Sculptor Capital LP Increases Holdings in Bank of America Corporation $BAC

Sculptor Capital LP raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 64.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,132,655 shares of the financial services provider’s stock after buying an additional 832,000 shares during the quarter. Bank of America comprises about 1.2% of Sculptor Capital LP’s investment portfolio, making the stock its 16th biggest holding. Sculptor Capital LP’s holdings in Bank of America were worth $117,296,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in BAC. Norges Bank purchased a new position in Bank of America during the fourth quarter valued at $4,774,210,000. Capital International Investors purchased a new position in Bank of America during the fourth quarter valued at $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Bank of America by 640.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock valued at $2,399,798,000 after buying an additional 40,235,201 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Bank of America by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock worth $35,809,225,000 after purchasing an additional 23,351,183 shares during the last quarter. Finally, Cardano Risk Management B.V. raised its stake in shares of Bank of America by 914.5% in the fourth quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock worth $1,380,239,000 after purchasing an additional 22,621,546 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $55.89 on Tuesday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. Bank of America Corporation has a one year low of $44.06 and a one year high of $57.55. The firm has a market capitalization of $396.62 billion, a P/E ratio of 13.83, a PEG ratio of 0.95 and a beta of 1.19. The business has a fifty day moving average of $52.42 and a 200 day moving average of $52.44.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. During the same quarter in the previous year, the company posted $0.90 earnings per share. Bank of America’s revenue was up 10.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed 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 2.0%. Bank of America’s payout ratio is presently 27.72%.

Insider Activity at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction 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 owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.27% of the stock is owned by insiders.

Wall Street Analyst Weigh In

BAC has been the subject of several recent analyst reports. Truist Financial boosted their price target on Bank of America from $57.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Erste Group Bank cut Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 4th. HSBC boosted their price target on Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Autonomous Res decreased their price target on Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Monday, April 6th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research note on Friday, April 24th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $61.06.

Bank of America Profile

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.