IFM Investors Pty Ltd increased its stake in Bank of America Corporation (NYSE:BAC) by 1.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,400,285 shares of the financial services provider’s stock after purchasing an additional 18,222 shares during the quarter. Bank of America makes up 0.6% of IFM Investors Pty Ltd’s investment portfolio, making the stock its 25th largest holding. IFM Investors Pty Ltd’s holdings in Bank of America were worth $68,264,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Brighton Jones LLC boosted its stake in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares during the period. Sivia Capital Partners LLC raised its stake in Bank of America by 40.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock valued at $1,013,000 after purchasing an additional 6,174 shares during the period. Jump Financial LLC lifted its holdings in shares of 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 valued at $3,108,000 after purchasing an additional 18,227 shares in the last quarter. Nebula Research & Development LLC acquired a new stake in shares of Bank of America in the second quarter worth $1,396,000. Finally, Vivaldi Capital Management LP boosted its position in shares of Bank of America by 4.2% in the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock worth $417,000 after buying an additional 355 shares during the period. Institutional investors and hedge funds 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 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 transaction, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.27% of the stock is currently owned by company insiders.
Key Headlines Impacting Bank of America
- Positive Sentiment: Morgan Stanley raised its price target on Bank of America to $67 from $61 and kept an Overweight rating, reinforcing a bullish Wall Street view of BAC’s earnings power and valuation upside. Morgan Stanley raises price target on Bank of America
- Positive Sentiment: Separate coverage continued to point to Bank of America as a long-term holding and highlighted favorable positioning versus other megabanks, which can support investor sentiment around the stock. Bank Of America Corp (BAC) Is A Long Time Berkshire Hathaway Holding
- Positive Sentiment: Bank of America also received coverage tied to a constructive view on markets and chip-sector demand, signaling that its research franchise is still producing influential calls that can bolster the company’s market profile. Bank of America Details How ‘Micron/Anthropic Partnership’ Locks In ‘Greater Confidence in 2-3-Year Supply/Demand/Pricing Visibility’
Bank of America Stock Down 1.6%
Shares of Bank of America stock opened at $56.97 on Wednesday. The firm has a market cap of $404.31 billion, a price-to-earnings ratio of 14.10, a P/E/G ratio of 0.97 and a beta of 1.18. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. Bank of America Corporation has a 52-week low of $44.75 and a 52-week high of $59.19. The stock has a 50-day simple moving average of $53.51 and a 200-day simple moving average of $52.73.
Bank of America (NYSE:BAC – Get Free Report) last released 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 firm had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.90 earnings per share. On average, equities research analysts expect that Bank of America Corporation will post 4.48 earnings per share for the current fiscal year.
Bank of America Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America’s payout ratio is currently 27.72%.
Analysts Set New Price Targets
Several research analysts recently weighed in on the company. Truist Financial upped their price target on Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Friday. HSBC lifted their target price on Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research report on Friday, April 24th. The Goldman Sachs Group raised their price target on shares of Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Finally, Citigroup boosted their price objective on shares of Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Twenty-one analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.60.
View Our Latest Stock Report on BAC
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.
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