MGO One Seven LLC Has $8.19 Million Stake in Bank of America Corporation $BAC

Key Points

• MGO One Seven LLC increased its Bank of America stake by 9.0% in the fourth quarter, bringing its holdings to 148,921 shares valued at about $8.19 million.
• Bank of America reported strong quarterly results, with EPS of $1.11 beating estimates and revenue of $30.27 billion topping expectations; revenue also rose 10.7% year over year.
• Wall Street remains mostly positive on BAC, with 22 Buy ratings and a consensus Moderate Buy rating, while analysts’ average price target stands at $61.06.

MGO One Seven LLC raised its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 9.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 148,921 shares of the financial services provider's stock after acquiring an additional 12,312 shares during the period. MGO One Seven LLC's holdings in Bank of America were worth $8,191,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Crestwood Advisors Group LLC increased its position in Bank of America by 55.8% in the 4th quarter. Crestwood Advisors Group LLC now owns 759,622 shares of the financial services provider's stock worth $41,779,000 after buying an additional 272,071 shares during the period. Detalus Advisors LLC bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $271,000. Black Diamond Financial LLC grew its stake in shares of Bank of America by 3.0% in the fourth quarter. Black Diamond Financial LLC now owns 26,875 shares of the financial services provider's stock worth $1,478,000 after acquiring an additional 780 shares during the last quarter. Allegiance Financial Group Advisory Services LLC grew its stake in shares of Bank of America by 20.2% in the fourth quarter. Allegiance Financial Group Advisory Services LLC now owns 4,762 shares of the financial services provider's stock worth $262,000 after acquiring an additional 799 shares during the last quarter. Finally, Cabot Wealth Management Inc. bought a new position in Bank of America during the fourth quarter worth $216,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on BAC. JPMorgan Chase & Co. cut 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 research note on Tuesday, April 7th. Jefferies Financial Group raised their price target on shares of Bank of America from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Oppenheimer upped their price objective on shares of Bank of America from $58.00 to $61.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. Erste Group Bank cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 4th. Finally, HSBC lifted their target price on Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $61.06.

Bank of America Trading Down 2.8%

Shares of BAC opened at $51.26 on Friday. Bank of America Corporation has a 1 year low of $41.69 and a 1 year high of $57.55. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The stock has a 50 day simple moving average of $50.44 and a 200-day simple moving average of $52.51. The stock has a market cap of $363.79 billion, a PE ratio of 12.69, a PEG ratio of 0.89 and a beta of 1.21.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating the consensus estimate of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same quarter in the previous year, the firm earned $0.90 EPS. Bank of America's quarterly revenue was up 10.7% on a year-over-year basis. On average, sell-side analysts predict that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Announces Dividend

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

Insider Activity

In related news, insider Bernard A. Mensah sold 94,000 shares of Bank of America stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the completion of the transaction, the insider directly owned 170,184 shares of the company's stock, valued at $7,988,436.96. This trade represents a 35.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Thomas M. Scrivener sold 50,000 shares of the business's stock in a transaction dated 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 transaction, the insider owned 227,973 shares in the company, valued at approximately $11,357,614.86. This trade represents a 17.99% 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 in the last quarter. 0.27% of the stock is owned by company insiders.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.