Bank of America Corporation $BAC is American Assets Investment Management LLC's Largest Position

Key Points

• American Assets Investment Management massively increased its stake in Bank of America by 1,248.5% in the fourth quarter, making BAC its largest holding at about 27.3% of the portfolio.
• Bank of America posted a solid quarterly earnings beat, reporting $1.11 EPS versus the $1.00 consensus and revenue of $30.27 billion, up 10.7% year over year.
• Analyst sentiment remains constructive, with several firms raising price targets and the stock carrying a Moderate Buy consensus target of about $61.06, even as recent insider selling has weighed on sentiment.

American Assets Investment Management LLC grew its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 1,248.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 15,224,325 shares of the financial services provider's stock after purchasing an additional 14,095,375 shares during the period. Bank of America makes up approximately 27.3% of American Assets Investment Management LLC's holdings, making the stock its largest position. American Assets Investment Management LLC owned approximately 0.21% of Bank of America worth $837,338,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Wiser Advisor Group LLC bought a new stake in Bank of America in the 3rd quarter worth approximately $27,000. Legacy Bridge LLC grew its position in Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after purchasing an additional 330 shares during the period. Marquette Asset Management LLC bought a new stake in Bank of America in the 3rd quarter worth approximately $30,000. Collier Financial bought a new stake in Bank of America in the 3rd quarter worth approximately $30,000. Finally, Mountain Hill Investment Partners Corp. bought a new stake in Bank of America in the 3rd quarter worth approximately $31,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America News Summary

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

Insider Activity at Bank of America

In other Bank of America news, insider James P. Demare sold 83,832 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the transaction, the insider owned 307,240 shares of the company's stock, valued at $15,362,000. This represents a 21.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the transaction, the insider directly owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. This trade represents a 8.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 354,588 shares of company stock worth $17,814,296 over the last 90 days. Company insiders own 0.27% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on BAC. Jefferies Financial Group lifted their target price on shares of Bank of America from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Wall Street Zen raised shares of Bank of America from a "sell" rating to a "hold" rating in a research report on Saturday, February 14th. JPMorgan Chase & Co. cut their price objective on shares of Bank of America from $61.50 to $57.50 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. HSBC boosted their price objective on shares of Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Finally, The Goldman Sachs Group boosted their price objective on shares of Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $61.06.

Bank of America Trading Down 2.8%

Shares of BAC stock opened at $51.26 on Friday. Bank of America Corporation has a 52-week low of $41.69 and a 52-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 firm has a market capitalization of $363.79 billion, a PE ratio of 12.69, a PEG ratio of 0.89 and a beta of 1.21. The stock has a fifty day simple moving average of $50.44 and a two-hundred day simple moving average of $52.51.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) 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 business had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. During the same quarter in the prior year, the business posted $0.90 EPS. Bank of America's revenue for the quarter was up 10.7% compared to the same quarter last year. On average, analysts predict that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's dividend payout ratio is 27.72%.

About Bank of America

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.

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