Employees Provident Fund Board acquired a new stake in Bank of America Corporation (NYSE:BAC) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 4,562,000 shares of the financial services provider’s stock, valued at approximately $250,910,000. Bank of America makes up 1.8% of Employees Provident Fund Board’s investment portfolio, making the stock its 17th largest position.
A number of other institutional investors also recently bought and sold shares of the company. Abound Financial LLC acquired a new position in shares of Bank of America during the 4th quarter worth $26,000. Wiser Advisor Group LLC acquired a new stake in Bank of America in the 3rd quarter valued at about $27,000. Legacy Bridge LLC grew its stake in Bank of America by 182.3% in the 4th 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 during the last quarter. CrossGen Wealth LLC purchased a new position in Bank of America during the 4th quarter valued at about $30,000. Finally, Joseph Group Capital Management purchased a new position in Bank of America during the 4th quarter valued at about $32,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
BAC has been the subject of several research reports. Truist Financial lifted their price objective on Bank of America from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Keefe, Bruyette & Woods increased their price objective on Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. Erste Group Bank cut Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. Evercore decreased their price target on shares of Bank of America from $70.00 to $61.00 and set an “outperform” rating on the stock in a research note on Friday, May 15th. Finally, The Goldman Sachs Group boosted their price objective on shares of 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 investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $61.06.
Bank of America Trading Up 0.1%
NYSE BAC opened at $56.26 on Friday. The company has a market cap of $399.27 billion, a P/E ratio of 13.93, a P/E/G ratio of 0.95 and a beta of 1.18. Bank of America Corporation has a 12 month low of $44.75 and a 12 month high of $57.98. 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 company has a 50-day moving average of $52.91 and a 200-day moving average of $52.54.
Bank of America (NYSE:BAC – Get Free Report) last released its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping 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 business had revenue of $30.27 billion for the quarter, compared to analysts’ expectations of $29.72 billion. During the same period last year, the company earned $0.90 earnings per share. The company’s quarterly revenue was up 10.7% on a year-over-year basis. As a group, equities analysts predict that Bank of America Corporation will post 4.45 earnings per share for the current year.
Bank of America Dividend Announcement
The business 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 dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. Bank of America’s payout ratio is currently 27.72%.
Key Stories Impacting Bank of America
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: Bank of America’s internal research is being cited as bullish for the bank sector, with commentary that higher rates can still support net interest income even as the Fed holds rates steady, which could help BAC’s earnings outlook. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
- Positive Sentiment: Bank of America also drew attention for its view that lower-income households may be stabilizing, suggesting the consumer backdrop could be improving and reducing recession fears that would hurt loan growth and credit quality. Miserable K-shaped economy might actually be fading, as lower-income families bounce back, says Bank of America
- Neutral Sentiment: Bank of America revealed a roughly 3% indirect stake in Qiagen and reported similar holdings disclosures for Umicore; these are portfolio/ownership updates and are unlikely to have a direct impact on BAC’s core banking results. Bank of America Reveals 3.01% Indirect Stake in Qiagen Umicore – Transparency notifications by Bank of America Corporation
- Neutral Sentiment: Reports that a Fed official spoke at a private Bank of America client dinner may attract headlines, but it appears more like a reputational/regulatory talking point than a direct earnings driver. The Fed’s vice chair of supervision spoke at a private dinner Bank of America hosted for clients hours after the central bank announced its latest policy decision
- Negative Sentiment: Bank of America is facing fresh scrutiny tied to regulators’ upcoming “debanking” findings, which could create policy and compliance concerns for large banks like BAC. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings
Insider Activity
In other news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction 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 sale, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.27% of the stock is owned by corporate insiders.
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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