Compound Planning Inc. grew its stake in Bank of America Corporation (NYSE:BAC) by 12.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 176,261 shares of the financial services provider’s stock after acquiring an additional 19,312 shares during the quarter. Compound Planning Inc.’s holdings in Bank of America were worth $9,694,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC increased its position in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares during the last quarter. Sivia Capital Partners LLC boosted its holdings in Bank of America by 40.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock valued at $1,013,000 after purchasing an additional 6,174 shares during the last quarter. Jump Financial LLC grew its stake in shares of Bank of America by 38.4% in the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock valued at $3,108,000 after buying an additional 18,227 shares during the period. Nebula Research & Development LLC purchased a new stake in shares of Bank of America in the 2nd quarter valued at approximately $1,396,000. Finally, Vivaldi Capital Management LP increased its holdings in shares of Bank of America by 4.2% during the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock worth $417,000 after buying an additional 355 shares during the last quarter. Institutional investors and hedge funds 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 is leaning further into AI to strengthen its dominant muni underwriting franchise, which could help defend and expand a business line that already leads the market. Bank of America Eyes AI to Defend $46 Billion Muni Lead
- Positive Sentiment: The bank reportedly scored an early win in a dispute over First Brands’ inventory proceeds, which may improve its recovery prospects and reduce legal uncertainty. Bank of America gets early win in dispute over First Brands’ inventory proceeds – report
- Positive Sentiment: Several recent pieces highlight supportive themes for BAC, including high cash flow, strong dividend appeal, and investor interest in the stock after its multi-year run. Bank of America (BAC) – Among the 12 Stocks From Companies Generating High Cash Flow
- Neutral Sentiment: Analysts and strategists are broadly focused on the Fed’s “higher-for-longer” setup: that can support net interest income for banks like BAC, but it also raises funding-cost, credit, and securities-market risks. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
- Neutral Sentiment: Bank of America’s own rates team warned that a new Fed chair could bring bond-market volatility, which is more of a market backdrop issue than a direct fundamental hit to BAC. BofA Rates Strategist: New Fed Chair Warsh Is a Bond Market Stranger, Volatility Ahead
- Negative Sentiment: Bank of America is facing fresh regulatory scrutiny as authorities prepare debanking findings, adding headline risk and raising the chance of policy pressure. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings
Bank of America Stock Performance
Bank of America (NYSE:BAC – Get Free Report) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter last year, the firm earned $0.90 EPS. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. Equities research analysts forecast that Bank of America Corporation will post 4.45 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. Stockholders of record on Friday, June 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of America’s payout ratio is presently 27.72%.
Insider Buying and Selling at Bank of America
In related news, 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 sale, the insider 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.27% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on the stock. HSBC lifted their price target on shares of Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Robert W. Baird raised their target price on Bank of America from $56.00 to $58.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $59.00 price target on shares of Bank of America in a research note on Thursday, April 16th. Keefe, Bruyette & Woods increased their price target on Bank of America from $63.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday, April 16th. Finally, Daiwa Securities Group increased their price target on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $61.06.
Check Out Our Latest Stock Analysis on BAC
About Bank of America
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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