Axxcess Wealth Management LLC increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 410.7% during the 4th quarter, Holdings Channel reports. The fund owned 1,147,638 shares of the financial services provider’s stock after purchasing an additional 922,927 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Bank of America were worth $63,120,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Wiser Advisor Group LLC purchased a new position in shares of Bank of America in the third quarter valued at approximately $27,000. Legacy Bridge LLC lifted its position in shares of Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 330 shares in the last quarter. Collier Financial purchased a new position in shares of Bank of America in the third quarter valued at approximately $30,000. Joseph Group Capital Management purchased a new position in shares of Bank of America in the fourth quarter valued at approximately $32,000. Finally, HFM Investment Advisors LLC lifted its position in shares of Bank of America by 566.0% in the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 532 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.
Key Stories Impacting Bank of America
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: Bank of America published an outlook highlighting renewed opportunities in commercial real estate, farmland, timberland, and energy, which suggests its research team sees improving fundamentals in real assets and could support fee-generating client activity. Bank of America Outlook Sees Renewed Opportunity Across Commercial Real Estate, Farmland, Timberland and Energy
- Positive Sentiment: Bank of America remained active on the research front, reiterating a Buy rating on Alphabet and reinstating coverage on ServiceNow with a Buy call, reinforcing its influence in market-moving stock research and signaling a constructive view on risk assets.
- Neutral Sentiment: Bank of America’s disclosure of indirect crypto ETF exposure and research on Gen Z money habits is more informative than market-moving, but it underscores the bank’s participation in digital-asset-linked products and its focus on younger customers.
- Negative Sentiment: CFRA downgraded Bank of America (BAC) to Hold, which can weigh on sentiment by suggesting less upside from current valuation levels. CFRA downgrades Bank of America (BAC) to a Hold
- Negative Sentiment: News that Bank of America will pay a settlement over duplicate 7-Eleven ATM fees may add to concerns about litigation and operating risks, though the financial impact appears limited. Bank of America will pay settlement over duplicate 7-Eleven ATM fees
Analyst Ratings Changes
View Our Latest Report on Bank of America
Insider Buying and Selling
In related news, insider Bernard A. Mensah sold 94,000 shares of the business’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the completion of the transaction, the insider directly owned 170,184 shares of the company’s stock, valued at $7,988,436.96. The trade was a 35.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Geoffrey S. Greener sold 126,756 shares of the business’s 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 transaction, the insider directly 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 SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 354,588 shares of company stock valued at $17,814,296. Company insiders own 0.27% of the company’s stock.
Bank of America Price Performance
NYSE:BAC opened at $51.46 on Friday. Bank of America Corporation has a 52 week low of $42.35 and a 52 week high of $57.55. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $365.16 billion, a P/E ratio of 12.74, a P/E/G ratio of 0.87 and a beta of 1.21. The stock’s fifty day moving average is $50.59 and its two-hundred day moving average is $52.38.
Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.11. The firm 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 company’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.90 EPS. Equities analysts expect that Bank of America Corporation will post 4.46 EPS for the current year.
Bank of America Announces Dividend
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. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America’s payout ratio is currently 27.72%.
Bank of America Company 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.
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