Folger Nolan Fleming Douglas Capital Management Inc. Acquires 93,820 Shares of Bank of America Corporation $BAC

Folger Nolan Fleming Douglas Capital Management Inc. boosted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 286.0% in the first quarter, Holdings Channel.com reports. The fund owned 126,620 shares of the financial services provider’s stock after buying an additional 93,820 shares during the quarter. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Bank of America were worth $6,173,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Brighton Jones LLC increased its holdings in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares during the last quarter. Sivia Capital Partners LLC lifted its stake in Bank of America by 40.5% in the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock valued at $1,013,000 after buying an additional 6,174 shares during the period. Jump Financial LLC boosted its holdings in Bank of America by 38.4% during the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock worth $3,108,000 after buying an additional 18,227 shares during the last quarter. Nebula Research & Development LLC bought a new position in Bank of America during the second quarter worth about $1,396,000. Finally, Vivaldi Capital Management LP grew its position in shares of Bank of America by 4.2% during the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock worth $417,000 after buying an additional 355 shares during the period. Institutional investors own 70.71% 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: Morgan Stanley raised its price target on Bank of America to $67 from $61 and reiterated an Overweight rating, signaling improved upside expectations for the stock. Morgan Stanley raises Bank of America price target
• Positive Sentiment: Truist also lifted its target to $64 from $61 and kept a Buy rating, citing better-than-expected trading growth. Truist increases Bank of America price target
• Positive Sentiment: Bank of America’s research team also issued bullish sector commentary on semiconductors and AI-related names, reinforcing the firm’s active and influential market outlook. Bank of America semiconductor research
• Neutral Sentiment: Bank of America extended its Kansas City Current partnership and highlighted its FIFA World Cup fan-band promotion, which is positive for brand visibility but not a major direct earnings driver. Bank of America partnership update
• Negative Sentiment: The SEC fined Merrill Lynch $7.5 million for suspicious activity reporting failures, creating a modest regulatory and compliance headwind for BAC, though the settlement was limited and the company said it has strengthened monitoring. SEC fines Merrill Lynch

Bank of America Price Performance

BAC stock opened at $57.94 on Tuesday. The stock has a 50-day moving average price of $53.45 and a two-hundred day moving average price of $52.71. The stock has a market cap of $411.20 billion, a PE ratio of 14.34, a price-to-earnings-growth ratio of 0.98 and a beta of 1.19. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a 1 year low of $44.75 and a 1 year 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.11. The firm had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter last year, the business posted $0.90 EPS. Equities analysts forecast that Bank of America Corporation will post 4.47 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is currently 27.72%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent analyst reports. Autonomous Res lowered their price target 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. Evercore decreased their price objective on shares of Bank of America from $70.00 to $61.00 and set an “outperform” rating for the company in a report on Friday, May 15th. Robert W. Baird upped their target price on shares of Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. Finally, Daiwa Securities Group lifted their price target 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. Twenty-two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $61.60.

Insider Buying and Selling

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 stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the sale, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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.