Sippican Capital Advisors lifted its position in Bank of America Corp (NYSE:BAC) by 4.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,015 shares of the financial services provider’s stock after buying an additional 525 shares during the quarter. Sippican Capital Advisors’ holdings in Bank of America were worth $359,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Pinnacle Wealth Management Advisory Group LLC boosted its position in Bank of America by 3.8% during the fourth quarter. Pinnacle Wealth Management Advisory Group LLC now owns 9,573 shares of the financial services provider’s stock worth $236,000 after purchasing an additional 350 shares during the period. Abbot Financial Management Inc. boosted its position in Bank of America by 0.3% during the fourth quarter. Abbot Financial Management Inc. now owns 126,174 shares of the financial services provider’s stock worth $3,109,000 after purchasing an additional 356 shares during the period. Cahill Financial Advisors Inc. boosted its position in Bank of America by 4.1% during the fourth quarter. Cahill Financial Advisors Inc. now owns 9,391 shares of the financial services provider’s stock worth $232,000 after purchasing an additional 369 shares during the period. Gradient Capital Advisors LLC boosted its position in Bank of America by 2.1% during the fourth quarter. Gradient Capital Advisors LLC now owns 18,193 shares of the financial services provider’s stock worth $448,000 after purchasing an additional 380 shares during the period. Finally, Pacific Center for Financial Services boosted its position in Bank of America by 4.6% during the fourth quarter. Pacific Center for Financial Services now owns 8,834 shares of the financial services provider’s stock worth $218,000 after purchasing an additional 392 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

BAC has been the subject of a number of research analyst reports. ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Friday, March 1st. Wells Fargo & Co set a $36.00 price objective on shares of Bank of America and gave the stock a “buy” rating in a research report on Wednesday, January 16th. Daiwa Capital Markets cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Friday, February 8th. UBS Group set a $33.00 price objective on shares of Bank of America and gave the stock a “buy” rating in a research report on Saturday, February 2nd. Finally, Zacks Investment Research cut shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Wednesday, January 23rd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company. Bank of America currently has an average rating of “Hold” and an average price target of $32.98.

In other news, insider Dean C. Athanasia sold 129,615 shares of Bank of America stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the completion of the sale, the insider now owns 243,617 shares of the company’s stock, valued at $7,254,914.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is currently owned by company insiders.

BAC opened at $28.29 on Thursday. Bank of America Corp has a fifty-two week low of $22.66 and a fifty-two week high of $31.91. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market cap of $293.17 billion, a PE ratio of 10.84, a PEG ratio of 1.24 and a beta of 1.49.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.05. Bank of America had a return on equity of 11.79% and a net margin of 25.42%. The company had revenue of $23 billion during the quarter, compared to the consensus estimate of $23.24 billion. During the same quarter last year, the firm earned $0.62 earnings per share. The company’s revenue was down .4% on a year-over-year basis. On average, sell-side analysts predict that Bank of America Corp will post 2.86 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date is Thursday, June 6th. Bank of America’s dividend payout ratio is currently 22.99%.

ILLEGAL ACTIVITY WARNING: “Sippican Capital Advisors Has $359,000 Position in Bank of America Corp (BAC)” was first published by TheOlympiaReport and is owned by of TheOlympiaReport. If you are accessing this news story on another site, it was illegally copied and reposted in violation of international trademark & copyright legislation. The correct version of this news story can be viewed at https://theolympiareport.com/2019/05/16/sippican-capital-advisors-has-359000-position-in-bank-of-america-corp-bac.html.

Bank of America Company 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. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

See Also: What is the Book Value of a Share?

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).

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

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.