Maltese Capital Management LLC Has $8.31 Million Position in Bank of America Corporation $BAC

Maltese Capital Management LLC reduced its holdings in shares of Bank of America Corporation (NYSE:BAC) by 20.4% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 151,156 shares of the financial services provider’s stock after selling 38,844 shares during the period. Bank of America makes up 1.5% of Maltese Capital Management LLC’s holdings, making the stock its 20th biggest holding. Maltese Capital Management LLC’s holdings in Bank of America were worth $8,314,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also bought and sold shares of the company. Wiser Advisor Group LLC bought a new position in shares of Bank of America in the 3rd quarter worth about $27,000. Legacy Bridge LLC boosted its position in shares of Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 330 shares in the last quarter. Joseph Group Capital Management acquired a new stake in shares of Bank of America in the 4th quarter valued at about $32,000. HFM Investment Advisors LLC increased its position in Bank of America by 566.0% in the 4th 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 in the last quarter. Finally, Coston McIsaac & Partners raised its stake in Bank of America by 90.2% during the 4th quarter. Coston McIsaac & Partners now owns 662 shares of the financial services provider’s stock worth $36,000 after buying an additional 314 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

BAC stock opened at $55.89 on Tuesday. Bank of America Corporation has a 12-month low of $44.06 and a 12-month high of $57.55. The stock’s 50 day simple moving average is $52.42 and its 200 day simple moving average is $52.44. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The stock 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.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same period last year, the company earned $0.90 EPS. Bank of America’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, research 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 disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio is 27.72%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BAC. UBS Group increased their target price on Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Autonomous Res dropped their price objective 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. Piper Sandler increased 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. Evercore cut their price objective on Bank of America from $70.00 to $61.00 and set an “outperform” rating on the stock in a research report on Friday, May 15th. Finally, HSBC increased their price target on Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $61.06.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business’s 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 approximately $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 accessible through the SEC website. Corporate insiders own 0.27% of the company’s stock.

About Bank of America

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.