ExodusPoint Capital Management LP Takes $1.29 Million Position in Bank of America Co. (NYSE:BAC)

ExodusPoint Capital Management LP acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 45,037 shares of the financial services provider’s stock, valued at approximately $1,288,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Tanglewood Legacy Advisors LLC acquired a new position in Bank of America in the fourth quarter valued at about $26,000. Grey Fox Wealth Advisors LLC bought a new position in Bank of America during the fourth quarter worth $35,000. Ahrens Investment Partners LLC acquired a new position in shares of Bank of America in the first quarter valued at approximately $31,000. Live Oak Investment Partners bought a new position in Bank of America during the 4th quarter worth $39,000. Finally, Stone House Investment Management LLC bought a new stake in Bank of America in the 1st quarter valued at about $36,000. Institutional investors and hedge funds own 68.06% of the company’s stock.

Bank of America Trading Up 1.1 %

Shares of BAC opened at $28.98 on Monday. Bank of America Co. has a 1-year low of $26.32 and a 1-year high of $38.60. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.83 and a quick ratio of 0.83. The company has a 50-day moving average of $29.97 and a 200 day moving average of $29.63. The firm has a market capitalization of $230.29 billion, a price-to-earnings ratio of 8.33, a PEG ratio of 1.22 and a beta of 1.37.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.04. Bank of America had a return on equity of 12.01% and a net margin of 19.97%. The business had revenue of $25.20 billion during the quarter, compared to the consensus estimate of $24.98 billion. During the same quarter last year, the company earned $0.73 earnings per share. The company’s quarterly revenue was up 11.1% on a year-over-year basis. On average, research analysts expect that Bank of America Co. will post 3.41 EPS for the current year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.31%. The ex-dividend date is Thursday, August 31st. This is a positive change from Bank of America’s previous quarterly dividend of $0.22. Bank of America’s payout ratio is presently 27.59%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on BAC shares. Wells Fargo & Company reduced their price objective on shares of Bank of America from $43.00 to $40.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 23rd. Morgan Stanley lifted their target price on shares of Bank of America from $32.00 to $33.00 in a research report on Friday, July 7th. Oppenheimer cut their price objective on Bank of America from $52.00 to $49.00 and set an “outperform” rating on the stock in a research note on Friday, August 18th. StockNews.com started coverage on Bank of America in a report on Thursday, August 17th. They set a “hold” rating for the company. Finally, Evercore ISI decreased their price target on shares of Bank of America from $36.00 to $35.00 in a research note on Friday, May 12th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $36.39.

Insiders Place Their Bets

In other news, insider James P. Demare sold 75,000 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total value of $2,364,750.00. Following the completion of the sale, the insider now directly owns 185,108 shares in the company, valued at $5,836,455.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Dean C. Athanasia sold 77,806 shares of the firm’s stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the completion of the sale, the insider now directly owns 353,971 shares in the company, valued at $11,143,007.08. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider James P. Demare sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the sale, the insider now owns 185,108 shares of the company’s stock, valued at $5,836,455.24. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by company insiders.

Bank of America Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.