SHP Wealth Management Acquires New Position in Bank of America Corporation $BAC

SHP Wealth Management acquired a new stake in Bank of America Corporation (NYSE:BAC) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 17,195 shares of the financial services provider’s stock, valued at approximately $946,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Handelsbanken Fonder AB raised its position in Bank of America by 53.0% during the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock valued at $254,625,000 after purchasing an additional 1,603,080 shares in the last quarter. Mufg Securities Americas Inc. grew its position in shares of Bank of America by 26.6% during the 3rd quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider’s stock worth $10,262,000 after buying an additional 41,809 shares in the last quarter. B. Metzler seel. Sohn & Co. AG grew its position in shares of Bank of America by 11.2% during the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider’s stock worth $34,974,000 after buying an additional 68,093 shares in the last quarter. Constant Guidance Financial LLC increased its stake in shares of Bank of America by 603.4% during the third quarter. Constant Guidance Financial LLC now owns 24,283 shares of the financial services provider’s stock valued at $1,253,000 after buying an additional 20,831 shares during the period. Finally, Jupiter Asset Management Ltd. purchased a new position in shares of Bank of America during the third quarter valued at $27,629,000. 70.71% of the stock is currently owned by institutional investors.

Insider Transactions at Bank of America

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 transaction, the insider directly owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.27% of the company’s stock.

Trending Headlines about 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

Bank of America Stock Performance

BAC stock opened at $56.26 on Friday. Bank of America Corporation has a one year low of $44.75 and a one year high of $57.98. The firm has a market cap of $399.27 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 0.95 and a beta of 1.18. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a 50-day simple moving average of $52.91 and a two-hundred day simple moving average of $52.54.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. The firm had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 EPS. On average, equities analysts forecast that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is 27.72%.

Analysts Set New Price Targets

A number of analysts recently weighed in on BAC shares. Autonomous Res lowered their price objective on shares of Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Monday, April 6th. Erste Group Bank downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. Robert W. Baird boosted their price target on shares of Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a report on Thursday, April 16th. Argus upped their price target on shares of Bank of America from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research note on Friday, April 24th. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $61.06.

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.