Swiss Life Asset Management Ltd Raises Stake in Bank of America Corporation $BAC

Swiss Life Asset Management Ltd increased its stake in Bank of America Corporation (NYSE:BAC) by 3.0% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 822,863 shares of the financial services provider’s stock after buying 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 quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wiser Advisor Group LLC purchased a new position in shares of Bank of America in the 3rd quarter worth about $27,000. Legacy Bridge LLC boosted its holdings in shares of Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after buying an additional 330 shares during the last quarter. Marquette Asset Management LLC purchased a new position in shares of Bank of America in the 3rd quarter worth about $30,000. Collier Financial purchased a new position in shares of Bank of America in the 3rd quarter worth about $30,000. Finally, Mountain Hill Investment Partners Corp. purchased a new position in shares of Bank of America in the 3rd quarter worth about $31,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Thomas M. Scrivener sold 50,000 shares of the business’s stock in a transaction dated Thursday, March 5th. The stock was 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 of the company’s stock, valued at approximately $11,357,614.86. The trade was a 17.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James P. Demare sold 83,832 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total value 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. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 354,588 shares of company stock valued at $17,814,296. Corporate insiders own 0.27% of the company’s stock.

Bank of America Trading Down 0.1%

Shares of BAC opened at $51.26 on Monday. The business’s 50-day moving average price is $50.44 and its 200-day moving average price is $52.51. Bank of America Corporation has a twelve month low of $41.69 and a twelve month high of $57.55. The stock has a market cap of $363.79 billion, a PE ratio of 12.69, a P/E/G 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 (NYSE:BAC) last announced its quarterly earnings results 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. 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 analysts’ expectations of $29.72 billion. During the same period in the prior year, the business posted $0.90 earnings per share. The company’s revenue was up 10.7% on a year-over-year basis. On average, equities analysts forecast that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business 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 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 is currently 27.72%.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research analyst reports. Argus boosted their price target on shares of Bank of America from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. 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 research note on Thursday, April 16th. Royal Bank Of Canada restated an “outperform” rating and issued a $59.00 price objective on shares of Bank of America in a research note on Thursday, April 16th. TD Cowen lowered their price objective on Bank of America from $66.00 to $64.00 and set a “buy” rating on the stock in a research note on Thursday, January 15th. Finally, Morgan Stanley lowered their price objective on Bank of America from $67.00 to $61.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 31st. Twenty-two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $61.06.

Trending Headlines about 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

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.