Income Insurance Ltd Invests $1.20 Million in Bank of America Corporation $BAC

Key Points

• Income Insurance Ltd opened a new position in Bank of America during the fourth quarter, buying 21,821 shares worth about $1.2 million. The stake represents roughly 0.8% of its portfolio.
• Wall Street sentiment remains constructive on BAC, with analysts assigning a Moderate Buy consensus and an average price target of $61.06. Several firms recently raised or adjusted their targets, including UBS lifting its target to $63.
• Bank of America reported solid quarterly results, posting $1.11 EPS versus the $1.00 estimate and revenue of $30.27 billion, while also announcing a quarterly dividend of $0.28 per share.

Income Insurance Ltd bought a new position in shares of Bank of America Corporation (NYSE:BAC) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 21,821 shares of the financial services provider's stock, valued at approximately $1,200,000. Bank of America accounts for approximately 0.8% of Income Insurance Ltd's portfolio, making the stock its 22nd biggest holding.

A number of other institutional investors have also modified their holdings of BAC. Brighton Jones LLC increased its position in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after acquiring an additional 25,143 shares during the period. Sivia Capital Partners LLC increased its position in shares of Bank of America by 40.5% during the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock worth $1,013,000 after acquiring an additional 6,174 shares during the period. Jump Financial LLC increased its position in shares of Bank of America by 38.4% during the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock worth $3,108,000 after acquiring an additional 18,227 shares during the period. Nebula Research & Development LLC purchased a new position in shares of Bank of America during the second quarter worth approximately $1,396,000. Finally, Vivaldi Capital Management LP increased its position in shares of Bank of America by 4.2% during the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock worth $417,000 after acquiring an additional 355 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Daiwa Securities Group lifted their price objective on shares of Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a report on Tuesday, April 28th. Morgan Stanley cut their price objective on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. JPMorgan Chase & Co. cut their price objective on shares of Bank of America from $61.50 to $57.50 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $63.00 to $64.00 and gave the company an "outperform" rating in a report on Thursday, April 16th. Finally, HSBC lifted their price objective on shares of Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $61.06.

Insider Activity

In other Bank of America news, insider James P. Demare sold 83,832 shares of the firm's stock in a transaction that occurred on Wednesday, March 4th. The shares were 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 $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Geoffrey S. Greener sold 126,756 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider owned 1,373,397 shares of the company's stock, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 354,588 shares of company stock valued at $17,814,296 in the last ninety days. 0.27% of the stock is currently owned by insiders.

Bank of America Stock Performance

Shares of BAC stock opened at $51.26 on Friday. The firm has a market cap 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 company's 50 day moving average is $50.44 and its 200 day moving average is $52.51. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a 52-week low of $41.69 and a 52-week high of $57.55.

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, beating the consensus estimate of $1.00 by $0.11. The company had revenue of $30.27 billion for the quarter, compared to analyst estimates 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 was up 10.7% compared to the same quarter last year. During the same period last year, the company posted $0.90 earnings per share. On average, sell-side analysts anticipate that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America's dividend payout ratio (DPR) is 27.72%.

More Bank of America News

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

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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