Saranac Partners Ltd Buys New Holdings in Bank of America Corporation $BAC

Saranac Partners Ltd acquired a new stake in Bank of America Corporation (NYSE:BAC) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 141,810 shares of the financial services provider’s stock, valued at approximately $7,809,000. Bank of America comprises approximately 3.0% of Saranac Partners Ltd’s investment portfolio, making the stock its 12th biggest position.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its position in shares of Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying 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 worth $1,013,000 after acquiring an additional 6,174 shares during the period. Jump Financial LLC lifted its stake in Bank of America by 38.4% in the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock worth $3,108,000 after acquiring an additional 18,227 shares during the period. Nebula Research & Development LLC bought a new stake in Bank of America in the second quarter valued at $1,396,000. Finally, Vivaldi Capital Management LP boosted its holdings in Bank of America by 4.2% in the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock valued at $417,000 after acquiring an additional 355 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BAC has been the subject of several research reports. Piper Sandler upped their price objective on shares of Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. Daiwa Securities Group raised their price objective on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, April 28th. Autonomous Res reduced their target price on shares of Bank of America from $62.00 to $54.00 and set a “neutral” rating on the stock in a research report on Monday, April 6th. Robert W. Baird boosted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. Twenty-two 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, the stock presently has an average rating of “Moderate Buy” and an average target price of $61.06.

Bank of America Stock Down 0.0%

NYSE:BAC opened at $50.67 on Wednesday. The company has a market cap of $359.59 billion, a price-to-earnings ratio of 12.54, a price-to-earnings-growth ratio of 0.86 and a beta of 1.21. Bank of America Corporation has a twelve month low of $42.35 and a twelve month high of $57.55. The stock has a fifty day simple moving average of $50.46 and a 200-day simple moving average of $52.41. 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 (NYSE:BAC) last announced 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. The firm had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.Bank of America’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.90 earnings per share. Analysts anticipate that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared 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. The ex-dividend date 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 currently 27.72%.

Insider Buying and Selling

In related news, insider James P. Demare sold 83,832 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the sale, the insider owned 307,240 shares of the company’s stock, valued at $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Bernard A. Mensah sold 94,000 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the transaction, the insider owned 170,184 shares of the company’s stock, valued at approximately $7,988,436.96. This trade represents a 35.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 354,588 shares of company stock valued at $17,814,296. Company insiders own 0.27% of the company’s stock.

Key Stories Impacting Bank of America

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

• Negative Sentiment: CFRA cut Bank of America (BAC) to Hold, suggesting limited near-term upside after the recent run in large bank stocks and weighing on sentiment toward the shares. Bank of America Cut to Hold by CFRA: Is the Big Bank Trade Running Out of Gas?
• Neutral Sentiment: Bank of America released a Better Money Habits study showing Gen Z is increasingly managing expenses on its own, but the report is mainly a consumer insight update and does not directly change earnings expectations. BofA Study Finds Fewer Gen Z Rely on Family for Financial Assistance, Even With 42% Living Paycheck to Paycheck
• Neutral Sentiment: Financial stocks were weaker ahead of the open, pointing to broader sector pressure that can spill over into BAC even without company-specific news. Sector Update: Financial Stocks Fall Pre-Bell Tuesday

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.