Bank of America Corporation $BAC Stock Holdings Decreased by Heritage Investors Management Corp

Heritage Investors Management Corp lowered its stake in Bank of America Corporation (NYSE:BAC) by 1.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 721,856 shares of the financial services provider’s stock after selling 10,479 shares during the period. Bank of America makes up 1.2% of Heritage Investors Management Corp’s holdings, making the stock its 24th biggest holding. Heritage Investors Management Corp’s holdings in Bank of America were worth $39,702,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Handelsbanken Fonder AB boosted its holdings in shares of Bank of America by 53.0% in the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock valued at $254,625,000 after buying an additional 1,603,080 shares during the period. Meridian Wealth Management LLC boosted its holdings in shares of Bank of America by 54.6% in the 3rd quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider’s stock valued at $3,008,000 after buying an additional 20,591 shares during the period. Lockheed Martin Investment Management Co. boosted its holdings in shares of Bank of America by 15.9% in the 3rd quarter. Lockheed Martin Investment Management Co. now owns 629,610 shares of the financial services provider’s stock valued at $32,482,000 after buying an additional 86,290 shares during the period. AdvisorShares Investments LLC acquired a new position in shares of Bank of America in the 3rd quarter valued at about $482,000. Finally, Mufg Securities Americas Inc. boosted its holdings in shares of Bank of America by 26.6% in the 3rd quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider’s stock valued at $10,262,000 after buying an additional 41,809 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.4%

BAC stock opened at $51.46 on Friday. Bank of America Corporation has a 12 month low of $42.35 and a 12 month high of $57.55. The firm has a market cap of $365.16 billion, a PE ratio of 12.74, a P/E/G ratio of 0.87 and a beta of 1.21. The firm has a 50 day simple moving average of $50.59 and a 200 day simple moving average of $52.38. 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 (NYSE:BAC) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same quarter in the previous year, the business earned $0.90 earnings per share. The firm’s revenue was up 10.7% compared to the same quarter last year. Equities research analysts forecast that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is 27.72%.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America published an outlook highlighting renewed opportunities in commercial real estate, farmland, timberland, and energy, which suggests its research team sees improving fundamentals in real assets and could support fee-generating client activity. Bank of America Outlook Sees Renewed Opportunity Across Commercial Real Estate, Farmland, Timberland and Energy
• Positive Sentiment: Bank of America remained active on the research front, reiterating a Buy rating on Alphabet and reinstating coverage on ServiceNow with a Buy call, reinforcing its influence in market-moving stock research and signaling a constructive view on risk assets.
• Neutral Sentiment: Bank of America’s disclosure of indirect crypto ETF exposure and research on Gen Z money habits is more informative than market-moving, but it underscores the bank’s participation in digital-asset-linked products and its focus on younger customers.
• Negative Sentiment: CFRA downgraded Bank of America (BAC) to Hold, which can weigh on sentiment by suggesting less upside from current valuation levels. CFRA downgrades Bank of America (BAC) to a Hold
• Negative Sentiment: News that Bank of America will pay a settlement over duplicate 7-Eleven ATM fees may add to concerns about litigation and operating risks, though the financial impact appears limited. Bank of America will pay settlement over duplicate 7-Eleven ATM fees

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on BAC shares. HSBC lifted their price target on shares of Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research note on Friday, April 24th. Truist Financial boosted their target price on shares of Bank of America from $57.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Oppenheimer boosted their target price on shares of 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, Piper Sandler boosted their target price on shares of Bank of America from $53.00 to $59.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $61.06.

Insider Activity at Bank of America

In other Bank of America 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 sale, the insider directly owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 that occurred on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the sale, the insider directly 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 354,588 shares of company stock worth $17,814,296. Corporate insiders own 0.27% of the company’s stock.

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.