Wellington Shields Capital Management LLC grew its stake in Bank of America Corporation (NYSE:BAC) by 186.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 22,987 shares of the financial services provider’s stock after purchasing an additional 14,976 shares during the quarter. Wellington Shields Capital Management LLC’s holdings in Bank of America were worth $1,264,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Legacy Bridge LLC grew 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 valued at $28,000 after acquiring an additional 330 shares in the last quarter. Wiser Advisor Group LLC bought a new position in shares of Bank of America in the 3rd quarter valued at about $27,000. Collier Financial bought a new position in shares of Bank of America in the 3rd quarter valued at about $30,000. Joseph Group Capital Management bought a new position in shares of Bank of America in the 4th quarter valued at about $32,000. Finally, HFM Investment Advisors LLC lifted its stake in Bank of America by 566.0% in the 4th quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 532 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.
More Bank of America News
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: Brokerages now rate Bank of America (BAC) as a consensus “Moderate Buy,” signaling continued analyst confidence in the stock. Bank of America Corporation (NYSE:BAC) Receives Consensus Recommendation of “Moderate Buy” from Brokerages
- Positive Sentiment: Commentary saying Bank of America has become a digital leader may support the bull case by highlighting its technology-driven scale and customer engagement. Bank of America (BAC) Has Become a Digital Leader. I’m Still Cautious on the Stock
- Neutral Sentiment: BofA’s own market indicator has flashed a rare sell warning, which may add caution but does not directly change the bank’s earnings outlook. Bank of America Issues Rare Contrarian Sell Warning as AI Stock Concentration Soars
- Neutral Sentiment: Bank of America’s role as lead underwriter for SpaceX-related IPO activity adds visibility, but the article is more about the commercial space sector than BAC itself. The Commercial Space Economy Just Crossed a Real Revenue Threshold…
- Negative Sentiment: Broader market commentary about elevated yields and risk aversion could pressure financial stocks if investors become more cautious on cyclicals and valuation. Bond Strategists Warn Yields to Stay High Even If Iran War Ends
Analyst Ratings Changes
View Our Latest Stock Analysis on Bank of America
Bank of America Trading Up 0.0%
Shares of BAC stock opened at $51.81 on Tuesday. The firm has a 50 day moving average price of $50.75 and a two-hundred day moving average price of $52.36. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $367.64 billion, a PE ratio of 12.82, a price-to-earnings-growth ratio of 0.88 and a beta of 1.21. Bank of America Corporation has a 12-month low of $42.35 and a 12-month high of $57.55.
Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same period last year, the business posted $0.90 earnings per share. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, analysts predict that Bank of America Corporation will post 4.46 earnings per share for the current year.
Bank of America Dividend Announcement
The firm 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 $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America’s payout ratio is presently 27.72%.
Insider Buying and Selling at Bank of America
In other news, insider Bernard A. Mensah sold 94,000 shares of Bank of America stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $46.94, for a total value of $4,412,360.00. Following the completion of the sale, the insider directly owned 170,184 shares in the company, valued at approximately $7,988,436.96. The trade was a 35.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred 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 owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 354,588 shares of company stock valued at $17,814,296 in the last three months. Corporate insiders own 0.27% of the company’s stock.
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.
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