Capital Management Associates NY Has $98,000 Position in Bank of America Corporation $BAC

Key Points

• Capital Management Associates NY cut its Bank of America stake by 87.5% in the first quarter, leaving it with 2,000 shares valued at about $98,000.
• Wall Street remains broadly constructive on BAC, with 21 Buy ratings, six Hold ratings, and a consensus Moderate Buy rating; the average price target is $62.19.
• Bank of America reported better-than-expected quarterly results, including EPS of $1.11 versus the $1.00 estimate, and it recently paid a quarterly dividend of $0.28 per share for an annualized yield of about 1.9%.

Capital Management Associates NY trimmed its holdings in Bank of America Corporation (NYSE:BAC) by 87.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,000 shares of the financial services provider's stock after selling 14,000 shares during the quarter. Capital Management Associates NY's holdings in Bank of America were worth $98,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Abound Financial LLC bought a new stake in shares of Bank of America in the 4th quarter valued at $26,000. Wiser Advisor Group LLC bought a new stake in Bank of America in the third quarter valued at $27,000. Legacy Bridge LLC raised its holdings in shares of Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 330 shares during the period. CrossGen Wealth LLC bought a new position in shares of Bank of America during the 4th quarter worth about $30,000. Finally, Joseph Group Capital Management acquired a new stake in shares of Bank of America in the 4th quarter valued at about $32,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of America in a report on Friday, April 24th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $59.00 target price on shares of Bank of America in a report on Thursday, April 16th. HSBC boosted their price target on shares of Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. raised their price objective on shares of Bank of America from $57.50 to $62.50 and gave the company an "overweight" rating in a research note on Monday, July 6th. Finally, Argus lifted their price objective on shares of Bank of America from $59.00 to $62.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $62.19.

Insiders Place Their Bets

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.27% of the company's stock.

Bank of America Trading Down 0.3%

Shares of Bank of America stock opened at $59.49 on Tuesday. The stock has a market capitalization of $422.18 billion, a P/E ratio of 14.73, a P/E/G ratio of 1.00 and a beta of 1.17. Bank of America Corporation has a 52-week low of $44.75 and a 52-week high of $60.83. 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's 50-day simple moving average is $54.62 and its 200 day simple moving average is $52.98.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $29.72 billion. During the same quarter last year, the business earned $0.90 earnings per share. The company's quarterly revenue was up 10.7% on a year-over-year basis. As a group, research analysts anticipate that Bank of America Corporation will post 4.51 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 1.9%. Bank of America's dividend payout ratio (DPR) is 27.72%.

Bank of America News Summary

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America expanded its regional investment banking business by hiring nine senior bankers across major U.S. markets, a move that should strengthen its middle-market coverage and support fee growth over time. Reuters article
• Positive Sentiment: Several previews suggest Bank of America could benefit from strong trading, investment banking, and wealth-management activity, with analysts expecting a broadly favorable second-quarter bank earnings season. Investor's Business Daily article
• Positive Sentiment: Bank of America’s own consumer data showed strong June card spending and wage gains, reinforcing the view that its retail banking base remains resilient heading into earnings. Yahoo Finance article
• Positive Sentiment: Valuation screens highlighted BAC as the most attractive of the major banks, which may be helping support the stock as investors look for a relative-value play ahead of results. 247WallSt article

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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