Carnegie Investment Counsel boosted its stake in Bank of America Corporation (NYSE:BAC) by 13.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 625,930 shares of the financial services provider’s stock after purchasing an additional 75,947 shares during the quarter. Carnegie Investment Counsel’s holdings in Bank of America were worth $29,063,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in BAC. Abound Financial LLC acquired a new stake in Bank of America in the fourth quarter valued at about $26,000. Wiser Advisor Group LLC bought a new stake in shares of Bank of America during the third quarter worth about $27,000. Legacy Bridge LLC boosted its position in Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after buying an additional 330 shares during the period. CrossGen Wealth LLC bought a new stake in shares of Bank of America in the fourth quarter worth $30,000. Finally, Joseph Group Capital Management bought a new stake in shares of Bank of America in the 4th quarter valued at about $32,000. Institutional investors and hedge funds own 70.71% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on BAC. Citigroup raised their target price on Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Oppenheimer downgraded Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. HSBC increased their target price on Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Robert W. Baird raised their price objective on shares of Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Finally, JPMorgan Chase & Co. upped their target price on shares of Bank of America from $57.50 to $62.50 and gave the stock an “overweight” rating in a report on Monday, July 6th. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $62.19.
Bank of America News Roundup
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: Bank of America’s consumer team said its latest report showed spending up 6.3%, the fastest pace in four years, with wage growth broad-based across all income groups. That suggests the U.S. consumer remains resilient, which is supportive for BAC’s lending and fee income outlook. BofA Consumer Chief: Spending Jumps 6.3% With Wage Growth Across “All Income Groups”
- Positive Sentiment: Financial funds saw their biggest inflow since January, according to Bank of America, signaling improved investor appetite for the sector ahead of bank earnings season. That kind of rotation can lift BAC and other large-cap financials. Financial funds steal the spotlight with biggest inflow since January, Bofa says
- Positive Sentiment: Analysts and market coverage continue to frame Bank of America’s upcoming July 14 earnings report as potentially strong, with expectations for healthy net interest income, fee income, and double-digit EPS growth. Strong results could extend the recent move higher in BAC shares. Bank of America Reports Q2 Earnings Next Week. What Investors Should Expect.
- Neutral Sentiment: Bank of America also continues to generate headlines through its analyst research, including bullish views on names like Meta, Nvidia, Micron, Costco, and homebuilders. These reports help reinforce BAC’s influence on Wall Street, but they are only an indirect driver of BAC stock itself. Meta Stock’s AI Chip Ambitions Are Reaching a ‘Positive Inflection,’ Says Bank of America
- Neutral Sentiment: Bank of America, N.A. announced redemptions of $2.6 billion of senior notes due in August 2026. The move is routine balance-sheet management and is not likely to materially affect the stock on its own. Bank of America, N.A. Announces Redemptions of $2,000,000,000 5.526% Senior Bank Notes and $600,000,000 Floating Rate Senior Bank Notes, Due August 2026
Insider Activity at Bank of America
In related news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction dated 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 $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.27% of the stock is owned by company insiders.
Bank of America Stock Performance
BAC traded up $0.42 during midday trading on Friday, reaching $59.67. The company had a trading volume of 21,908,911 shares, compared to its average volume of 32,415,350. The business has a 50-day moving average price of $54.50 and a two-hundred day moving average price of $52.98. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. Bank of America Corporation has a 12-month low of $44.75 and a 12-month high of $60.83. The stock has a market cap of $423.49 billion, a PE ratio of 14.77, a P/E/G ratio of 1.00 and a beta of 1.17.
Bank of America (NYSE:BAC – Get Free Report) last issued its earnings results 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 analyst estimates 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 revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 earnings per share. On average, sell-side analysts expect that Bank of America Corporation will post 4.51 earnings per share for the current fiscal year.
Bank of America Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America’s dividend payout ratio is 27.72%.
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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