Lighthouse Financial Services Inc. ADV Acquires Shares of 65,750 Bank of America Corporation $BAC

Lighthouse Financial Services Inc. ADV acquired a new stake in shares of Bank of America Corporation (NYSE:BAC) during the fourth quarter, HoldingsChannel reports. The fund acquired 65,750 shares of the financial services provider’s stock, valued at approximately $3,616,000. Bank of America accounts for 0.8% of Lighthouse Financial Services Inc. ADV’s holdings, making the stock its 29th biggest holding.

Other hedge funds have also added to or reduced their stakes in the company. Meridian Wealth Management LLC increased its position in Bank of America by 54.6% during the 3rd quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider’s stock valued at $3,008,000 after purchasing an additional 20,591 shares during the period. Lockheed Martin Investment Management Co. increased its position in Bank of America by 15.9% during the 3rd quarter. Lockheed Martin Investment Management Co. now owns 629,610 shares of the financial services provider’s stock valued at $32,482,000 after purchasing an additional 86,290 shares during the period. World Equity Group Inc. increased its position in Bank of America by 21.8% during the 3rd quarter. World Equity Group Inc. now owns 73,188 shares of the financial services provider’s stock valued at $3,779,000 after purchasing an additional 13,119 shares during the period. AdvisorShares Investments LLC bought a new stake in shares of Bank of America during the 3rd quarter valued at $482,000. Finally, Mufg Securities Americas Inc. boosted its holdings in shares of Bank of America by 26.6% during the 3rd quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider’s stock valued at $10,262,000 after buying an additional 41,809 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of Bank of America stock opened at $51.26 on Friday. The stock has a market cap of $363.79 billion, a price-to-earnings ratio of 12.69, a PEG ratio of 0.89 and a beta of 1.21. The firm’s 50-day moving average is $50.44 and its 200 day moving average is $52.51. Bank of America Corporation has a 1 year low of $41.69 and a 1 year high of $57.55. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. The company had revenue of $30.27 billion for 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 revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.90 EPS. Sell-side analysts anticipate that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America’s payout ratio is presently 27.72%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on BAC shares. Autonomous Res dropped their target price on shares of Bank of America from $62.00 to $54.00 and set a “neutral” rating on the stock in a report on Monday, April 6th. Piper Sandler boosted their target price on shares of Bank of America from $53.00 to $59.00 and gave the company a “neutral” rating in a report on Thursday, April 16th. TD Cowen dropped their target price on shares of Bank of America from $66.00 to $64.00 and set a “buy” rating on the stock in a report on Thursday, January 15th. CICC Research started coverage on shares of Bank of America in a report on Wednesday, January 14th. They set an “outperform” rating and a $62.00 target price on the stock. Finally, HSBC boosted their target price on shares of Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $61.06.

Trending Headlines about Bank of America

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

• Positive Sentiment: UBS raised its price target on Bank of America to $63 from $62, reinforcing a constructive Wall Street view and suggesting further upside from current levels. UBS Raises PT
• Positive Sentiment: Bank of America expanded its defense financing role and is helping support drone and robotics production, which could translate into more lending, fee income, and long-term client relationships. Defense Financing
• Positive Sentiment: The bank acted as lead lender on a $1.8 billion refinance of 9 West 57th Street, highlighting continued strength in commercial real estate financing activity. 9 West 57th Refinance
• Neutral Sentiment: Bank of America shareholders backed the current leadership and governance structure at the annual meeting, reducing governance uncertainty but not likely driving a major near-term stock reaction. Shareholder Vote
• Neutral Sentiment: Reuters reported the hiring of tech dealmaker Richard Hardegree as vice chair of M&A, a sign of continued investment banking leadership buildup, though the stock impact is likely limited for now. M&A Hiring
• Neutral Sentiment: Bank of America’s commentary on card spending pointed to a sudden slowdown in U.S. consumer activity, but the bank said it is not yet sure of the cause. Spending Slump
• Negative Sentiment: High-profile insider selling by Geoffrey Greener, who sold about $6.7 million of BAC shares, is weighing on sentiment and can signal caution to investors. Insider Sale
• Negative Sentiment: Reports that Berkshire-related holder Greg Abel continued trimming BAC for a seventh straight quarter add to concerns about reduced conviction from a major long-term investor. Greg Abel Sells

Insider Activity

In related news, insider Thomas M. Scrivener sold 50,000 shares of the company’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the transaction, the insider owned 227,973 shares in the company, valued at $11,357,614.86. The trade was a 17.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James P. Demare sold 83,832 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the transaction, the insider owned 307,240 shares in the company, valued at $15,362,000. This represents a 21.44% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 354,588 shares of company stock worth $17,814,296. 0.27% of the stock is currently owned by company insiders.

Bank of America Company 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.