IPG Investment Advisors LLC Increases Position in Bank of America Corporation $BAC

IPG Investment Advisors LLC boosted its holdings in Bank of America Corporation (NYSE:BAC) by 149.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 48,500 shares of the financial services provider’s stock after acquiring an additional 29,069 shares during the quarter. IPG Investment Advisors LLC’s holdings in Bank of America were worth $2,668,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Brighton Jones LLC grew its holdings in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares during the period. Sivia Capital Partners LLC lifted its stake in shares of Bank of America by 40.5% in the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock worth $1,013,000 after buying an additional 6,174 shares in the last quarter. Jump Financial LLC lifted its stake in shares of Bank of America by 38.4% in the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock worth $3,108,000 after buying an additional 18,227 shares in the last quarter. Nebula Research & Development LLC bought a new position in shares of Bank of America in the second quarter worth approximately $1,396,000. Finally, Vivaldi Capital Management LP lifted its stake in shares of Bank of America by 4.2% in the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock worth $417,000 after buying an additional 355 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other Bank of America news, insider James P. Demare sold 83,832 shares of Bank of America stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total value of $4,191,600.00. Following the completion of the transaction, the insider directly owned 307,240 shares of the company’s stock, valued at $15,362,000. This trade represents a 21.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares of the company’s stock, valued at $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. Over the last ninety days, insiders sold 354,588 shares of company stock valued at $17,814,296. Insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. UBS Group upped their target price on shares of Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. The Goldman Sachs Group upped their target price on shares of Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Erste Group Bank downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 4th. Evercore dropped their target price on shares of Bank of America from $70.00 to $61.00 and set an “outperform” rating on the stock in a research note on Friday, May 15th. Finally, Argus upped their target price on shares of Bank of America from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.06.

Bank of America News Roundup

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America’s analysts continued to highlight attractive opportunities in other companies, including upgraded calls on names like Intuit, Walmart, Spotify, Nvidia, and Oklo, underscoring the firm’s active and influential research platform. Article
• Positive Sentiment: Bank of America said Brazil could see a surge of IPOs after a long drought, which points to a possible rebound in investment-banking activity and future fee opportunities. Article
• Positive Sentiment: Bank of America cleared a derivatives hurdle in its regulatory “living will,” removing an overhang and signaling continued progress on capital-planning and risk-management requirements. Article
• Positive Sentiment: Berkshire Hathaway reportedly has not sold its Bank of America stake, which some investors may view as a confidence signal for BAC’s long-term value. Article
• Neutral Sentiment: Bank of America’s presentation at the Bernstein Strategic Decisions Conference kept BAC in focus, but the transcript itself did not provide a clear new stock-moving catalyst. Article
• Neutral Sentiment: The company also drew attention from conference-related announcements and charitable news, including Boston Marathon fundraising tied to Bank of America sponsorship, which is positive for brand visibility but not a major earnings driver. Article

Bank of America Stock Performance

BAC opened at $51.21 on Thursday. The stock has a market capitalization of $363.44 billion, a price-to-earnings ratio of 12.68, a PEG ratio of 0.88 and a beta of 1.21. The company has a fifty day moving average of $50.94 and a 200 day moving average of $52.34. Bank of America Corporation has a fifty-two week low of $43.36 and a fifty-two week high of $57.55. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.11. The company had revenue of $30.27 billion during the quarter, compared to analysts’ expectations of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. Bank of America’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period last year, the company posted $0.90 earnings per share. As a group, sell-side analysts forecast that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is presently 27.72%.

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.