63,123 Shares in Bank of America Corporation $BAC Purchased by Northstar Advisory Group LLC

Northstar Advisory Group LLC purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 63,123 shares of the financial services provider’s stock, valued at approximately $3,472,000. Bank of America makes up 1.2% of Northstar Advisory Group LLC’s portfolio, making the stock its 24th biggest position.

Several other hedge funds have also bought and sold shares of the stock. Wiser Advisor Group LLC purchased a new position in shares of Bank of America during the 3rd quarter valued at approximately $27,000. Steph & Co. boosted its holdings in Bank of America by 224.3% during the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after buying an additional 379 shares in the last quarter. Marquette Asset Management LLC purchased a new stake in Bank of America during the third quarter worth $30,000. Collier Financial acquired a new stake in Bank of America during the third quarter valued at $30,000. Finally, Mountain Hill Investment Partners Corp. purchased a new position in Bank of America in the third quarter valued at $31,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other news, insider Bernard A. Mensah sold 94,000 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $46.94, for a total value of $4,412,360.00. Following the completion of the sale, the insider directly owned 170,184 shares in the company, valued at $7,988,436.96. This represents a 35.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider James P. Demare sold 83,832 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the transaction, the insider directly owned 307,240 shares in the company, valued at approximately $15,362,000. This represents a 21.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 227,832 shares of company stock valued at $11,094,960 over the last 90 days. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BAC. Piper Sandler upped their price objective on shares of Bank of America from $56.00 to $57.00 and gave the stock a “neutral” rating in a research report on Thursday, January 15th. Wells Fargo & Company lifted their price target on Bank of America from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. The Goldman Sachs Group reduced their price target on Bank of America from $67.00 to $57.00 and set a “buy” rating for the company in a report on Monday, March 23rd. JPMorgan Chase & Co. raised their price objective on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, January 6th. Finally, CICC Research initiated coverage on Bank of America in a research report on Wednesday, January 14th. They issued an “outperform” rating and a $62.00 price objective for the company. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $59.67.

Bank of America Stock Up 0.5%

BAC stock opened at $47.20 on Tuesday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $57.55. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The firm has a 50-day simple moving average of $50.91 and a 200-day simple moving average of $52.26. The stock has a market capitalization of $337.26 billion, a P/E ratio of 12.32, a P/E/G ratio of 1.15 and a beta of 1.28.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The firm had revenue of $4.53 billion for the quarter, compared to analyst estimates of $27.73 billion. During the same period last year, the company posted $0.82 EPS. Bank of America’s quarterly revenue was up 12.3% compared to the same quarter last year. Equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 6th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Friday, March 6th. Bank of America’s payout ratio is 29.24%.

Bank of America News Roundup

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Sector momentum: Financial stocks are broadly advancing this morning, which tends to lift large-cap banks like BAC as investors rotate into financials. Sector Update: Financial Stocks Advance Premarket Monday
• Positive Sentiment: “Big bank” safe-haven narrative: Coverage arguing the major banks are safer than private-credit funds has supported demand for systemically important banks, benefiting BAC relative to smaller credit providers. Private-credit crisis or growing pains? Why the ‘Big Six’ banks are a safer bet.
• Neutral Sentiment: BofA research product highlights AI winners — underscores the firm’s visible research franchise but has no direct earnings impact on BAC. These stocks are ‘the place to be’ if you want serious AI growth, says BofA
• Neutral Sentiment: BofA initiated coverage on ProPetro with a Buy — positive for BofA’s institutional-fee generation and research visibility, but indirect for BAC equity moves. ProPetro awarded ‘Buy’ rating in initial coverage from Bank of America
• Negative Sentiment: Legal hit: Reports say BAC will pay about $72.5M to settle a lawsuit by victims of Jeffrey Epstein — a direct expense and reputational headwind that can pressure the stock. Bank of America to pay $72.5M to settle lawsuit by Epstein victims
• Negative Sentiment: Security/reputation risk: French authorities opened a terror probe after a failed attack near BAC’s Paris HQ — an operational/reputational risk that can add short-term uncertainty. France Opens Terror Probe After Failed Attack at Bank of America’s Paris HQ
• Negative Sentiment: Analyst and market caution: Oppenheimer trimmed BAC’s price target, and a BofA technical analyst warned Q2 may be challenging for equities — both increase downside risk and could limit upside. Oppenheimer Cuts Bank of America (NYSE:BAC) Price Target to $58.00 Bank of America has blunt message on stocks and bonds for Q2
• Negative Sentiment: Geopolitical risk: Middle East strikes and escalation concerns are raising market volatility broadly — a headwind for banks’ trading and loan books. Iran Strikes Spread as US Troop Buildup Spurs Escalation Concern

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.