Cogent Private Wealth Inc. Purchases Shares of 11,801 Bank of America Corporation $BAC

Key Points

• Cogent Private Wealth Inc. opened a new position in Bank of America, buying 11,801 shares valued at about $649,000 in the fourth quarter.
• Bank of America recently reported better-than-expected Q1 earnings, with EPS of $1.11 versus the $1.00 consensus and revenue of $30.27 billion, up 10.7% year over year.
• The bank declared a quarterly dividend of $0.28 per share, and analysts remain broadly positive, with a consensus rating of Moderate Buy and an average price target of $61.06.

Cogent Private Wealth Inc. purchased a new stake in Bank of America Corporation (NYSE:BAC) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,801 shares of the financial services provider's stock, valued at approximately $649,000.

Other institutional investors also recently modified their holdings of the company. Wiser Advisor Group LLC acquired a new stake in Bank of America during the 3rd quarter valued at $27,000. Legacy Bridge LLC raised its stake in Bank of America by 182.3% during the 4th 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. Collier Financial acquired a new stake in Bank of America during the 3rd quarter valued at $30,000. Joseph Group Capital Management acquired a new stake in Bank of America during the 4th quarter valued at $32,000. Finally, HFM Investment Advisors LLC raised its stake in Bank of America by 566.0% during the 4th quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 532 shares during the period. Institutional investors own 70.71% of the company's stock.

Bank of America Trading Down 0.2%

Shares of NYSE:BAC opened at $51.48 on Tuesday. The stock has a market capitalization of $365.36 billion, a PE ratio of 12.74, a P/E/G ratio of 0.87 and a beta of 1.21. Bank of America Corporation has a 1 year low of $43.36 and a 1 year high of $57.55. The firm has a fifty day moving average price of $51.20 and a 200 day moving average price of $52.30. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. The firm had revenue of $30.27 billion during the quarter, compared to analysts' expectations of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. Bank of America's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.90 earnings per share. Analysts expect 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 issued a $0.28 dividend. The ex-dividend date 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 currently 27.72%.

Insider Buying and Selling at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the company's stock in a transaction 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 sale, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider James P. Demare sold 83,832 shares of the company's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the sale, the insider owned 307,240 shares of the company's stock, valued at $15,362,000. This represents a 21.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 354,588 shares of company stock valued at $17,814,296. Company insiders own 0.27% of the company's stock.

Bank of America News Roundup

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. UBS Group boosted their target price on shares of Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Wall Street Zen raised shares of Bank of America from a "sell" rating to a "hold" rating in a research note on Saturday, February 14th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $63.00 to $64.00 and gave the company an "outperform" rating in a research note on Thursday, April 16th. Evercore cut their target price 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. Finally, The Goldman Sachs Group boosted their target price on shares of Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $61.06.

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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