Forum Financial Management LP lessened its holdings in shares of Bank of America Corporation (NYSE:BAC) by 88.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 14,104 shares of the financial services provider’s stock after selling 107,804 shares during the period. Forum Financial Management LP’s holdings in Bank of America were worth $688,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Abound Financial LLC bought a new stake in Bank of America in the fourth quarter valued at about $26,000. Legacy Bridge LLC lifted its stake in Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after buying an additional 330 shares during the period. Wiser Advisor Group LLC bought a new position in Bank of America during the third quarter worth about $27,000. CrossGen Wealth LLC bought a new position in Bank of America during the fourth quarter worth about $30,000. Finally, Joseph Group Capital Management acquired a new position in shares of Bank of America during the 4th quarter worth about $32,000. Institutional investors own 70.71% of the company’s stock.
Analyst Upgrades and Downgrades
BAC has been the subject of a number of recent analyst reports. Morgan Stanley upped their price target on Bank of America from $61.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday. JPMorgan Chase & Co. decreased their price objective on shares of Bank of America from $61.50 to $57.50 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Erste Group Bank downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 4th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $59.00 target price on shares of Bank of America in a report on Thursday, April 16th. Finally, The Goldman Sachs Group boosted their price target on shares of Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Twenty-one analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $61.60.
Key Stories Impacting Bank of America
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: Morgan Stanley raised its price target on Bank of America to $67 from $61 and kept an Overweight rating, reinforcing a bullish Wall Street view of BAC’s earnings power and valuation upside. Morgan Stanley raises price target on Bank of America
- Positive Sentiment: Separate coverage continued to point to Bank of America as a long-term holding and highlighted favorable positioning versus other megabanks, which can support investor sentiment around the stock. Bank Of America Corp (BAC) Is A Long Time Berkshire Hathaway Holding
- Positive Sentiment: Bank of America also received coverage tied to a constructive view on markets and chip-sector demand, signaling that its research franchise is still producing influential calls that can bolster the company’s market profile. Bank of America Details How ‘Micron/Anthropic Partnership’ Locks In ‘Greater Confidence in 2-3-Year Supply/Demand/Pricing Visibility’
Insider Buying and Selling
In related news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the sale, the insider directly owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.27% of the company’s stock.
Bank of America Price Performance
NYSE BAC opened at $56.97 on Wednesday. The business has a 50 day simple moving average of $53.51 and a 200 day simple moving average of $52.73. Bank of America Corporation has a 52-week low of $44.75 and a 52-week high of $59.19. 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 stock has a market cap of $404.31 billion, a price-to-earnings ratio of 14.10, a PEG ratio of 0.97 and a beta of 1.18.
Bank of America (NYSE:BAC – Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.11. The firm had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.90 earnings per share. Analysts anticipate that Bank of America Corporation will post 4.48 earnings per share for the current fiscal year.
Bank of America Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is presently 27.72%.
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.
Further Reading
- Five stocks we like better than Bank of America
- NextEra’s Dominion Deal Could Put It at the Center of the AI Power Race
- Amazon Could Be About to Reap the Rewards of a Software Spending Boom
- Best Buy’s Turnaround Is Gaining Traction, But Wall Street Still Needs Proof
- AI Fears Hit Nebius Stock, But Has the Growth Thesis Changed?
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC – Free Report).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.
