Hosking Partners LLP Sells 53,682 Shares of Bank of America Corporation $BAC

Hosking Partners LLP reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 4.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,140,892 shares of the financial services provider’s stock after selling 53,682 shares during the quarter. Bank of America accounts for approximately 2.1% of Hosking Partners LLP’s holdings, making the stock its 12th biggest position. Hosking Partners LLP’s holdings in Bank of America were worth $62,749,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Legacy Bridge LLC grew its stake in shares of Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 330 shares during the period. Wiser Advisor Group LLC purchased a new position in shares of Bank of America during the 3rd quarter valued at about $27,000. Collier Financial purchased a new position in shares of Bank of America during the 3rd quarter valued at about $30,000. Joseph Group Capital Management purchased a new position in shares of Bank of America during the 4th quarter valued at about $32,000. Finally, Marquette Asset Management LLC purchased a new position in shares of Bank of America during the 3rd quarter valued at about $30,000. 70.71% of the stock is currently owned by institutional investors.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 83,832 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the sale, the insider directly owned 307,240 shares of the company’s stock, valued at $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thomas M. Scrivener sold 50,000 shares of the business’s stock in a transaction that occurred on 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 owned 227,973 shares of the company’s stock, valued at $11,357,614.86. This trade represents a 17.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 354,588 shares of company stock valued at $17,814,296 over the last three months. Company insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on BAC. UBS Group boosted their price target on Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Robert W. Baird lifted their price objective 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. HSBC upped their target price on shares of Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. The Goldman Sachs Group upped their target price on shares of Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Friday, April 24th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.06.

Bank of America Stock Performance

Shares of Bank of America stock opened at $51.26 on Monday. The stock’s fifty day moving average is $50.44 and its two-hundred day moving average is $52.51. The company has a market capitalization of $363.79 billion, a PE ratio of 12.69, a price-to-earnings-growth ratio of 0.87 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 52 week low of $41.69 and a 52 week high of $57.55.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.11. The firm had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 earnings per share. As a group, analysts expect that Bank of America Corporation will post 4.46 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be issued a $0.28 dividend. 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 currently 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

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.