Cambient Family Office LLC Makes New Investment in Bank of America Corporation $BAC

Cambient Family Office LLC purchased a new position in shares of Bank of America Corporation (NYSE:BAC) during the fourth quarter, Holdings Channel.com reports. The firm purchased 15,291 shares of the financial services provider’s stock, valued at approximately $841,000.

Several other large investors also recently modified their holdings of the stock. DecisionMap Wealth Management LLC lifted its position in shares of Bank of America by 4.7% during the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider’s stock valued at $223,000 after acquiring an additional 182 shares during the period. Money Concepts Capital Corp grew its holdings in Bank of America by 3.8% in the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock worth $273,000 after purchasing an additional 182 shares during the period. Holistic Financial Partners increased its stake in Bank of America by 2.4% in the fourth quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider’s stock valued at $434,000 after purchasing an additional 183 shares in the last quarter. Operose Advisors LLC raised its holdings in shares of Bank of America by 0.9% during the fourth quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock valued at $1,123,000 after purchasing an additional 185 shares during the period. Finally, Asahi Life Asset Management CO. LTD. raised its holdings in shares of Bank of America by 1.0% during the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock valued at $1,092,000 after purchasing an additional 187 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 0.5%

NYSE:BAC opened at $56.26 on Friday. 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 one year low of $44.75 and a one year high of $57.98. The company has a market cap of $399.27 billion, a PE ratio of 13.93, a PEG ratio of 0.96 and a beta of 1.18. The firm has a 50-day moving average of $52.82 and a 200-day moving average of $52.51.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion for the quarter, compared to analysts’ expectations of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.90 EPS. As a group, equities research analysts expect that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is currently 27.72%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BAC. Daiwa Securities Group increased their price objective on shares of Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 28th. JPMorgan Chase & Co. dropped their price target on Bank of America from $61.50 to $57.50 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. The Goldman Sachs Group increased their price target on Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Autonomous Res reduced their price objective on Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Monday, April 6th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $59.00 price objective on shares of Bank of America in a report on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $61.06.

Key Bank of America News

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

• Positive Sentiment: Bank of America is leaning further into AI to strengthen its dominant muni underwriting franchise, which could help defend and expand a business line that already leads the market. Bank of America Eyes AI to Defend $46 Billion Muni Lead
• Positive Sentiment: The bank reportedly scored an early win in a dispute over First Brands’ inventory proceeds, which may improve its recovery prospects and reduce legal uncertainty. Bank of America gets early win in dispute over First Brands’ inventory proceeds – report
• Positive Sentiment: Several recent pieces highlight supportive themes for BAC, including high cash flow, strong dividend appeal, and investor interest in the stock after its multi-year run. Bank of America (BAC) – Among the 12 Stocks From Companies Generating High Cash Flow
• Neutral Sentiment: Analysts and strategists are broadly focused on the Fed’s “higher-for-longer” setup: that can support net interest income for banks like BAC, but it also raises funding-cost, credit, and securities-market risks. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Neutral Sentiment: Bank of America’s own rates team warned that a new Fed chair could bring bond-market volatility, which is more of a market backdrop issue than a direct fundamental hit to BAC. BofA Rates Strategist: New Fed Chair Warsh Is a Bond Market Stranger, Volatility Ahead
• Negative Sentiment: Bank of America is facing fresh regulatory scrutiny as authorities prepare debanking findings, adding headline risk and raising the chance of policy pressure. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings

Insider Activity

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the transaction, the insider 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.27% of the stock is currently owned by insiders.

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.