Bank of America Corporation $BAC Shares Acquired by Ethic Inc.

Key Points

• Ethic Inc. boosted its Bank of America stake by 8.2% in the fourth quarter, ending with 457,505 shares valued at about $25.2 million.
• Bank of America reported better-than-expected quarterly results, posting EPS of $1.11 versus the $1.00 estimate and revenue of $30.27 billion, up 10.7% year over year.
• The bank declared a quarterly dividend of $0.28 per share, while analysts remain broadly positive with a consensus rating of “Moderate Buy” and an average target price of $61.06.

Ethic Inc. increased its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 8.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 457,505 shares of the financial services provider's stock after acquiring an additional 34,561 shares during the period. Ethic Inc.'s holdings in Bank of America were worth $25,163,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. Brighton Jones LLC grew its stake in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after purchasing an additional 25,143 shares during the period. Sivia Capital Partners LLC lifted its stake in shares of Bank of America by 40.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock valued at $1,013,000 after purchasing an additional 6,174 shares during the period. Jump Financial LLC boosted its holdings in Bank of America by 38.4% during the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock worth $3,108,000 after buying an additional 18,227 shares in the last quarter. Nebula Research & Development LLC acquired a new stake in Bank of America during the second quarter valued at $1,396,000. Finally, Vivaldi Capital Management LP increased its holdings in Bank of America by 4.2% in the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock valued at $417,000 after buying an additional 355 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BAC has been the topic of several recent analyst reports. TD Cowen lowered their target price on shares of Bank of America from $66.00 to $64.00 and set a "buy" rating on the stock in a research note on Thursday, January 15th. Argus lifted their price target on Bank of America from $59.00 to $62.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. The Goldman Sachs Group upped their price target on Bank of America from $58.00 to $63.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. JPMorgan Chase & Co. lowered their price target on Bank of America from $61.50 to $57.50 and set an "overweight" rating on the stock in a research report on Tuesday, April 7th. Finally, CICC Research began coverage on Bank of America in a report on Wednesday, January 14th. They issued an "outperform" rating and a $62.00 price objective on the stock. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $61.06.

Bank of America Stock Down 2.8%

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 quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The firm has a 50-day simple moving average of $50.44 and a 200-day simple moving average of $52.51. The stock has a market capitalization of $363.79 billion, a P/E ratio of 12.69, a P/E/G ratio of 0.89 and a beta of 1.21.

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 for the quarter, beating analysts' consensus estimates of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same period last year, the company posted $0.90 EPS. Bank of America's quarterly revenue was up 10.7% compared to the same quarter last year. Equities analysts forecast that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend 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 payout ratio is currently 27.72%.

Insider Transactions at Bank of America

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

Trending Headlines about 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 Company 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.

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