Morse Asset Management Inc Purchases 20,370 Shares of Bank of America Corporation $BAC

Morse Asset Management Inc grew its position in shares of Bank of America Corporation (NYSE:BAC) by 3,644.0% in the third quarter, Holdings Channel reports. The firm owned 20,929 shares of the financial services provider’s stock after purchasing an additional 20,370 shares during the period. Morse Asset Management Inc’s holdings in Bank of America were worth $1,080,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Steph & Co. raised its holdings in shares of Bank of America by 224.3% in the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 379 shares in the last quarter. Marquette Asset Management LLC purchased a new position in shares of Bank of America during the third quarter worth about $30,000. Collier Financial bought a new position in shares of Bank of America in the third quarter worth approximately $30,000. Mountain Hill Investment Partners Corp. purchased a new stake in Bank of America in the third quarter valued at approximately $31,000. Finally, Wealth Preservation Advisors LLC raised its stake in Bank of America by 48.7% in the second quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 223 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $47.07 on Tuesday. 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 stock has a market cap of $337.84 billion, a PE ratio of 12.29, a PEG ratio of 1.14 and a beta of 1.28. The company’s fifty day moving average is $52.32 and its 200 day moving average is $52.46. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $57.55.

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

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is 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: Q1 net interest income (NII) is tracking at least 7% higher year-over-year, which supports near-term earnings and helps offset pressure on other revenue lines. Read More.
• Positive Sentiment: Market commentary is flagging BAC as a deep-value, dividend-paying bank after recent sector selloff (forward P/E in value territory and a ~2.5% yield); that framing can attract value-oriented buyers if sector sentiment stabilizes. Read More.
• Positive Sentiment: Product/brand move — BofA and Zelle launched faster charitable disbursements from donor-advised funds, a modest but constructive customer-engagement initiative that can deepen deposit and payments relationships over time. Read More.
• Neutral Sentiment: BofA research raised semiconductor estimates, saying the Iran conflict is unlikely to meaningfully disrupt chip supply chains; useful for sector allocation but only an indirect read-through for bank trading or lending exposure. Read More.
• Neutral Sentiment: Commodities/research note: BofA raised its Brent oil forecast after Strait of Hormuz disruptions — market volatility in energy can boost trading/markets revenue but also raises macro risk. Read More.
• Negative Sentiment: Legal/regulatory hit — Bank of America agreed to settle a civil lawsuit brought by women accusing the bank of failing to report suspicious Jeffrey Epstein-related transactions. Settlement details are being reported; even if financial impact is manageable, reputational and regulatory scrutiny are negatives for sentiment. Read More.
• Negative Sentiment: Insider selling — International President Bernard Mensah disclosed a sale of ~94,000 shares (~$4.4M). Large insider sales can weigh on near-term sentiment even if they are routine or for diversification. Read More.
• Negative Sentiment: Macro risk warning — BofA economists say investors may be underestimating how the Iran war could disrupt the global economy; elevated geopolitical risk raises downside for markets and bank credit/trading exposure. Read More.

Analyst Upgrades and Downgrades

A number of research firms have commented on BAC. Argus boosted their price target on shares of Bank of America from $58.00 to $59.00 and gave the stock a “buy” rating in a research note on Thursday, January 15th. Evercore set a $59.00 price objective on shares of Bank of America in a report on Thursday, January 15th. Keefe, Bruyette & Woods cut their target price on shares of Bank of America from $64.00 to $63.00 and set an “outperform” rating for the company in a research report on Thursday, January 15th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, January 27th. Finally, HSBC lifted their price target on Bank of America from $55.00 to $57.00 and gave the stock a “hold” rating in a research note on Friday, February 6th. Twenty-one investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.30.

Insider Buying and Selling at Bank of America

In related news, insider Bernard A. Mensah sold 94,000 shares of Bank of America stock in a transaction on 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 transaction, the insider directly owned 170,184 shares of the company’s stock, valued at $7,988,436.96. The trade was 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 through this link. Also, insider Thomas M. Scrivener sold 50,000 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the sale, the insider directly owned 227,973 shares of the company’s stock, valued at $11,357,614.86. The trade was a 17.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 227,832 shares of company stock worth $11,094,960. 0.30% of the stock is currently owned by insiders.

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.