Financiere des Professionnels Fonds d investissement inc. Trims Stock Position in Bank of America Corporation $BAC

Financiere des Professionnels Fonds d investissement inc. cut its stake in Bank of America Corporation (NYSE:BAC) by 35.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 145,502 shares of the financial services provider’s stock after selling 79,805 shares during the quarter. Financiere des Professionnels Fonds d investissement inc.’s holdings in Bank of America were worth $7,093,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Avalon Trust Co boosted its position in Bank of America by 10.4% during the 1st quarter. Avalon Trust Co now owns 11,203 shares of the financial services provider’s stock valued at $546,000 after acquiring an additional 1,055 shares in the last quarter. Frisch Financial Group Inc. raised its position in shares of Bank of America by 1.3% in the 1st quarter. Frisch Financial Group Inc. now owns 15,569 shares of the financial services provider’s stock worth $759,000 after acquiring an additional 197 shares in the last quarter. Independent Financial Group LLC purchased a new position in shares of Bank of America in the 1st quarter valued at approximately $3,081,000. Prosperity Consulting Group LLC lifted its stake in shares of Bank of America by 0.6% in the 1st quarter. Prosperity Consulting Group LLC now owns 82,882 shares of the financial services provider’s stock valued at $4,040,000 after purchasing an additional 496 shares during the period. Finally, Frazier Financial Advisors LLC boosted its position in shares of Bank of America by 313.1% during the first quarter. Frazier Financial Advisors LLC now owns 822 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 623 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BAC. The Goldman Sachs Group upped their price target 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. Piper Sandler upped their target price 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. Argus set a $70.00 price target on shares of Bank of America in a research note on Wednesday. Morgan Stanley increased their price target on shares of Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Finally, Barclays lifted their price target on shares of Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday. Twenty-one investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.77.

Bank of America Price Performance

BAC opened at $61.48 on Friday. The firm has a market cap of $436.30 billion, a PE ratio of 14.10, a P/E/G ratio of 1.00 and a beta of 1.17. The stock has a 50-day moving average price of $55.11 and a 200-day moving average price of $53.09. Bank of America Corporation has a 1 year low of $44.75 and a 1 year high of $62.03. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.81.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating the consensus estimate of $1.13 by $0.08. The company had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. Bank of America’s revenue for the quarter was up 19.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.89 EPS. Sell-side analysts predict that Bank of America Corporation will post 4.64 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 1.8%. Bank of America’s dividend payout ratio (DPR) is 27.72%.

Insider Buying and Selling at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is owned by company insiders.

Bank of America News Roundup

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

• Positive Sentiment: Several firms raised their price targets on BAC after Q2 results, with Barclays, Wells Fargo, KBW, and Truist all seeing further upside on stronger earnings and better growth prospects.
• Positive Sentiment: Bank of America’s earnings call highlighted durable growth drivers including rising net interest income, loan and deposit gains, operating leverage, and AI-enabled productivity, which should support profitability. Bank of America Q2 Earnings Call Points to Durable Growth Drivers
• Positive Sentiment: Coverage following the quarter noted that Bank of America rode market volatility to trading records, while deal activity remained a bright spot, reinforcing the strength of its capital markets businesses. BofA rides market whiplash to trading records, deal activity shines
• Positive Sentiment: Commentary after the Q2 report said Bank of America’s consumer unit earned nearly $3.3 billion as spending held up, suggesting its retail banking franchise remains resilient.
• Neutral Sentiment: CEO Brian Moynihan also warned about AI security risks, but this appears more like an industry-wide caution than a direct business setback for BAC.
• Negative Sentiment: An article questioning whether Bank of America is overvalued could temper some enthusiasm if investors worry the post-earnings rally has already priced in much of the good news. Is Bank of America Corporation (BAC) Overvalued?

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.