Bank of America Corporation $BAC Shares Sold by Certuity LLC

Key Points

• Certuity LLC reduced its position in Bank of America by 4.0% in Q4, selling 20,950 shares and ending the period with 502,163 shares valued at $27.62 million (about 1.2% of its holdings and its 12th largest position).
• Company insiders sold a combined 227,832 shares last quarter — including Bernard A. Mensah (94,000 shares at $46.94) and Thomas M. Scrivener (50,000 shares at $49.82) — totaling roughly $11.1 million, leaving insiders with about 0.27% ownership.
• Analysts remain generally positive with a consensus rating of Moderate Buy, 22 Buy vs. 5 Hold ratings, and an average price target of $60.90.

Certuity LLC reduced its position in Bank of America Corporation (NYSE:BAC - Free Report) by 4.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 502,163 shares of the financial services provider's stock after selling 20,950 shares during the quarter. Bank of America comprises about 1.2% of Certuity LLC's holdings, making the stock its 12th largest position. Certuity LLC's holdings in Bank of America were worth $27,619,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of BAC. Wiser Advisor Group LLC acquired a new position in Bank of America in the 3rd quarter valued at $27,000. Legacy Bridge LLC boosted its position in shares of Bank of America by 182.3% during 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 in the last quarter. Marquette Asset Management LLC purchased a new stake in shares of Bank of America during the 3rd quarter worth $30,000. Collier Financial purchased a new stake in shares of Bank of America during the 3rd quarter worth $30,000. Finally, Mountain Hill Investment Partners Corp. purchased a new stake in shares of Bank of America during the 3rd quarter worth $31,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have commented on BAC. Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a research report on Tuesday, January 27th. The Goldman Sachs Group boosted their target price on shares of Bank of America from $58.00 to $63.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Morgan Stanley decreased their target price on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 31st. Wells Fargo & Company boosted their target price on shares of Bank of America from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Monday, January 5th. Finally, Truist Financial boosted their target price on shares of Bank of America from $57.00 to $61.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $60.90.

Insider Activity at Bank of America

In related news, insider Bernard A. Mensah sold 94,000 shares of the business's stock in a transaction dated Thursday, March 12th. The shares were 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 of the company's stock, valued at approximately $7,988,436.96. The trade was a 35.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Thomas M. Scrivener sold 50,000 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the transaction, the insider owned 227,973 shares in the company, valued at approximately $11,357,614.86. The trade was a 17.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 227,832 shares of company stock valued at $11,094,960. 0.27% of the stock is owned by insiders.

Bank of America Price Performance

Bank of America stock opened at $52.68 on Tuesday. Bank of America Corporation has a 52 week low of $38.81 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's 50-day simple moving average is $50.33 and its 200 day simple moving average is $52.38. The firm has a market capitalization of $376.40 billion, a PE ratio of 13.04, a P/E/G ratio of 0.88 and a beta of 1.23.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate 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 business had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same period in the previous year, the firm earned $0.90 EPS. The business's revenue for the quarter was up 10.7% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a dividend yield of 2.1%. Bank of America's payout ratio is currently 27.72%.

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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