Bank of America Corporation $BAC Shares Purchased by Capital Asset Advisory Services LLC

Capital Asset Advisory Services LLC boosted its stake in Bank of America Corporation (NYSE:BAC) by 11.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 114,431 shares of the financial services provider’s stock after acquiring an additional 11,342 shares during the period. Capital Asset Advisory Services LLC’s holdings in Bank of America were worth $6,174,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of BAC. Vanguard Group Inc. lifted its holdings in shares of Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock valued at $35,809,225,000 after purchasing an additional 23,351,183 shares during the last quarter. Capital World Investors boosted its position in shares of Bank of America by 11.0% in the 3rd quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider’s stock valued at $7,448,816,000 after purchasing an additional 14,275,810 shares during the period. Norges Bank purchased a new position in Bank of America during the 4th quarter worth approximately $4,774,210,000. Bank of New York Mellon Corp grew its stake in Bank of America by 5.4% during the 4th quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock worth $3,169,062,000 after buying an additional 2,929,779 shares during the last quarter. Finally, Fisher Asset Management LLC increased its position in Bank of America by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock worth $2,958,110,000 after buying an additional 1,105,833 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Up 2.4%

Shares of BAC stock opened at $58.36 on Thursday. The company has a market capitalization of $414.19 billion, a P/E ratio of 14.45, a price-to-earnings-growth ratio of 0.96 and a beta of 1.17. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The business’s 50 day moving average is $53.60 and its two-hundred day moving average is $52.75. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $59.19.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate 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 business had revenue of $30.27 billion during the quarter, compared to analysts’ expectations of $29.72 billion. During the same quarter in the prior year, the business earned $0.90 earnings per share. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. Equities analysts forecast that Bank of America Corporation will post 4.49 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were given a dividend of $0.28 per share. The ex-dividend date was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Bank of America’s dividend payout ratio is presently 27.72%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BAC. Keefe, Bruyette & Woods increased their price objective on Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a report on Thursday, April 16th. Morgan Stanley lifted their target price on shares of Bank of America from $61.00 to $67.00 and gave the company an “overweight” rating in a report on Monday. Truist Financial upped their price target on shares of Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Friday, June 26th. Evercore decreased their price target on shares of Bank of America from $70.00 to $61.00 and set an “outperform” rating for the company in a research note on Friday, May 15th. Finally, Jefferies Financial Group lifted their price objective on shares of Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Twenty-one analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $61.60.

Insider Activity at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction 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 owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.27% of the company’s stock.

Bank of America News Summary

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

• Positive Sentiment: Analysts turned more constructive on Bank of America ahead of Q2 results, citing strong earnings expectations and raising price targets. Is Bank of America (BAC) the Most Undervalued American Stock to Invest In?
• Positive Sentiment: Bank of America is expected to deliver another solid quarter, with consensus calling for higher profit and revenue on July 14. Bank of America Likely To Report Higher Q2 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
• Neutral Sentiment: Senate Democrats asked the Fed’s inspector general to review whether a Fed vice chair’s attendance at a private Bank of America client dinner broke rules; this is a reputational headline, but it does not appear to involve the bank’s operations directly. US Senator Warren calls for Fed watchdog review of Bowman’s BofA dinner, WSJ reports
• Negative Sentiment: Bank of America’s Merrill Lynch unit was fined $7.5 million by the SEC over suspicious activity report failures, adding a modest regulatory overhang. Bank of America’s Merrill Lynch unit fined $7.5M by U.S. SEC

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.