Harvest Portfolios Group Inc. Lowers Holdings in Bank of America Corporation $BAC

Harvest Portfolios Group Inc. trimmed its holdings in Bank of America Corporation (NYSE:BAC) by 12.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 112,549 shares of the financial services provider’s stock after selling 16,367 shares during the period. Harvest Portfolios Group Inc.’s holdings in Bank of America were worth $6,190,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. Legacy Bridge LLC boosted its holdings 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 purchasing an additional 330 shares during the last quarter. Wiser Advisor Group LLC acquired a new position in shares of Bank of America in the third quarter worth about $27,000. Collier Financial acquired a new position in shares of Bank of America in the third quarter worth about $30,000. Joseph Group Capital Management acquired a new position in shares of Bank of America in the fourth quarter worth about $32,000. Finally, HFM Investment Advisors LLC raised its position in shares of Bank of America by 566.0% in the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 532 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting Bank of America

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

• Negative Sentiment: CFRA cut Bank of America (BAC) to Hold, suggesting limited near-term upside after the recent run in large bank stocks and weighing on sentiment toward the shares. Bank of America Cut to Hold by CFRA: Is the Big Bank Trade Running Out of Gas?
• Neutral Sentiment: Bank of America released a Better Money Habits study showing Gen Z is increasingly managing expenses on its own, but the report is mainly a consumer insight update and does not directly change earnings expectations. BofA Study Finds Fewer Gen Z Rely on Family for Financial Assistance, Even With 42% Living Paycheck to Paycheck
• Neutral Sentiment: Financial stocks were weaker ahead of the open, pointing to broader sector pressure that can spill over into BAC even without company-specific news. Sector Update: Financial Stocks Fall Pre-Bell Tuesday

Insider Buying and Selling at Bank of America

In related news, insider Bernard A. Mensah sold 94,000 shares of the company’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the completion of the sale, the insider owned 170,184 shares of the company’s stock, valued at approximately $7,988,436.96. This represents a 35.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction dated 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 sale, the insider directly owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 354,588 shares of company stock worth $17,814,296 in the last 90 days. 0.27% of the stock is currently owned by insiders.

Bank of America Stock Down 0.0%

Shares of NYSE BAC opened at $50.67 on Wednesday. Bank of America Corporation has a 12-month low of $42.35 and a 12-month high of $57.55. The stock has a market cap of $359.59 billion, a PE ratio of 12.54, a P/E/G ratio of 0.86 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. The company has a 50-day moving average of $50.46 and a 200 day moving average of $52.41.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 net margin of 16.78% and a return on equity of 11.49%. The company had revenue of $30.27 billion during the quarter, compared to analysts’ expectations of $29.72 billion. During the same quarter in the prior year, the company earned $0.90 EPS. Bank of America’s revenue was up 10.7% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s dividend payout ratio is currently 27.72%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Robert W. Baird upped their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Piper Sandler upped their price objective on shares of Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Morgan Stanley decreased their price objective on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a research report on Tuesday, March 31st. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $63.00 to $64.00 and gave the stock an “outperform” rating in a research report on Thursday, April 16th. Finally, UBS Group upped their price target on shares of Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $61.06.

Bank of America Company 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.