Caxton Associates LLP Reduces Stake in Bank of America Corporation $BAC

Caxton Associates LLP cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 98.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,650 shares of the financial services provider’s stock after selling 2,502,606 shares during the period. Caxton Associates LLP’s holdings in Bank of America were worth $2,018,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of BAC. Quaker Wealth Management LLC raised its holdings in Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after buying an additional 880 shares during the period. Nova Wealth Management Inc. increased its position in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. RMG Wealth Management LLC purchased a new stake in shares of Bank of America in the second quarter valued at $28,000. CGC Financial Services LLC lifted its holdings in shares of Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 521 shares during the last quarter. Finally, Wealth Preservation Advisors LLC boosted its stake in shares of Bank of America by 48.7% during the 2nd quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 223 shares during the period. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BAC. Dbs Bank raised shares of Bank of America to a “moderate buy” rating in a research note on Wednesday, October 22nd. Daiwa Capital Markets increased their price target on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Argus boosted their price objective on Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Phillip Securities upped their price objective on Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Finally, Robert W. Baird increased their target price on Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $57.86.

Bank of America Trading Up 1.1%

Shares of NYSE BAC opened at $55.14 on Monday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $55.30. The firm has a market cap of $402.66 billion, a PE ratio of 15.02 and a beta of 1.30. The business has a fifty day simple moving average of $52.39 and a two-hundred day simple moving average of $49.53. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $5.35 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.81 EPS. Analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. Bank of America’s payout ratio is currently 30.52%.

About Bank of America

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.