Lansforsakringar Fondforvaltning AB publ Sells 177,585 Shares of Bank of America Corporation $BAC

Lansforsakringar Fondforvaltning AB publ decreased its stake in Bank of America Corporation (NYSE:BAC) by 4.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,119,363 shares of the financial services provider’s stock after selling 177,585 shares during the quarter. Bank of America accounts for about 1.1% of Lansforsakringar Fondforvaltning AB publ’s portfolio, making the stock its 14th largest position. Lansforsakringar Fondforvaltning AB publ owned approximately 0.06% of Bank of America worth $200,818,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Abound Financial LLC bought a new position in Bank of America during the 4th quarter worth approximately $26,000. Legacy Bridge LLC increased 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 purchasing an additional 330 shares in the last quarter. Wiser Advisor Group LLC bought a new stake in Bank of America in the third quarter valued at approximately $27,000. CrossGen Wealth LLC acquired a new stake in Bank of America in the fourth quarter worth $30,000. Finally, Joseph Group Capital Management acquired a new stake in Bank of America in the fourth quarter worth $32,000. Institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction dated Tuesday, May 5th. The stock was 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 $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.27% of the stock is currently owned by company insiders.

Bank of America Stock Up 0.1%

Bank of America stock opened at $57.94 on Tuesday. The company has a 50 day moving average of $53.45 and a 200-day moving average of $52.71. 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 stock has a market capitalization of $411.20 billion, a PE ratio of 14.34, a price-to-earnings-growth ratio of 0.98 and a beta of 1.19.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping analysts’ consensus estimates 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 firm’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period last year, the business posted $0.90 earnings per share. On average, equities research analysts anticipate that Bank of America Corporation will post 4.47 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Friday, June 5th. Bank of America’s payout ratio is 27.72%.

Key Headlines 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 reiterated an Overweight rating, signaling improved upside expectations for the stock. Morgan Stanley raises Bank of America price target
• Positive Sentiment: Truist also lifted its target to $64 from $61 and kept a Buy rating, citing better-than-expected trading growth. Truist increases Bank of America price target
• Positive Sentiment: Bank of America’s research team also issued bullish sector commentary on semiconductors and AI-related names, reinforcing the firm’s active and influential market outlook. Bank of America semiconductor research
• Neutral Sentiment: Bank of America extended its Kansas City Current partnership and highlighted its FIFA World Cup fan-band promotion, which is positive for brand visibility but not a major direct earnings driver. Bank of America partnership update
• Negative Sentiment: The SEC fined Merrill Lynch $7.5 million for suspicious activity reporting failures, creating a modest regulatory and compliance headwind for BAC, though the settlement was limited and the company said it has strengthened monitoring. SEC fines Merrill Lynch

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on BAC shares. Morgan Stanley boosted their price target on shares of Bank of America from $61.00 to $67.00 and gave the company an “overweight” rating in a report on Monday. 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. Robert W. Baird lifted their target price on Bank of America from $56.00 to $58.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. Oppenheimer boosted their target price on Bank of America from $58.00 to $61.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. Finally, UBS Group increased their price target on Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $61.60.

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.