Delta Global Management LP Trims Holdings in Bank of America Corporation $BAC

Delta Global Management LP decreased its holdings in Bank of America Corporation (NYSE:BAC) by 18.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 362,860 shares of the financial services provider’s stock after selling 79,714 shares during the quarter. Bank of America makes up about 0.9% of Delta Global Management LP’s holdings, making the stock its 26th biggest holding. Delta Global Management LP’s holdings in Bank of America were worth $19,957,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Abound Financial LLC purchased a new stake in Bank of America in the fourth quarter worth $26,000. Legacy Bridge LLC increased its stake in Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 330 shares during the period. Wiser Advisor Group LLC purchased a new position in shares of Bank of America during the third quarter valued at $27,000. Joseph Group Capital Management purchased a new position in shares of Bank of America during the fourth quarter valued at $32,000. Finally, HFM Investment Advisors LLC increased its stake in shares of Bank of America by 566.0% during the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider’s stock valued at $34,000 after buying an additional 532 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC opened at $55.89 on Tuesday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $396.62 billion, a PE ratio of 13.83, a price-to-earnings-growth ratio of 0.95 and a beta of 1.19. The business’s 50-day moving average is $52.42 and its two-hundred day moving average is $52.44. Bank of America Corporation has a 1 year low of $44.06 and a 1 year high of $57.55.

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

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of America’s payout ratio is 27.72%.

Insider Activity at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated 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 sale, the insider 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. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.27% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research reports. Oppenheimer raised their price target on Bank of America from $58.00 to $61.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. The Goldman Sachs Group raised their price target on Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Autonomous Res cut their price target on Bank of America from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Monday, April 6th. Royal Bank Of Canada restated an “outperform” rating and set a $59.00 price target on shares of Bank of America in a research note on Thursday, April 16th. Finally, Evercore cut their price target on 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. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $61.06.

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.