Parkside Investments LLC Has $1.25 Million Position in Bank of America Co. (NYSE:BAC)

Parkside Investments LLC increased its stake in Bank of America Co. (NYSE:BAC) by 13.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 43,500 shares of the financial services provider’s stock after purchasing an additional 5,000 shares during the quarter. Parkside Investments LLC’s holdings in Bank of America were worth $1,248,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Spears Abacus Advisors LLC lifted its holdings in shares of Bank of America by 0.6% during the fourth quarter. Spears Abacus Advisors LLC now owns 49,224 shares of the financial services provider’s stock worth $1,630,000 after buying an additional 300 shares during the last quarter. Fort Sheridan Advisors LLC lifted its holdings in shares of Bank of America by 0.8% during the fourth quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock worth $1,309,000 after buying an additional 303 shares during the last quarter. Zullo Investment Group Inc. lifted its holdings in shares of Bank of America by 2.4% during the fourth quarter. Zullo Investment Group Inc. now owns 14,220 shares of the financial services provider’s stock worth $471,000 after buying an additional 334 shares during the last quarter. Fort Point Capital Partners LLC lifted its holdings in shares of Bank of America by 2.2% during the first quarter. Fort Point Capital Partners LLC now owns 15,918 shares of the financial services provider’s stock worth $656,000 after buying an additional 336 shares during the last quarter. Finally, Pasadena Private Wealth LLC lifted its holdings in shares of Bank of America by 1.0% during the first quarter. Pasadena Private Wealth LLC now owns 34,797 shares of the financial services provider’s stock worth $995,000 after buying an additional 341 shares during the last quarter. 68.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Dean C. Athanasia sold 77,806 shares of the company’s stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the transaction, the insider now owns 353,971 shares of the company’s stock, valued at $11,143,007.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Bank of America news, insider James P. Demare sold 75,000 shares of the stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $31.53, for a total value of $2,364,750.00. Following the transaction, the insider now owns 185,108 shares of the company’s stock, valued at $5,836,455.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Dean C. Athanasia sold 77,806 shares of the stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $31.48, for a total value of $2,449,332.88. Following the completion of the transaction, the insider now directly owns 353,971 shares in the company, valued at approximately $11,143,007.08. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by insiders.

Bank of America Price Performance

Shares of BAC stock traded down $0.30 during trading hours on Friday, hitting $28.90. 18,516,184 shares of the company’s stock were exchanged, compared to its average volume of 49,045,473. The stock’s 50-day moving average is $29.96 and its 200-day moving average is $29.33. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market cap of $229.65 billion, a price-to-earnings ratio of 8.39, a price-to-earnings-growth ratio of 1.21 and a beta of 1.37. Bank of America Co. has a 52 week low of $26.32 and a 52 week high of $38.60.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.88 EPS for the quarter, topping the consensus estimate of $0.84 by $0.04. The company had revenue of $25.20 billion for the quarter, compared to analysts’ expectations of $24.98 billion. Bank of America had a return on equity of 12.01% and a net margin of 19.97%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.73 earnings per share. As a group, research analysts forecast that Bank of America Co. will post 3.41 EPS for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend is Thursday, August 31st. This is a boost from Bank of America’s previous quarterly dividend of $0.22. Bank of America’s dividend payout ratio is presently 27.59%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. BMO Capital Markets cut their price target on Bank of America from $41.00 to $40.00 in a report on Wednesday, July 19th. Oppenheimer cut their target price on Bank of America from $52.00 to $49.00 and set an “outperform” rating for the company in a research note on Friday, August 18th. StockNews.com assumed coverage on Bank of America in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Morgan Stanley upped their target price on Bank of America from $32.00 to $33.00 in a research note on Friday, July 7th. Finally, HSBC assumed coverage on Bank of America in a research note on Thursday, September 7th. They issued a “buy” rating and a $35.00 target price for the company. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $35.98.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.