94,000 Shares in Bank of America Co. (NYSE:BAC) Bought by Moore Capital Management LP

Moore Capital Management LP bought a new position in Bank of America Co. (NYSE:BACGet Rating) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 94,000 shares of the financial services provider’s stock, valued at approximately $2,839,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Congress Park Capital LLC boosted its stake in shares of Bank of America by 32.0% during the 3rd quarter. Congress Park Capital LLC now owns 43,420 shares of the financial services provider’s stock worth $1,311,000 after buying an additional 10,525 shares during the last quarter. Virtu Financial LLC boosted its stake in shares of Bank of America by 211.9% during the 2nd quarter. Virtu Financial LLC now owns 103,594 shares of the financial services provider’s stock worth $3,225,000 after buying an additional 70,379 shares during the last quarter. Chilton Investment Co. Inc. boosted its stake in shares of Bank of America by 64.4% during the 2nd quarter. Chilton Investment Co. Inc. now owns 18,525 shares of the financial services provider’s stock worth $577,000 after buying an additional 7,254 shares during the last quarter. SRS Capital Advisors Inc. boosted its stake in shares of Bank of America by 80.6% during the 2nd quarter. SRS Capital Advisors Inc. now owns 8,137 shares of the financial services provider’s stock worth $253,000 after buying an additional 3,632 shares during the last quarter. Finally, Vista Wealth Management Group LLC boosted its stake in shares of Bank of America by 1.7% during the 3rd quarter. Vista Wealth Management Group LLC now owns 22,879 shares of the financial services provider’s stock worth $802,000 after buying an additional 393 shares during the last quarter. 68.34% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Down 6.2 %

Bank of America stock opened at $30.54 on Friday. The stock has a market cap of $244.44 billion, a P/E ratio of 9.57, a P/E/G ratio of 1.39 and a beta of 1.40. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 1.13. Bank of America Co. has a twelve month low of $29.31 and a twelve month high of $44.63. The company’s 50-day moving average price is $34.61 and its two-hundred day moving average price is $34.30.

Bank of America (NYSE:BACGet Rating) last released its quarterly earnings results on Friday, January 13th. The financial services provider reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.09. Bank of America had a net margin of 23.93% and a return on equity of 11.41%. The firm had revenue of $24.50 billion for the quarter, compared to analysts’ expectations of $24.17 billion. During the same period in the prior year, the firm earned $0.82 EPS. The business’s revenue was up 11.1% on a year-over-year basis. As a group, analysts expect that Bank of America Co. will post 3.38 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Friday, March 3rd will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, March 2nd. This represents a $0.88 annualized dividend and a dividend yield of 2.88%. Bank of America’s dividend payout ratio is presently 27.59%.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of recent research reports. Piper Sandler downgraded shares of Bank of America from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $36.00 to $33.00 in a research note on Tuesday, January 17th. Oppenheimer increased their price objective on shares of Bank of America from $50.00 to $53.00 and gave the stock an “outperform” rating in a research note on Thursday, February 2nd. Keefe, Bruyette & Woods cut shares of Bank of America from a “market perform” rating to an “underperform” rating and dropped their target price for the company from $35.00 to $33.00 in a report on Wednesday, February 8th. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $35.20 target price on the stock. in a report on Wednesday. Finally, Barclays dropped their target price on shares of Bank of America from $51.00 to $48.00 and set an “overweight” rating on the stock in a report on Tuesday, January 3rd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $40.16.

Insider Transactions at Bank of America

In other news, insider Matthew M. Koder sold 105,054 shares of the firm’s stock in a transaction that occurred on Thursday, February 23rd. The shares were sold at an average price of $34.27, for a total transaction of $3,600,200.58. Following the transaction, the insider now directly owns 319,803 shares of the company’s stock, valued at $10,959,648.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Matthew M. Koder sold 214,745 shares of the stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $35.91, for a total transaction of $7,711,492.95. Following the sale, the insider now owns 214,747 shares in the company, valued at approximately $7,711,564.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Matthew M. Koder sold 105,054 shares of the stock in a transaction that occurred on Thursday, February 23rd. The stock was sold at an average price of $34.27, for a total transaction of $3,600,200.58. Following the sale, the insider now owns 319,803 shares in the company, valued at approximately $10,959,648.81. The disclosure for this sale can be found here. Insiders own 0.26% of the company’s stock.

About Bank of America

(Get Rating)

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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