Manning & Napier Advisors LLC Sells 66,248 Shares of Bank of America Corporation $BAC

Key Points

• Manning & Napier Advisors LLC cut its Bank of America stake by 14.6% in the fourth quarter, selling 66,248 shares and ending with 386,652 shares valued at about $21.4 million.
• Bank of America reported better-than-expected quarterly results, with EPS of $1.11 versus the $1.00 consensus and revenue of $30.27 billion versus $29.72 billion expected. Revenue rose 10.7% year over year.
• Wall Street sentiment remains constructive, with 22 Buy ratings and a consensus Moderate Buy rating; the average price target is $61.06, above the recent stock price near $51.26.

Manning & Napier Advisors LLC lessened its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 14.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 386,652 shares of the financial services provider's stock after selling 66,248 shares during the period. Manning & Napier Advisors LLC's holdings in Bank of America were worth $21,374,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Meridian Wealth Management LLC grew its holdings in Bank of America by 54.6% during the 3rd quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider's stock valued at $3,008,000 after purchasing an additional 20,591 shares during the last quarter. Lockheed Martin Investment Management Co. raised its position in Bank of America by 15.9% in the 3rd quarter. Lockheed Martin Investment Management Co. now owns 629,610 shares of the financial services provider's stock worth $32,482,000 after purchasing an additional 86,290 shares during the period. World Equity Group Inc. lifted its stake in Bank of America by 21.8% in the third quarter. World Equity Group Inc. now owns 73,188 shares of the financial services provider's stock worth $3,779,000 after purchasing an additional 13,119 shares during the last quarter. AdvisorShares Investments LLC purchased a new position in shares of Bank of America during the third quarter valued at approximately $482,000. Finally, Mufg Securities Americas Inc. boosted its position in shares of Bank of America by 26.6% during the third quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider's stock valued at $10,262,000 after buying an additional 41,809 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

Bank of America stock opened at $51.26 on Friday. 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 company has a market capitalization of $363.79 billion, a PE ratio of 12.69, a P/E/G ratio of 0.89 and a beta of 1.21. The company has a 50 day moving average price of $50.44 and a 200-day moving average price of $52.51. Bank of America Corporation has a fifty-two week low of $41.69 and a fifty-two week high of $57.55.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $30.27 billion for the quarter, compared to analysts' expectations 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 was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.90 earnings per share. As a group, equities analysts forecast that Bank of America Corporation will post 4.46 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be given 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 dividend yield of 2.2%. Bank of America's dividend payout ratio is presently 27.72%.

Bank of America News Summary

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 Transactions at Bank of America

In related news, insider Thomas M. Scrivener sold 50,000 shares of the company's stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the completion of the sale, the insider directly owned 227,973 shares of the company's stock, valued at $11,357,614.86. This represents a 17.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the transaction, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 354,588 shares of company stock worth $17,814,296 over the last quarter. 0.27% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their price target on Bank of America from $61.50 to $57.50 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. Jefferies Financial Group boosted their price objective on Bank of America from $60.00 to $65.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Morgan Stanley cut their price objective on Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 31st. UBS Group increased their target price on Bank of America from $62.00 to $63.00 in a research note on Wednesday. Finally, Wall Street Zen upgraded Bank of America from a "sell" rating to a "hold" rating in a research report on Saturday, February 14th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price 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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