Cidel Asset Management Inc. Increases Position in Bank of America Corporation $BAC

Cidel Asset Management Inc. lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 15.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 75,449 shares of the financial services provider’s stock after buying an additional 9,986 shares during the period. Cidel Asset Management Inc.’s holdings in Bank of America were worth $3,678,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Abound Financial LLC purchased a new stake in Bank of America during the 4th quarter valued at approximately $26,000. Wiser Advisor Group LLC purchased a new position in shares of Bank of America in the 3rd quarter valued at approximately $27,000. Legacy Bridge LLC increased its holdings in shares of 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 during the period. CrossGen Wealth LLC acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $30,000. Finally, Joseph Group Capital Management purchased a new stake in shares of Bank of America during the fourth quarter worth approximately $32,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.0%

BAC opened at $57.97 on Wednesday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The business has a 50 day simple moving average of $53.11 and a 200-day simple moving average of $52.59. The stock has a market capitalization of $411.39 billion, a P/E ratio of 14.35, a P/E/G ratio of 0.97 and a beta of 1.18. Bank of America Corporation has a 12 month low of $44.75 and a 12 month high of $58.01.

Bank of America (NYSE:BAC) last posted its quarterly earnings results 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. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same period in the previous year, the business earned $0.90 earnings per share. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Corporation will post 4.45 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 given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, June 5th. Bank of America’s payout ratio is presently 27.72%.

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 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 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.27% of the company’s stock.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America’s revised Fed call suggests a higher-rate environment that could help preserve net interest income and support bank profitability if credit quality remains stable.
• Positive Sentiment: The bank’s own consumer and housing research showed more Americans now favor buying over renting, a potentially supportive sign for mortgage and consumer lending demand. BofA Study: More Americans Favor Buying Over Renting for the First Time Since 2023
• Neutral Sentiment: BAC also disclosed a 2.95% stake in Qiagen via shares and swaps, which is a portfolio update but not likely to materially change the bank’s near-term earnings outlook. Bank of America reports 2.95% stake in Qiagen via shares and swaps
• Negative Sentiment: A more aggressive Fed path could also weigh on loan growth and increase recession concerns, which may limit upside for BAC if investors focus more on slower credit demand than on margin expansion.

Analysts Set New Price Targets

Several brokerages recently weighed in on BAC. HSBC increased their price target on Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. 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 note on Tuesday. Autonomous Res cut their price objective on shares of Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Monday, April 6th. Argus raised their target price on shares of Bank of America from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Finally, Morgan Stanley lowered their target price on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating on the stock in a report on Tuesday, March 31st. 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, the company has an average rating of “Moderate Buy” and an average target price of $61.23.

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.