Canada Post Corp Registered Pension Plan Boosts Stake in Bank of America Corporation $BAC

Canada Post Corp Registered Pension Plan boosted its stake in shares of Bank of America Corporation (NYSE:BAC) by 7.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 338,634 shares of the financial services provider’s stock after buying an additional 24,788 shares during the period. Bank of America accounts for about 0.7% of Canada Post Corp Registered Pension Plan’s investment portfolio, making the stock its 27th biggest holding. Canada Post Corp Registered Pension Plan’s holdings in Bank of America were worth $18,625,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of BAC. Wiser Advisor Group LLC purchased a new stake in Bank of America during the third quarter worth $27,000. Legacy Bridge LLC lifted its holdings in Bank of America by 182.3% during the fourth 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. Collier Financial purchased a new stake in Bank of America during the third quarter worth $30,000. Joseph Group Capital Management purchased a new stake in Bank of America during the fourth quarter worth $32,000. Finally, HFM Investment Advisors LLC lifted its holdings in Bank of America by 566.0% during the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider’s stock worth $34,000 after buying an additional 532 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $49.77 on Friday. The business’s fifty day simple moving average is $50.40 and its 200-day simple moving average is $52.44. The company has a market cap of $353.18 billion, a PE ratio of 12.32, a PEG ratio of 0.84 and a beta of 1.21. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a 12-month low of $42.35 and a 12-month high of $57.55.

Bank of America (NYSE:BAC) last issued its quarterly earnings results 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 business had revenue of $30.27 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.90 earnings per share. Analysts expect 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 announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s dividend payout ratio is presently 27.72%.

Trending Headlines about Bank of America

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

In related news, insider Bernard A. Mensah sold 94,000 shares of the company’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $46.94, for a total value of $4,412,360.00. Following the transaction, the insider directly owned 170,184 shares of the company’s stock, valued at $7,988,436.96. This represents a 35.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thomas M. Scrivener sold 50,000 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the completion of the transaction, the insider directly owned 227,973 shares in the company, valued at approximately $11,357,614.86. The trade was a 17.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 354,588 shares of company stock valued at $17,814,296 in the last quarter. Insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Erste Group Bank lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 4th. Jefferies Financial Group upped their target price on Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Evercore lowered their target price on Bank of America from $70.00 to $61.00 and set an “outperform” rating for the company in a report on Friday. Morgan Stanley lowered their target price on Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a report on Tuesday, March 31st. Finally, Daiwa Securities Group upped their price target on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 28th. Twenty-two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $61.06.

Bank of America Profile

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.