Bank of America Corp (BAC) Shares Sold by Narwhal Capital Management

Narwhal Capital Management reduced its holdings in shares of Bank of America Corp (NYSE:BAC) by 66.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,954 shares of the financial services provider’s stock after selling 36,046 shares during the quarter. Narwhal Capital Management’s holdings in Bank of America were worth $495,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. PM CAPITAL Ltd boosted its stake in Bank of America by 2.8% during the 4th quarter. PM CAPITAL Ltd now owns 1,553,086 shares of the financial services provider’s stock worth $38,267,000 after purchasing an additional 42,000 shares during the period. Watermark Asset Management Inc. boosted its stake in Bank of America by 24.3% during the 4th quarter. Watermark Asset Management Inc. now owns 2,595 shares of the financial services provider’s stock worth $64,000 after purchasing an additional 508 shares during the period. Peachtree Investment Advisors Inc. acquired a new stake in Bank of America during the 4th quarter worth $410,000. Cozad Asset Management Inc. boosted its stake in Bank of America by 9.1% during the 4th quarter. Cozad Asset Management Inc. now owns 12,012 shares of the financial services provider’s stock worth $296,000 after purchasing an additional 1,000 shares during the period. Finally, Peoples Financial Services CORP. boosted its stake in Bank of America by 17.5% during the 4th quarter. Peoples Financial Services CORP. now owns 10,725 shares of the financial services provider’s stock worth $265,000 after purchasing an additional 1,600 shares during the period. Institutional investors own 65.19% of the company’s stock.

In other news, insider Dean C. Athanasia sold 129,615 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total value of $3,859,934.70. Following the completion of the sale, the insider now owns 243,617 shares in the company, valued at approximately $7,254,914.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by company insiders.



A number of analysts recently weighed in on the stock. Atlantic Securities cut shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price target for the company. in a research note on Tuesday, April 30th. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, April 19th. BMO Capital Markets increased their price target on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 17th. Zacks Investment Research cut shares of Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. Finally, Jefferies Financial Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price target for the company. in a research note on Wednesday, April 17th. One analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $32.98.

BAC stock opened at $28.25 on Tuesday. Bank of America Corp has a one year low of $22.66 and a one year high of $31.91. The firm has a market capitalization of $304.34 billion, a PE ratio of 10.82, a PEG ratio of 1.30 and a beta of 1.49. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.96.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.70 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.05. Bank of America had a net margin of 25.42% and a return on equity of 11.79%. The company had revenue of $23 billion during the quarter, compared to analysts’ expectations of $23.24 billion. During the same quarter last year, the business earned $0.62 EPS. The business’s revenue was down .4% on a year-over-year basis. As a group, research analysts expect that Bank of America Corp will post 2.86 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Thursday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.

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About Bank of America

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

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

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