State of Wisconsin Investment Board lessened its stake in Bank of America Corporation (NYSE:BAC) by 5.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,699,216 shares of the financial services provider’s stock after selling 229,640 shares during the quarter. Bank of America accounts for approximately 0.5% of State of Wisconsin Investment Board’s holdings, making the stock its 27th biggest position. State of Wisconsin Investment Board’s holdings in Bank of America were worth $203,457,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of the stock. DecisionMap Wealth Management LLC raised its position in shares of Bank of America by 4.7% in the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider’s stock worth $223,000 after purchasing an additional 182 shares during the last quarter. Money Concepts Capital Corp raised its position in shares of Bank of America by 3.8% in the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock worth $273,000 after purchasing an additional 182 shares during the last quarter. Holistic Financial Partners raised its position in shares of Bank of America by 2.4% in the 4th quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider’s stock worth $434,000 after purchasing an additional 183 shares during the last quarter. Operose Advisors LLC raised its position in shares of Bank of America by 0.9% in the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock worth $1,123,000 after purchasing an additional 185 shares during the last quarter. Finally, Asahi Life Asset Management CO. LTD. raised its position in shares of Bank of America by 1.0% in the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock worth $1,092,000 after purchasing an additional 187 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.
Key Stories Impacting Bank of America
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: Bank of America CEO Brian Moynihan said consumers are still spending on discretionary items despite inflation and affordability concerns, reinforcing a constructive outlook for BAC’s retail banking and card businesses. Bank of America CEO Says Consumers Keep Spending Despite Affordability Concerns
- Positive Sentiment: Bank of America data showing consumers are still spending beyond essentials suggests credit-card and deposit trends may remain healthy, which supports the company’s earnings outlook. Latest Credit Card Data Is Good News for Consumer Stocks. Retail Therapy Is Alive and Well.
- Positive Sentiment: Bank of America reiterated a constructive view on several market themes, including AI and select stocks, which can reinforce investor confidence in BAC’s research franchise and broader market positioning. Bank Of America Targets Elder Fraud With AI And Nationwide Scaminars
- Neutral Sentiment: BofA’s “Scaminars” fraud-prevention campaign and AI-based detection efforts are positive for brand reputation and customer protection, but the near-term stock impact is likely limited. Bank of America to Host Thousands of “Scaminars” to Help Protect Clients and Fight Fraud
- Neutral Sentiment: The partnership renewal with the Kansas City Current is a small brand/community initiative and is unlikely to materially affect BAC’s fundamentals or stock performance. Kansas City Current, BofA Announces Multi-Year Partnership Renewal Featuring Enhanced Community Efforts
Analyst Upgrades and Downgrades
View Our Latest Analysis on BAC
Bank of America Trading Up 1.6%
Bank of America stock opened at $56.79 on Wednesday. The business has a 50-day simple moving average of $52.57 and a two-hundred day simple moving average of $52.47. The company has a market cap of $402.99 billion, a P/E ratio of 14.06, a P/E/G ratio of 0.95 and a beta of 1.19. Bank of America Corporation has a 52-week low of $44.06 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.
Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.11. The business had revenue of $30.27 billion during 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 quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.90 EPS. Analysts predict that Bank of America Corporation will post 4.45 EPS for the current year.
Bank of America Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, June 5th. Bank of America’s payout ratio is currently 27.72%.
Insider Activity
In related news, insider Geoffrey S. Greener sold 126,756 shares of the business’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 transaction of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.27% of the stock is currently owned by corporate insiders.
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.
Read More
- Five stocks we like better than Bank of America
- Could a Tesla-SpaceX Merger Be Closer Than Investors Think?
- Gravity Check: Houston, SpaceX Has a Valuation Problem
- Strategy’s Bitcoin Rally Has a Hidden Engine
- Okta’s AI Moment May Be Bigger Than Investors Realize
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 Corporation (NYSE:BAC – Free Report).
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.
