VIRGINIA RETIREMENT SYSTEMS ET Al Buys 254,200 Shares of Bank of America Corporation $BAC

VIRGINIA RETIREMENT SYSTEMS ET Al lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 50.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 754,469 shares of the financial services provider’s stock after purchasing an additional 254,200 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Bank of America were worth $41,496,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wiser Advisor Group LLC bought a new stake in shares of Bank of America during the 3rd quarter valued at approximately $27,000. Legacy Bridge LLC boosted its position in Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after buying an additional 330 shares during the period. Collier Financial acquired a new stake in Bank of America during the 3rd quarter worth approximately $30,000. Mountain Hill Investment Partners Corp. acquired a new stake in Bank of America during the 3rd quarter worth approximately $31,000. Finally, Joseph Group Capital Management acquired a new stake in Bank of America during the 4th quarter worth approximately $32,000. 70.71% of the stock is owned by institutional investors.

Key Bank of America News

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

• Positive Sentiment: Bank of America joined LTX as a fully integrated liquidity provider on the AI-powered corporate bond trading platform, strengthening its presence in electronic fixed-income trading and reinforcing its AI and markets strategy. Bank Of America Deepens AI Bond Trading Role With LTX Partnership
• Positive Sentiment: Bank stock buybacks hit a record in the first quarter, and Bank of America was among the leaders in reducing share count, which is typically supportive for EPS growth and shareholder returns. Bank Stock Buybacks Hit a Record in First Quarter. Citi, BofA, and Goldman Were Leaders.
• Positive Sentiment: Recent commentary about Bank of America’s own valuation suggests only modest changes to fair value estimates, implying the Street is not seeing a major deterioration in the investment case. How The Bank Of America (BAC) Investment Story Is Shifting As Analyst Views Rebalance
• Neutral Sentiment: Bank of America was also mentioned as a backer of an artisan incubator program and in reports about AI/startup funding, but these items appear more reputational than financially material for BAC shares today. Ibu Movement Launches Ibu Atelier, in Partnership with Bank of America
• Negative Sentiment: One headline noted BofA Securities settled an insider-trading-related case with SEBI in India, which is a modest reputational negative, though the financial impact appears limited. BofA Securities settles insider trading case with Sebi

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Erste Group Bank downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. Evercore lifted their target price on shares of Bank of America from $55.00 to $61.00 and gave the stock an “outperform” rating in a research report on Thursday, April 16th. Oppenheimer lifted their target price on shares of Bank of America from $58.00 to $61.00 and gave the stock an “outperform” rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. cut their target price on shares of Bank of America from $61.50 to $57.50 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $59.00 price target on shares of Bank of America in a research report on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $61.06.

Bank of America Stock Up 0.5%

Bank of America stock opened at $50.80 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a 12-month low of $42.35 and a 12-month high of $57.55. The firm’s fifty day moving average is $50.42 and its 200 day moving average is $52.49. The company has a market capitalization of $360.54 billion, a PE ratio of 12.58, a PEG ratio of 0.86 and a beta of 1.21.

Bank of America (NYSE:BAC) last released its 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. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter in the previous year, the company earned $0.90 EPS. Bank of America’s quarterly revenue was up 10.7% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America’s payout ratio is 27.72%.

Insider Activity

In other news, insider James P. Demare sold 83,832 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total value of $4,191,600.00. Following the completion of the sale, the insider owned 307,240 shares in the company, valued at $15,362,000. This represents a 21.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction 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 completion of the sale, the insider owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 354,588 shares of company stock worth $17,814,296. 0.27% of the stock is owned by insiders.

About Bank of America

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.