Bank of America Corp DE Acquires New Holdings in Bristow Group Inc. $VTOL

Key Points

• Bank of America acquired 72,967 Bristow Group shares in the second quarter, valued at approximately $3.0 million, joining other institutional investors that increased their positions. Institutions collectively own 93.29% of VTOL.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and a $60 price target. Zacks Research upgraded the stock from “strong sell” to “hold.”
• VTOL recently traded at $41.01, down 2.7%, after reporting quarterly EPS of $0.70—below the $0.89 estimate—despite revenue of $411.75 million exceeding expectations. The company also declared a quarterly dividend of $0.125 per share.

Bank of America Corp DE acquired a new position in Bristow Group Inc. (NYSE:VTOL - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 72,967 shares of the company's stock, valued at approximately $3,015,000. Bank of America Corp DE owned about 0.25% of Bristow Group as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in VTOL. Y Intercept Hong Kong Ltd acquired a new stake in Bristow Group in the 1st quarter valued at about $1,521,000. BlackRock Inc. purchased a new position in Bristow Group in the second quarter valued at $162,017,000. Legal & General Group Plc acquired a new stake in Bristow Group in the second quarter valued at $1,960,000. Algert Global LLC raised its stake in Bristow Group by 17.1% in the second quarter. Algert Global LLC now owns 410,059 shares of the company's stock valued at $16,944,000 after buying an additional 59,858 shares in the last quarter. Finally, Sei Investments Co. lifted its holdings in Bristow Group by 107.1% during the 1st quarter. Sei Investments Co. now owns 81,589 shares of the company's stock worth $3,826,000 after buying an additional 42,193 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

Analysts Set New Price Targets

Separately, Zacks Research raised shares of Bristow Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, July 7th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $60.00.

Insider Transactions at Bristow Group

In other Bristow Group news, COO Stuart Stavley sold 10,218 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $46.20, for a total transaction of $472,071.60. Following the sale, the chief operating officer owned 64,740 shares in the company, valued at approximately $2,990,988. This represents a 13.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lorin Brass sold 3,000 shares of the company's stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $42.42, for a total transaction of $127,260.00. Following the completion of the transaction, the director owned 14,223 shares in the company, valued at approximately $603,339.66. This trade represents a 17.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 53,858 shares of company stock valued at $2,431,989 in the last ninety days. Corporate insiders own 12.80% of the company's stock.

Bristow Group Stock Down 2.7%

VTOL opened at $41.01 on Wednesday. Bristow Group Inc. has a 52 week low of $35.03 and a 52 week high of $50.38. The business has a 50 day moving average price of $44.46 and a two-hundred day moving average price of $44.41. The company has a quick ratio of 1.85, a current ratio of 2.26 and a debt-to-equity ratio of 0.66. The company has a market cap of $1.22 billion, a PE ratio of 11.82 and a beta of 1.19.

Bristow Group (NYSE:VTOL - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.19). The business had revenue of $411.75 million during the quarter, compared to analyst estimates of $407.28 million. Bristow Group had a net margin of 6.66% and a return on equity of 9.82%. As a group, research analysts anticipate that Bristow Group Inc. will post 3.31 EPS for the current year.

Bristow Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were given a $0.1250 dividend. The ex-dividend date was Friday, August 14th. This represents a $0.50 annualized dividend and a dividend yield of 1.2%. Bristow Group's dividend payout ratio is currently 14.41%.

Bristow Group Company Profile

Bristow Group Inc is a provider of helicopter and aviation services for government and commercial customers. The company transports personnel and equipment, supports offshore energy operations, and provides aviation solutions in challenging or remote environments. Its services include helicopter transportation, search-and-rescue operations, aircraft maintenance, and aviation logistics.

Bristow serves the offshore energy industry, including oil and gas companies and other offshore operators.

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