May Hill Capital LLC Acquires 12,559 Shares of Bank of America Corporation $BAC

May Hill Capital LLC increased its holdings in Bank of America Corporation (NYSE:BAC) by 109.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,002 shares of the financial services provider’s stock after buying an additional 12,559 shares during the period. May Hill Capital LLC’s holdings in Bank of America were worth $1,320,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Legacy Bridge LLC grew 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 worth $28,000 after purchasing an additional 330 shares during the last quarter. Wiser Advisor Group LLC purchased a new position in Bank of America in the third quarter worth $27,000. Collier Financial purchased a new position in Bank of America in the third quarter worth $30,000. Joseph Group Capital Management purchased a new position in Bank of America in the fourth quarter worth $32,000. Finally, HFM Investment Advisors LLC grew its holdings in 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 purchasing an additional 532 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. UBS Group lifted their price target on shares of Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Erste Group Bank lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 4th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $59.00 price target on shares of Bank of America in a report on Thursday, April 16th. Robert W. Baird lifted their price target on shares of Bank of America from $56.00 to $58.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. Finally, Truist Financial lifted their price target on shares of Bank of America from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $61.06.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America is being highlighted as a potential beneficiary of a “higher-for-longer” or steeper yield-curve environment, which could support lending margins and fixed-rate asset repricing for large banks. Article Title
• Positive Sentiment: Investors are also viewing Bank of America as one of the better-value large banks, with commentary pointing to its relatively attractive valuation and Buffett-backed reputation as reasons it could hold up well versus peers. Article Title
• Neutral Sentiment: Analysts are also using Bank of America’s research platform to make calls on other stocks, including Alphabet, Taiwan Semiconductor, ASML, Nvidia, Akamai, IQVIA, and VNET. These notes reinforce BofA’s influence on markets, but they do not directly change BAC’s fundamentals. Article Title
• Negative Sentiment: Evercore lowered its price target on Bank of America from $70 to $61, which is a modest caution signal even though the firm kept an Outperform rating. Article Title

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 83,832 shares of the business’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the transaction, the insider directly owned 307,240 shares in the company, valued at $15,362,000. The trade was a 21.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Thomas M. Scrivener sold 50,000 shares of the business’s 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 transaction, the insider owned 227,973 shares of the company’s stock, valued at $11,357,614.86. This represents a 17.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 354,588 shares of company stock valued at $17,814,296. Company insiders own 0.27% of the company’s stock.

Bank of America Price Performance

Shares of BAC opened at $49.77 on Friday. The firm has a market capitalization of $353.18 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 0.84 and a beta of 1.21. 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 1-year low of $42.35 and a 1-year high of $57.55. The company’s fifty day moving average price is $50.40 and its 200-day moving average price is $52.44.

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 for the quarter, beating analysts’ consensus estimates of $1.00 by $0.11. The firm 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 business’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.90 earnings per share. On average, equities research analysts predict that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. Bank of America’s payout ratio is currently 27.72%.

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.