Wellington Shields Capital Management LLC Has $1.26 Million Stock Position in Bank of America Corporation $BAC

Key Points

• Wellington Shields Capital Management increased its Bank of America stake by 186.9% in the fourth quarter, ending with 22,987 shares valued at about $1.26 million.
• Institutional interest in BAC remains strong, with large investors making mixed but mostly positive moves and institutions holding 70.71% of the stock.
• Analyst sentiment is still constructive: Bank of America has a consensus rating of “Moderate Buy” and an average price target of $61.06, while the company also recently beat quarterly earnings estimates and announced a $0.28 quarterly dividend.

Wellington Shields Capital Management LLC grew its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 186.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 22,987 shares of the financial services provider's stock after purchasing an additional 14,976 shares during the quarter. Wellington Shields Capital Management LLC's holdings in Bank of America were worth $1,264,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in BAC. Brighton Jones LLC lifted its stake in shares of Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after purchasing an additional 25,143 shares during the period. Sivia Capital Partners LLC lifted its stake in shares of Bank of America by 40.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock valued at $1,013,000 after purchasing an additional 6,174 shares during the period. Jump Financial LLC lifted its stake in shares of Bank of America by 38.4% in the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock valued at $3,108,000 after purchasing an additional 18,227 shares during the period. Nebula Research & Development LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at $1,396,000. Finally, Vivaldi Capital Management LP lifted its stake in shares of Bank of America by 4.2% in the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock valued at $417,000 after purchasing an additional 355 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Brokerages now rate Bank of America (BAC) as a consensus “Moderate Buy,” signaling continued analyst confidence in the stock. Bank of America Corporation NYSE: BAC Receives Consensus Recommendation of "Moderate Buy" from Brokerages
• Positive Sentiment: Commentary saying Bank of America has become a digital leader may support the bull case by highlighting its technology-driven scale and customer engagement. Bank of America (BAC) Has Become a Digital Leader. I’m Still Cautious on the Stock
• Neutral Sentiment: BofA’s own market indicator has flashed a rare sell warning, which may add caution but does not directly change the bank’s earnings outlook. Bank of America Issues Rare Contrarian Sell Warning as AI Stock Concentration Soars
• Neutral Sentiment: Bank of America’s role as lead underwriter for SpaceX-related IPO activity adds visibility, but the article is more about the commercial space sector than BAC itself. The Commercial Space Economy Just Crossed a Real Revenue Threshold...
• Negative Sentiment: Broader market commentary about elevated yields and risk aversion could pressure financial stocks if investors become more cautious on cyclicals and valuation. Bond Strategists Warn Yields to Stay High Even If Iran War Ends

Insider Transactions at Bank of America

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated 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 owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Thomas M. Scrivener sold 50,000 shares of Bank of America 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 in the company, valued at $11,357,614.86. This represents a 17.99% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 354,588 shares of company stock worth $17,814,296. Company insiders own 0.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on BAC. Morgan Stanley lowered their price objective on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a research report on Tuesday, March 31st. Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a research report on Friday, April 24th. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $63.00 to $64.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. Wall Street Zen upgraded shares of Bank of America from a "sell" rating to a "hold" rating in a research report on Saturday, February 14th. Finally, Daiwa Securities Group upped their price objective on shares of Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Tuesday, April 28th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and a consensus price target of $61.06.

Bank of America Price Performance

BAC opened at $51.81 on Tuesday. The company has a fifty day simple moving average of $50.75 and a 200 day simple moving average of $52.36. The stock has a market cap of $367.64 billion, a P/E ratio of 12.82, a P/E/G ratio of 0.88 and a beta of 1.21. 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 12 month low of $42.35 and a 12 month high of $57.55.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results 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. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter last year, the business posted $0.90 EPS. The company's revenue for the quarter was up 10.7% on a year-over-year basis. On average, research analysts expect that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America's dividend payout ratio (DPR) is currently 27.72%.

Bank of America Company 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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