Caxton Associates LP Boosts Stake in Bank of America Co. (NYSE:BAC)

Caxton Associates LP increased its position in Bank of America Co. (NYSE:BAC) by 124.0% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 36,175 shares of the financial services provider’s stock after purchasing an additional 20,024 shares during the period. Caxton Associates LP’s holdings in Bank of America were worth $1,126,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group purchased a new stake in Bank of America during the 1st quarter valued at approximately $26,000. Capital Management Associates NY purchased a new position in shares of Bank of America during the 1st quarter worth approximately $31,000. Richelieu Gestion PLC purchased a new position in shares of Bank of America during the 2nd quarter worth approximately $27,000. Truvestments Capital LLC purchased a new position in shares of Bank of America during the 2nd quarter worth approximately $29,000. Finally, Lee Financial Co raised its stake in shares of Bank of America by 42.3% during the 2nd quarter. Lee Financial Co now owns 989 shares of the financial services provider’s stock worth $31,000 after buying an additional 294 shares in the last quarter. 68.48% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Bank of America

In other news, major shareholder Of America Corp /De/ Bank sold 4 shares of the firm’s stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $23,750.00, for a total transaction of $95,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.26% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $32.44 on Friday. The business’s fifty day moving average price is $35.02 and its two-hundred day moving average price is $34.13. The stock has a market cap of $260.25 billion, a PE ratio of 10.27, a price-to-earnings-growth ratio of 1.47 and a beta of 1.38. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.76 and a current ratio of 0.76. Bank of America Co. has a one year low of $29.31 and a one year high of $50.11.

Bank of America (NYSE:BACGet Rating) last announced its earnings results on Monday, October 17th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.02. The firm had revenue of $24.50 billion for the quarter, compared to analysts’ expectations of $23.46 billion. Bank of America had a return on equity of 11.36% and a net margin of 26.52%. Bank of America’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.85 EPS. On average, analysts forecast that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Friday, December 2nd will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date of this dividend is Thursday, December 1st. Bank of America’s dividend payout ratio (DPR) is presently 27.85%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BAC. Piper Sandler began coverage on Bank of America in a research note on Thursday. They set a “neutral” rating and a $36.00 target price for the company. JPMorgan Chase & Co. increased their target price on Bank of America from $35.50 to $39.00 in a research note on Wednesday, November 2nd. Morgan Stanley increased their target price on Bank of America from $36.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Tuesday. BMO Capital Markets increased their target price on Bank of America from $41.00 to $42.00 in a research note on Tuesday, October 18th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on Bank of America from $51.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, September 12th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $44.15.

Bank of America Company Profile

(Get Rating)

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.

See Also

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

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