Investors Buy High Volume of Call Options on Bank of America Corp (BAC) – The Cerbat Gem

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Bank of America Corp (NYSE:BAC) was the target of unusually large options trading on Monday. Stock investors purchased 158,284 call options on the company. This is an increase of 344% compared to the average daily volume of 35,631 call options.

Several equities analysts recently weighed in on BAC shares. Erste Group raised Bank of America Corp from a “sell” rating to a “buy” rating in a research note on Thursday, January 5th. Atlantic Securities reaffirmed a “buy” rating on shares of Bank of America Corp in a research note on Wednesday, January 11th. Sanford C. Bernstein reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Bank of America Corp in a research note on Wednesday, January 11th. Citigroup Inc reaffirmed a “buy” rating and issued a $26.00 price objective (up from $19.00) on shares of Bank of America Corp in a research note on Wednesday, January 11th. Finally, CLSA reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Bank of America Corp in a research note on Wednesday, January 11th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $22.60.

In other Bank of America Corp news, Director Thomas D. Woods bought 25,000 shares of the business’s stock in a transaction dated Thursday, April 27th. The stock was acquired at an average cost of $23.81 per share, with a total value of $595,250.00. Following the purchase, the director now owns 40,830 shares in the company, valued at approximately $972,162.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.18% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Glassman Wealth Services boosted its position in shares of Bank of America Corp by 0.7% in the fourth quarter. Glassman Wealth Services now owns 14,295 shares of the financial services provider’s stock worth $316,000 after buying an additional 100 shares during the last quarter. Sandhill Capital Partners LLC boosted its position in shares of Bank of America Corp by 4.1% in the fourth quarter. Sandhill Capital Partners LLC now owns 862,984 shares of the financial services provider’s stock worth $19,072,000 after buying an additional 34,227 shares during the last quarter. Girard Securities Inc. boosted its position in shares of Bank of America Corp by 17.7% in the fourth quarter. Girard Securities Inc. now owns 26,786 shares of the financial services provider’s stock worth $592,000 after buying an additional 4,036 shares during the last quarter. Banco Santander S.A. acquired a new position in shares of Bank of America Corp during the fourth quarter worth about $13,600,000. Finally, Gillson Capital LP acquired a new position in shares of Bank of America Corp during the fourth quarter worth about $14,887,000. 63.95% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Bank of America Corp (NYSE:BAC) traded up 1.02% during mid-day trading on Wednesday, hitting $23.77. The stock had a trading volume of 64,272,813 shares. Bank of America Corp has a one year low of $12.05 and a one year high of $25.80. The firm’s 50 day moving average price is $23.43 and its 200-day moving average price is $22.16. The company has a market cap of $249.98 billion, a PE ratio of 14.60 and a beta of 1.47.

Bank of America Corp (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 18th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.06. Bank of America Corp had a net margin of 18.10% and a return on equity of 6.85%. The firm had revenue of $22.45 billion for the quarter, compared to analysts’ expectations of $21.77 billion. During the same period last year, the firm earned $0.28 earnings per share. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, equities research analysts anticipate that Bank of America Corp will post $1.83 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, June 2nd will be paid a $0.075 dividend. The ex-dividend date is Wednesday, May 31st. This represents a $0.30 dividend on an annualized basis and a yield of 1.26%. Bank of America Corp’s payout ratio is presently 21.74%.

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About Bank of America Corp

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

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