Fideuram Intesa Sanpaolo Private Banking S.P.A. Sells 114,418 Shares of Bank of America Corporation $BAC

Fideuram Intesa Sanpaolo Private Banking S.P.A. lowered its stake in Bank of America Corporation (NYSE:BAC) by 19.0% during the 1st quarter, HoldingsChannel reports. The firm owned 486,205 shares of the financial services provider’s stock after selling 114,418 shares during the period. Bank of America comprises 0.8% of Fideuram Intesa Sanpaolo Private Banking S.P.A.’s holdings, making the stock its 24th largest position. Fideuram Intesa Sanpaolo Private Banking S.P.A.’s holdings in Bank of America were worth $23,702,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in BAC. Brighton Jones LLC boosted its holdings in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying an additional 25,143 shares during the last quarter. Sivia Capital Partners LLC increased its holdings in Bank of America by 40.5% during the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock valued at $1,013,000 after buying an additional 6,174 shares during the last quarter. Jump Financial LLC raised its position in Bank of America by 38.4% in the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock worth $3,108,000 after acquiring an additional 18,227 shares during the period. Nebula Research & Development LLC purchased a new position in shares of Bank of America during the 2nd quarter worth $1,396,000. Finally, Vivaldi Capital Management LP grew its position in shares of Bank of America by 4.2% during the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock valued at $417,000 after acquiring an additional 355 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on BAC. Keefe, Bruyette & Woods upped their price objective on Bank of America from $63.00 to $64.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. UBS Group boosted their price target on Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Truist Financial upped their price target on Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. The Goldman Sachs Group raised their price objective on Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Finally, Evercore cut their price objective on Bank of America from $70.00 to $61.00 and set an “outperform” rating for the company in a research note on Friday, May 15th. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $61.60.

Bank of America News Roundup

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

• Positive Sentiment: Analysts continue to view BAC as undervalued, with Morgan Stanley recently raising its price target and calling the stock attractive relative to peers, which supports the bullish case for the shares. Bank of America (BAC) Stock Looks Reasonable On Earnings But Stretched Versus Fair Value
• Positive Sentiment: The bank’s recent earnings strength and expectations for another strong quarter remain a key tailwind, with investors focusing on continued profit growth and solid revenue trends ahead of the next report. Bank of America (BAC) Stock Looks Reasonable On Earnings But Stretched Versus Fair Value
• Neutral Sentiment: Several articles framed BAC as a reasonable value-and-income play versus Wells Fargo and highlighted ongoing strength in the megabank group, but these pieces are more comparative than company-specific catalysts. More Bang for Your Buck: Is Bank of America or Wells Fargo the Better Value-and-Income Buy?
• Neutral Sentiment: Bank of America’s own strategists have been active in market commentary, including warnings about a possible S&P 500 correction and broader rotation into “boring” stocks, but those views mainly reflect macro positioning rather than a direct BAC earnings catalyst. S&P 500 Faces Risk of a ‘Three-Wave Correction,’ Warns Bank of America
• Negative Sentiment: Senate Democrats are asking the Fed inspector general to review whether a Fed official violated rules by speaking at a private Bank of America client dinner, creating a modest regulatory and reputational overhang for BAC. US Senator Warren calls for Fed watchdog review of Bowman’s BofA dinner, WSJ reports
• Negative Sentiment: Bank of America’s Merrill Lynch unit was also fined by the SEC, which adds to headline risk even though the penalty appears relatively limited in size. Bank of America’s Merrill Lynch unit fined $7.5M by U.S. SEC

Bank of America Stock Performance

NYSE BAC opened at $58.67 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $59.19. The business has a 50-day moving average price of $53.71 and a 200-day moving average price of $52.78. The firm has a market cap of $416.35 billion, a price-to-earnings ratio of 14.52, a price-to-earnings-growth ratio of 0.98 and a beta of 1.17.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter last year, the company earned $0.90 EPS. The firm’s quarterly revenue was up 10.7% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Corporation will post 4.49 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America’s payout ratio is 27.72%.

Insider Buying and Selling at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.27% of the company’s stock.

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.