COFG Advisors LLC Invests $646,000 in Bank of America Corporation $BAC

Key Points

• COFG Advisors LLC opened a new position in Bank of America during the fourth quarter, buying 11,754 shares valued at about $646,000.
• Institutional interest in BAC remains strong, with 70.71% of shares owned by institutions, while several analysts still rate the stock a Moderate Buy with an average target price of $61.06.
• Bank of America recently beat quarterly earnings estimates, and it also declared a $0.28 quarterly dividend payable on June 26, reflecting an annualized yield of about 2.2%.

COFG Advisors LLC purchased a new position in Bank of America Corporation (NYSE:BAC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 11,754 shares of the financial services provider's stock, valued at approximately $646,000.

Other large investors have also recently made changes to their positions in the company. Legacy Bridge LLC grew its stake in shares of Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after acquiring an additional 330 shares during the period. Wiser Advisor Group LLC bought a new stake in shares of Bank of America in the third quarter worth approximately $27,000. Collier Financial bought a new stake in shares of Bank of America in the third quarter worth approximately $30,000. Joseph Group Capital Management bought a new stake in shares of Bank of America in the fourth quarter worth approximately $32,000. Finally, HFM Investment Advisors LLC grew its stake in shares of Bank of America by 566.0% in the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock worth $34,000 after acquiring an additional 532 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BAC has been the subject of several recent research reports. Argus boosted their target price on shares of Bank of America from $59.00 to $62.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Morgan Stanley reduced their target price on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a report on Tuesday, March 31st. Autonomous Res reduced their target price on shares of Bank of America from $62.00 to $54.00 and set a "neutral" rating for the company in a report on Monday, April 6th. JPMorgan Chase & Co. reduced their target price on shares of Bank of America from $61.50 to $57.50 and set an "overweight" rating for the company in a report on Tuesday, April 7th. Finally, UBS Group upped their target price on shares of Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $61.06.

Insider Buying and Selling at Bank of America

In other news, insider Bernard A. Mensah sold 94,000 shares of the stock in a transaction on 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 sale, the insider owned 170,184 shares of the company's stock, valued at approximately $7,988,436.96. This represents a 35.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Thomas M. Scrivener sold 50,000 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the sale, the insider directly owned 227,973 shares in the company, valued at approximately $11,357,614.86. This represents a 17.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 354,588 shares of company stock worth $17,814,296 in the last ninety days. Company 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: Analysts and market commentary continue to highlight Bank of America’s deposit franchise as a key structural advantage, supporting stable funding and long-term profitability. Bank of America's Deposit Franchise Is the Hidden Asset Investors Keep Missing
• Positive Sentiment: Reuters-reported expectations for a 15% jump in second-quarter trading revenue suggest stronger near-term income, helped by market volatility and higher client activity. Bank of America (BAC) Expects Q2 Trading Revenue to Jump 15%, Reuters Reports
• Positive Sentiment: CEO Brian Moynihan’s recent comments that the company feels good about the near-term outlook and has raised its full-year net interest income outlook also added to sentiment. Bank of America's Deposit Franchise Is the Hidden Asset Investors Keep Missing
• Neutral Sentiment: Bank of America Securities also hosted investor forums and conference coverage around hedge fund and quant-market activity, which reflects the firm’s strong capital-markets positioning but is not a direct earnings catalyst for BAC shares. BofA Securities Asia Forum Gathers Global Investors Amid Surge in Hedge Funds Allocations

Bank of America Price Performance

Shares of NYSE:BAC opened at $51.48 on Tuesday. 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 fifty day moving average price of $51.20 and a 200 day moving average price of $52.30. Bank of America Corporation has a fifty-two week low of $43.36 and a fifty-two week high of $57.55. The firm has a market cap of $365.36 billion, a price-to-earnings ratio of 12.74, a P/E/G ratio of 0.87 and a beta of 1.21.

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 in the prior year, the business earned $0.90 earnings per share. Bank of America's revenue for the quarter was up 10.7% on a year-over-year basis. As a group, sell-side analysts expect that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America's dividend payout ratio is presently 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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