Swiss Life Asset Management Ltd Buys 23,628 Shares of Bank of America Corporation $BAC

Key Points

• Swiss Life Asset Management boosted its Bank of America stake by 3% in the fourth quarter, buying 23,628 additional shares and bringing its total holding to 822,863 shares worth about $45.3 million.
• Bank of America recently reported better-than-expected quarterly results, with EPS of $1.11 versus a $1.00 consensus and revenue of $30.27 billion, up 10.7% from a year earlier.
• The bank also announced a quarterly dividend of $0.28 per share, implying a 2.2% annualized yield, while analysts currently rate the stock a “Moderate Buy” with an average price target of $61.06.

Swiss Life Asset Management Ltd increased its stake in Bank of America Corporation (NYSE:BAC) by 3.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 822,863 shares of the financial services provider's stock after acquiring an additional 23,628 shares during the quarter. Swiss Life Asset Management Ltd's holdings in Bank of America were worth $45,257,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. DecisionMap Wealth Management LLC increased its stake in shares of Bank of America by 4.7% in the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider's stock valued at $223,000 after acquiring an additional 182 shares in the last quarter. Holistic Financial Partners increased its stake in shares of Bank of America by 2.4% in the 4th quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider's stock valued at $434,000 after acquiring an additional 183 shares in the last quarter. Asahi Life Asset Management CO. LTD. increased its stake in shares of Bank of America by 1.0% in the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider's stock valued at $1,092,000 after acquiring an additional 187 shares in the last quarter. Riverview Capital Advisers LLC increased its stake in shares of Bank of America by 4.2% in the 3rd quarter. Riverview Capital Advisers LLC now owns 4,686 shares of the financial services provider's stock valued at $242,000 after acquiring an additional 188 shares in the last quarter. Finally, Shepherd Financial Partners LLC increased its stake in shares of Bank of America by 0.3% in the 3rd quarter. Shepherd Financial Partners LLC now owns 60,279 shares of the financial services provider's stock valued at $3,110,000 after acquiring an additional 189 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

NYSE BAC opened at $51.26 on Monday. 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 company has a market cap of $363.79 billion, a P/E ratio of 12.69, a PEG ratio of 0.87 and a beta of 1.21. The company has a fifty day simple moving average of $50.44 and a 200 day simple moving average of $52.51. 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 posted 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 for the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.90 EPS. Sell-side analysts predict 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 dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's payout ratio is currently 27.72%.

Analysts Set New Price Targets

Several research firms recently issued reports on BAC. Autonomous Res reduced their price target on shares of Bank of America from $62.00 to $54.00 and set a "neutral" rating for the company in a research report on Monday, April 6th. Oppenheimer lifted their price target 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. UBS Group lifted their price target on shares of Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Erste Group Bank downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 4th. Finally, Robert W. Baird lifted their price target on shares of Bank of America from $56.00 to $58.00 and gave the company a "neutral" rating in a research report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $61.06.

Key Headlines 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 Activity

In other Bank of America news, insider James P. Demare sold 83,832 shares of Bank of America stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the transaction, the insider directly owned 307,240 shares of the company's stock, valued at $15,362,000. The trade was a 21.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard A. Mensah sold 94,000 shares of Bank of America stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the transaction, the insider directly owned 170,184 shares in the company, valued at $7,988,436.96. This represents a 35.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 354,588 shares of company stock valued at $17,814,296 over the last quarter. 0.27% of the stock is owned by insiders.

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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