Griffith & Werner Inc. Acquires 11,922 Shares of Bank of America Corporation $BAC

Griffith & Werner Inc. raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 10.2% in the first quarter, Holdings Channel.com reports. The firm owned 128,959 shares of the financial services provider’s stock after buying an additional 11,922 shares during the period. Bank of America comprises approximately 3.1% of Griffith & Werner Inc.’s investment portfolio, making the stock its 11th biggest holding. Griffith & Werner Inc.’s holdings in Bank of America were worth $6,287,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Bank of America in the 4th quarter valued at $4,774,210,000. Capital International Investors purchased a new position in Bank of America during the 4th quarter worth $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Bank of America by 640.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock worth $2,399,798,000 after acquiring an additional 40,235,201 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock worth $35,809,225,000 after acquiring an additional 23,351,183 shares in the last quarter. Finally, Cardano Risk Management B.V. raised its holdings in shares of Bank of America by 914.5% in the fourth quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock valued at $1,380,239,000 after purchasing an additional 22,621,546 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Activity at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the transaction, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.27% of the company’s stock.

Bank of America Price Performance

BAC opened at $58.38 on Thursday. Bank of America Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $60.83. The firm has a 50-day moving average of $54.24 and a 200 day moving average of $52.90. 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 market cap of $414.33 billion, a P/E ratio of 14.45, a PEG ratio of 1.00 and a beta of 1.17.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.00 by $0.11. The business 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 company’s revenue for the quarter 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. On average, research analysts expect that Bank of America Corporation will post 4.49 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis 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%.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America extended OpenAI a $520 million credit line, its first loan to the AI company, signaling BAC is deepening relationships in one of the market’s fastest-growing sectors and strengthening its reputation as a major AI financier. BofA extends first $520 million loan to OpenAI ahead of IPO, source says
• Positive Sentiment: Analysts at Bank of America reiterated a Buy rating on Nvidia and called it a “unique, durable growth franchise,” reinforcing BAC’s credibility on AI-related equity research and its exposure to the broader AI investment theme. BofA Says Buy Nvidia (NVDA) Stock, Calls It a ‘Unique, Durable Growth Franchise’
• Positive Sentiment: Bank of America also reiterated a Buy on Nvidia and said current valuation already reflects overly cautious expectations, which may support investor sentiment toward BAC’s analyst franchise and AI-linked banking activity. Nvidia backed by Bank of America as analysts see AI leadership supporting further growth
• Positive Sentiment: Bank of America’s stock has also benefited from stronger sector sentiment and recent optimism around its stress-test results and payments initiatives, which suggests investors are still comfortable with BAC’s capital position and earnings outlook. Why Bank of America Stock Jumped in June

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Autonomous Res dropped their price target on shares of Bank of America from $62.00 to $54.00 and set a “neutral” rating on the stock in a research report on Monday, April 6th. Oppenheimer lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. The Goldman Sachs Group lifted their target price on shares of Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research note on Friday, April 24th. Finally, Truist Financial upped their target price on Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a report on Friday, June 26th. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.19.

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.