RiverFront Investment Group LLC grew its stake in Bank of America Corporation (NYSE:BAC) by 43.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 165,484 shares of the financial services provider’s stock after purchasing an additional 49,764 shares during the period. RiverFront Investment Group LLC’s holdings in Bank of America were worth $9,102,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of BAC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Bank of America by 640.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock worth $2,399,798,000 after purchasing an additional 40,235,201 shares in the last quarter. Vanguard Group Inc. boosted its position in Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock worth $35,809,225,000 after purchasing an additional 23,351,183 shares in the last quarter. Capital World Investors boosted its position in Bank of America by 11.0% in the 3rd quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider’s stock worth $7,448,816,000 after purchasing an additional 14,275,810 shares in the last quarter. American Assets Investment Management LLC boosted its position in Bank of America by 1,248.5% in the 4th quarter. American Assets Investment Management LLC now owns 15,224,325 shares of the financial services provider’s stock worth $837,338,000 after purchasing an additional 14,095,375 shares in the last quarter. Finally, Danske Bank A S purchased a new stake in Bank of America in the 3rd quarter worth approximately $224,863,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.
Bank of America News Summary
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: Bank of America is being highlighted as a potential beneficiary of a “higher-for-longer” or steeper yield-curve environment, which could support lending margins and fixed-rate asset repricing for large banks. Article Title
- Positive Sentiment: Investors are also viewing Bank of America as one of the better-value large banks, with commentary pointing to its relatively attractive valuation and Buffett-backed reputation as reasons it could hold up well versus peers. Article Title
- Neutral Sentiment: Analysts are also using Bank of America’s research platform to make calls on other stocks, including Alphabet, Taiwan Semiconductor, ASML, Nvidia, Akamai, IQVIA, and VNET. These notes reinforce BofA’s influence on markets, but they do not directly change BAC’s fundamentals. Article Title
- Negative Sentiment: Evercore lowered its price target on Bank of America from $70 to $61, which is a modest caution signal even though the firm kept an Outperform rating. Article Title
Insider Transactions at Bank of America
Bank of America Trading Down 0.0%
Shares of NYSE:BAC opened at $49.77 on Monday. Bank of America Corporation has a 1 year low of $42.35 and a 1 year high of $57.55. The firm has a market capitalization of $353.18 billion, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 0.84 and a beta of 1.21. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The business’s 50 day moving average price is $50.40 and its 200-day moving average price is $52.44.
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 EPS for the quarter, beating the consensus estimate of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same period in the prior year, the company earned $0.90 EPS. The firm’s revenue was up 10.7% compared to the same quarter last year. On average, equities research analysts forecast that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.
Bank of America Dividend Announcement
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 paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s dividend payout ratio is currently 27.72%.
Analyst Ratings Changes
Several equities research analysts have commented on BAC shares. Erste Group Bank lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. Oppenheimer increased their target price on Bank of America from $58.00 to $61.00 and gave the company an “outperform” rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. decreased their target price on Bank of America from $61.50 to $57.50 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Finally, The Goldman Sachs Group increased their target price on Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $61.06.
Get Our Latest Research Report 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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