Hosking Partners LLP Has $62.75 Million Position in Bank of America Corporation $BAC

Key Points

• Hosking Partners LLP trimmed its Bank of America stake by 4.5% in the fourth quarter, though it still held 1.14 million shares worth about $62.75 million. BAC remains its 12th-largest holding and accounts for roughly 2.1% of the portfolio.
• Wall Street remains constructive on BAC, with several analysts raising price targets and the stock carrying an average Moderate Buy rating and a consensus price target of $61.06. Goldman Sachs, Argus, and Keefe, Bruyette & Woods all lifted targets to the low-to-mid $60s.
• Bank of America posted solid quarterly results and pays a dividend, beating earnings and revenue estimates with $1.11 EPS on $30.27 billion in revenue. The company also declared a quarterly dividend of $0.28 per share, implying a 2.2% annualized yield.

Hosking Partners LLP lowered its holdings in Bank of America Corporation (NYSE:BAC) by 4.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,140,892 shares of the financial services provider's stock after selling 53,682 shares during the quarter. Bank of America comprises approximately 2.1% of Hosking Partners LLP's investment portfolio, making the stock its 12th largest holding. Hosking Partners LLP's holdings in Bank of America were worth $62,749,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of BAC. ABN AMRO Bank N.V. boosted its holdings in shares of Bank of America by 49.8% in the 4th quarter. ABN AMRO Bank N.V. now owns 6,444,409 shares of the financial services provider's stock worth $353,208,000 after buying an additional 2,143,764 shares during the last quarter. Income Insurance Ltd purchased a new position in shares of Bank of America in the 4th quarter worth about $1,200,000. D Orazio & Associates Inc. boosted its holdings in shares of Bank of America by 46.4% in the 4th quarter. D Orazio & Associates Inc. now owns 6,322 shares of the financial services provider's stock worth $348,000 after buying an additional 2,003 shares during the last quarter. Bryn Mawr Trust Advisors LLC boosted its holdings in shares of Bank of America by 9.1% in the 4th quarter. Bryn Mawr Trust Advisors LLC now owns 20,573 shares of the financial services provider's stock worth $1,132,000 after buying an additional 1,715 shares during the last quarter. Finally, Advisor OS LLC raised its stake in Bank of America by 8.8% in the 4th quarter. Advisor OS LLC now owns 47,820 shares of the financial services provider's stock valued at $2,630,000 after acquiring an additional 3,874 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on BAC shares. The Goldman Sachs Group boosted their price objective on Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Argus boosted their price objective on Bank of America from $59.00 to $62.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Keefe, Bruyette & Woods boosted their price objective on 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 boosted their price objective on Bank of America from $55.00 to $61.00 and gave the company an "outperform" rating in a research note on Thursday, April 16th. Finally, Robert W. Baird boosted their price objective on Bank of America from $56.00 to $58.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $61.06.

Key Stories Impacting Bank of America

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

• Positive Sentiment: UBS raised its price target on Bank of America to $63 from $62, reinforcing a constructive Wall Street view and suggesting further upside from current levels. UBS Raises PT
• Positive Sentiment: Bank of America expanded its defense financing role and is helping support drone and robotics production, which could translate into more lending, fee income, and long-term client relationships. Defense Financing
• Positive Sentiment: The bank acted as lead lender on a $1.8 billion refinance of 9 West 57th Street, highlighting continued strength in commercial real estate financing activity. 9 West 57th Refinance
• Neutral Sentiment: Bank of America shareholders backed the current leadership and governance structure at the annual meeting, reducing governance uncertainty but not likely driving a major near-term stock reaction. Shareholder Vote
• Neutral Sentiment: Reuters reported the hiring of tech dealmaker Richard Hardegree as vice chair of M&A, a sign of continued investment banking leadership buildup, though the stock impact is likely limited for now. M&A Hiring
• Neutral Sentiment: Bank of America’s commentary on card spending pointed to a sudden slowdown in U.S. consumer activity, but the bank said it is not yet sure of the cause. Spending Slump
• Negative Sentiment: High-profile insider selling by Geoffrey Greener, who sold about $6.7 million of BAC shares, is weighing on sentiment and can signal caution to investors. Insider Sale
• Negative Sentiment: Reports that Berkshire-related holder Greg Abel continued trimming BAC for a seventh straight quarter add to concerns about reduced conviction from a major long-term investor. Greg Abel Sells

Insider Buying and Selling

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

Bank of America Stock Down 0.1%

Shares of NYSE BAC opened at $51.26 on Monday. The firm has a market capitalization of $363.79 billion, a price-to-earnings ratio of 12.69, a PEG ratio of 0.87 and a beta of 1.21. The business has a 50-day moving average of $50.44 and a 200-day moving average of $52.51. 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 Corporation has a 12 month low of $41.69 and a 12 month high of $57.55.

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 (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.Bank of America's revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.90 earnings per share. Sell-side analysts expect that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Shareholders 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 27.72%.

About Bank of America

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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