geoffrey Greener, who sold about $6.7 million of BAC shares, is weighing on sentiment and can signal caution to investors. Insider Sale
• Negative Sentiment: Reports that Berkshire-related holder Greg Abel continued trimming BAC for a seventh straight quarter add to concerns about reduced conviction from a major long-term investor. Greg Abel Sells

Bank of America Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.