6,590 Shares in Bank of America Corp (NYSE:BAC) Bought by Shulman DeMeo Asset Management LLC

Shulman DeMeo Asset Management LLC purchased a new position in shares of Bank of America Corp (NYSE:BAC) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,590 shares of the financial services provider’s stock, valued at approximately $232,000.

A number of other institutional investors also recently made changes to their positions in BAC. Tibra Equities Europe Ltd grew its stake in Bank of America by 85.0% in the 3rd quarter. Tibra Equities Europe Ltd now owns 1,092,700 shares of the financial services provider’s stock valued at $31,874,000 after purchasing an additional 502,200 shares during the period. Neumann Capital Management LLC grew its stake in Bank of America by 1.0% in the 3rd quarter. Neumann Capital Management LLC now owns 116,675 shares of the financial services provider’s stock valued at $3,403,000 after purchasing an additional 1,100 shares during the period. Front Barnett Associates LLC grew its stake in Bank of America by 1.0% in the 3rd quarter. Front Barnett Associates LLC now owns 446,316 shares of the financial services provider’s stock valued at $13,019,000 after purchasing an additional 4,606 shares during the period. Great West Life Assurance Co. Can grew its stake in Bank of America by 0.6% in the 3rd quarter. Great West Life Assurance Co. Can now owns 8,317,358 shares of the financial services provider’s stock valued at $242,862,000 after purchasing an additional 47,054 shares during the period. Finally, Salomon & Ludwin LLC grew its stake in Bank of America by 120.6% in the 2nd quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 814 shares during the period. Institutional investors and hedge funds own 69.19% of the company’s stock.

A number of research analysts have issued reports on BAC shares. Societe Generale downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 29th. ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Morgan Stanley reaffirmed a “buy” rating and set a $38.00 price target (up previously from $35.00) on shares of Bank of America in a research report on Monday, November 18th. Atlantic Securities raised Bank of America from a “neutral” rating to an “overweight” rating in a research report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $33.00 price target (up previously from $30.00) on shares of Bank of America in a research report on Monday, November 4th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $34.45.

Shares of BAC opened at $34.51 on Wednesday. The stock’s 50-day simple moving average is $34.49 and its 200 day simple moving average is $30.85. The stock has a market capitalization of $317.71 billion, a price-to-earnings ratio of 13.22, a price-to-earnings-growth ratio of 1.28 and a beta of 1.64. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.91 and a current ratio of 0.92. Bank of America Corp has a 52-week low of $26.05 and a 52-week high of $35.72.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. The business had revenue of $22.96 billion for the quarter, compared to analysts’ expectations of $22.73 billion. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. The firm’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.66 EPS. On average, research analysts forecast that Bank of America Corp will post 2.87 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $0.72 dividend on an annualized basis and a yield of 2.09%. Bank of America’s dividend payout ratio (DPR) is 27.59%.

In related news, insider Kathleen A. Knox sold 40,000 shares of the stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $30.23, for a total transaction of $1,209,200.00. Following the sale, the insider now owns 43,744 shares of the company’s stock, valued at approximately $1,322,381.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank P. Bramble sold 6,500 shares of the stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total value of $203,645.00. Following the sale, the director now directly owns 50,000 shares in the company, valued at approximately $1,566,500. The disclosure for this sale can be found here. Corporate insiders own 0.17% of the company’s stock.

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. 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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