Insider Selling: Bank of America Corp (BAC) Insider Sells 129,615 Shares of Stock
Bank of America Corp (NYSE:BAC) insider Dean C. Athanasia sold 129,615 shares of the company’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $29.78, for a total value of $3,859,934.70. Following the transaction, the insider now directly owns 243,617 shares of the company’s stock, valued at $7,254,914.26. The transaction was disclosed in a filing with the SEC, which is accessible through this link.
Shares of NYSE BAC opened at $30.03 on Friday. The stock has a market capitalization of $307.62 billion, a P/E ratio of 11.51, a PEG ratio of 1.31 and a beta of 1.47. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.94. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $31.91.
Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.05. The firm had revenue of $23 billion during the quarter, compared to analysts’ expectations of $23.24 billion. Bank of America had a return on equity of 11.66% and a net margin of 25.45%. The business’s revenue was down .4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.62 EPS. As a group, research analysts forecast that Bank of America Corp will post 2.85 earnings per share for the current fiscal year.
Several research analysts have recently issued reports on BAC shares. Barclays reaffirmed an “equal weight” rating and set a $34.00 price objective (down from $37.00) on shares of Bank of America in a research report on Wednesday, January 2nd. Robert W. Baird reaffirmed a “hold” rating and set a $28.00 price objective on shares of Bank of America in a research report on Wednesday, January 2nd. Macquarie cut Bank of America from an “outperform” rating to a “neutral” rating in a research report on Monday, January 7th. They noted that the move was a valuation call. Jefferies Financial Group reaffirmed a “buy” rating on shares of Bank of America in a research report on Tuesday, January 8th. Finally, UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and set a $32.00 price objective for the company in a research report on Tuesday, January 8th. Eleven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $33.25.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cranbrook Wealth Management LLC boosted its position in shares of Bank of America by 86.1% in the 4th quarter. Cranbrook Wealth Management LLC now owns 1,081 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 500 shares during the period. Karp Capital Management Corp purchased a new stake in Bank of America during the 4th quarter valued at approximately $31,000. Paragon Capital Management LLC purchased a new stake in Bank of America during the 1st quarter valued at approximately $33,000. Semmax Financial Advisors Inc. purchased a new stake in Bank of America during the 4th quarter valued at approximately $34,000. Finally, NewSquare Capital LLC raised its stake in Bank of America by 50.0% during the 4th quarter. NewSquare Capital LLC now owns 1,500 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 500 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.
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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.
See Also: Earnings Reports
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