Bank of America Co. (NYSE:BAC) Shares Purchased by CoreCap Advisors LLC

CoreCap Advisors LLC grew its position in shares of Bank of America Co. (NYSE:BACFree Report) by 10.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 34,238 shares of the financial services provider’s stock after acquiring an additional 3,198 shares during the quarter. CoreCap Advisors LLC’s holdings in Bank of America were worth $1,153,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Fortis Group Advisors LLC acquired a new position in shares of Bank of America during the third quarter valued at $25,000. Glass Jacobson Investment Advisors llc boosted its holdings in shares of Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 504 shares during the period. Castleview Partners LLC acquired a new position in shares of Bank of America during the first quarter valued at $28,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Bank of America during the first quarter valued at $34,000. Finally, Live Oak Investment Partners acquired a new position in shares of Bank of America during the fourth quarter valued at $39,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE BAC opened at $37.05 on Monday. The stock’s 50-day moving average price is $34.17 and its two-hundred day moving average price is $31.14. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The company has a market cap of $292.35 billion, a PE ratio of 12.07, a PEG ratio of 1.69 and a beta of 1.38. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $37.61.

Bank of America (NYSE:BACGet Free Report) last posted its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. The firm had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The business’s revenue for the quarter was down 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.85 EPS. On average, analysts predict that Bank of America Co. will post 3.12 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be issued a dividend of $0.24 per share. The ex-dividend date is Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.59%. Bank of America’s payout ratio is presently 31.27%.

Insiders Place Their Bets

In other Bank of America news, major shareholder Of America Corp /De/ Bank bought 5,398 shares of the stock in a transaction on Wednesday, December 27th. The shares were bought at an average price of $10.56 per share, with a total value of $57,002.88. Following the purchase, the insider now directly owns 5,398 shares in the company, valued at approximately $57,002.88. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BAC. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. BMO Capital Markets cut their price objective on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 16th. Barclays lifted their price objective on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Citigroup lifted their price objective on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Finally, Oppenheimer cut their price objective on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 19th. One analyst has rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $35.65.

Read Our Latest Report on Bank of America

About Bank of America

(Free Report)

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

See Also

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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