Capital Management Associates NY Lowers Stock Holdings in Bank of America Corporation $BAC

Capital Management Associates NY lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 87.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,000 shares of the financial services provider’s stock after selling 14,000 shares during the period. Capital Management Associates NY’s holdings in Bank of America were worth $98,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Abound Financial LLC bought a new position in Bank of America in the 4th quarter valued at $26,000. Legacy Bridge LLC grew its position 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 in the last quarter. Wiser Advisor Group LLC bought a new position in shares of Bank of America in the third quarter worth $27,000. CrossGen Wealth LLC purchased a new stake in shares of Bank of America in the fourth quarter worth $30,000. Finally, Joseph Group Capital Management purchased a new stake in shares of Bank of America in the fourth quarter worth $32,000. Institutional investors own 70.71% of the company’s stock.

Bank of America News Summary

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

• Positive Sentiment: Bank of America expanded its regional investment banking business by hiring nine senior bankers across major U.S. markets, a move that should strengthen its middle-market coverage and support fee growth over time. Reuters article
• Positive Sentiment: Several previews suggest Bank of America could benefit from strong trading, investment banking, and wealth-management activity, with analysts expecting a broadly favorable second-quarter bank earnings season. Investor’s Business Daily article
• Positive Sentiment: Bank of America’s own consumer data showed strong June card spending and wage gains, reinforcing the view that its retail banking base remains resilient heading into earnings. Yahoo Finance article
• Positive Sentiment: Valuation screens highlighted BAC as the most attractive of the major banks, which may be helping support the stock as investors look for a relative-value play ahead of results. 247WallSt article

Insider Activity at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.27% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Jefferies Financial Group boosted their target price on Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $59.00 price target on shares of Bank of America in a report on Thursday, April 16th. Wells Fargo & Company lifted their price target on Bank of America from $65.00 to $67.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Morgan Stanley boosted their price objective on Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Friday, April 24th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $62.19.

Bank of America Trading Down 0.3%

Shares of BAC stock opened at $59.49 on Tuesday. The business has a 50-day moving average of $54.62 and a 200 day moving average of $52.98. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $60.83. The stock has a market capitalization of $422.18 billion, a PE ratio of 14.73, a P/E/G ratio of 1.00 and a beta of 1.17.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $29.72 billion. During the same period in the previous year, the firm earned $0.90 EPS. The business’s quarterly revenue was up 10.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of America Corporation will post 4.51 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were issued a $0.28 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. 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.