Insider Selling: Bank of America (NYSE:BAC) Insider Sells $6,719,335.56 in Stock

Bank of America Corporation (NYSE:BAC) insider Geoffrey Greener sold 126,756 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Bank of America Trading Down 2.8%

Shares of NYSE BAC opened at $51.26 on Friday. The company has a market cap of $363.79 billion, a price-to-earnings ratio of 12.69, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21. Bank of America Corporation has a 12-month low of $41.69 and a 12-month high of $57.55. 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’s 50 day simple moving average is $50.44 and its 200 day simple moving average is $52.51.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business’s revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business posted $0.90 EPS. Equities research analysts expect that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is 27.72%.

Institutional Trading of Bank of America

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of Bank of America by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock valued at $35,809,225,000 after purchasing an additional 23,351,183 shares during the period. Capital World Investors increased its position in shares of Bank of America by 11.0% during the 3rd quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider’s stock valued at $7,448,816,000 after purchasing an additional 14,275,810 shares during the period. Norges Bank acquired a new position in shares of Bank of America during the 4th quarter valued at $4,774,210,000. Bank of New York Mellon Corp increased its position in shares of Bank of America by 5.4% during the 4th quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock valued at $3,169,062,000 after purchasing an additional 2,929,779 shares during the period. Finally, Fisher Asset Management LLC increased its position in shares of Bank of America by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock valued at $2,958,110,000 after purchasing an additional 1,105,833 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on BAC shares. Erste Group Bank downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 4th. CICC Research began coverage on Bank of America in a research report on Wednesday, January 14th. They issued an “outperform” rating and a $62.00 target price on the stock. JPMorgan Chase & Co. lowered their target price on Bank of America from $61.50 to $57.50 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. TD Cowen lowered their target price on Bank of America from $66.00 to $64.00 and set a “buy” rating on the stock in a research report on Thursday, January 15th. Finally, The Goldman Sachs Group raised their target price on Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $61.06.

Trending Headlines about Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: UBS raised its price target on Bank of America to $63 from $62, reinforcing a constructive Wall Street view and suggesting further upside from current levels. UBS Raises PT
• Positive Sentiment: Bank of America expanded its defense financing role and is helping support drone and robotics production, which could translate into more lending, fee income, and long-term client relationships. Defense Financing
• Positive Sentiment: The bank acted as lead lender on a $1.8 billion refinance of 9 West 57th Street, highlighting continued strength in commercial real estate financing activity. 9 West 57th Refinance
• Neutral Sentiment: Bank of America shareholders backed the current leadership and governance structure at the annual meeting, reducing governance uncertainty but not likely driving a major near-term stock reaction. Shareholder Vote
• Neutral Sentiment: Reuters reported the hiring of tech dealmaker Richard Hardegree as vice chair of M&A, a sign of continued investment banking leadership buildup, though the stock impact is likely limited for now. M&A Hiring
• Neutral Sentiment: Bank of America’s commentary on card spending pointed to a sudden slowdown in U.S. consumer activity, but the bank said it is not yet sure of the cause. Spending Slump
• Negative Sentiment: High-profile insider selling by Geoffrey Greener, who sold about $6.7 million of BAC shares, is weighing on sentiment and can signal caution to investors. Insider Sale
• Negative Sentiment: Reports that Berkshire-related holder Greg Abel continued trimming BAC for a seventh straight quarter add to concerns about reduced conviction from a major long-term investor. Greg Abel Sells

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.