Bank of America Corporation $BAC Shares Sold by Maltese Capital Management LLC

Key Points

• Maltese Capital Management reduced its Bank of America stake by 20.4% in the fourth quarter, selling 38,844 shares and leaving it with 151,156 shares worth about $8.3 million.
• Analysts remain constructive on BAC, with 22 Buy ratings and five Hold ratings; the consensus view is a “Moderate Buy” and the average price target is $61.06.
• Bank of America reported solid quarterly results, beating EPS and revenue estimates, while also announcing a quarterly dividend of $0.28 per share, or $1.12 annually, for a 2.0% yield.

Maltese Capital Management LLC lessened its position in Bank of America Corporation (NYSE:BAC - Free Report) by 20.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 151,156 shares of the financial services provider's stock after selling 38,844 shares during the period. Bank of America makes up 1.5% of Maltese Capital Management LLC's holdings, making the stock its 20th largest position. Maltese Capital Management LLC's holdings in Bank of America were worth $8,314,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Norges Bank acquired a new stake in Bank of America during the 4th quarter valued at $4,774,210,000. Capital International Investors bought a new stake in Bank of America during the fourth quarter worth approximately $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Bank of America by 640.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock worth $2,399,798,000 after acquiring an additional 40,235,201 shares during the period. Vanguard Group Inc. grew its position in Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock worth $35,809,225,000 after purchasing an additional 23,351,183 shares during the last quarter. Finally, Cardano Risk Management B.V. grew its stake in shares of Bank of America by 914.5% in the 4th quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider's stock valued at $1,380,239,000 after purchasing an additional 22,621,546 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research analyst reports. Daiwa Securities Group lifted their price objective on Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Tuesday, April 28th. Evercore decreased their price target on shares of Bank of America from $70.00 to $61.00 and set an "outperform" rating on the stock in a research note on Friday, May 15th. The Goldman Sachs Group raised their price target on shares of Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Robert W. Baird upped their price objective on Bank of America from $56.00 to $58.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Finally, UBS Group lifted their target price on Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $61.06.

Bank of America Stock Down 0.2%

Shares of NYSE BAC opened at $55.89 on Tuesday. Bank of America Corporation has a 52-week low of $44.06 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 stock has a market cap of $396.62 billion, a P/E ratio of 13.83, a P/E/G ratio of 0.95 and a beta of 1.19. The firm has a 50 day moving average price of $52.42 and a 200 day moving average price of $52.44.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate 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 period in the prior year, the company earned $0.90 earnings per share. The company's revenue for the quarter was up 10.7% compared to the same quarter last year. Analysts expect that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, June 5th. Bank of America's dividend payout ratio (DPR) is presently 27.72%.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the sale, the insider 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. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.27% of the company's stock.

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.

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