Weiss Asset Management LP Sells 32,574 Shares of Bank of America Corporation $BAC

Weiss Asset Management LP reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 54.5% in the 1st quarter, Holdings Channel reports. The firm owned 27,240 shares of the financial services provider’s stock after selling 32,574 shares during the quarter. Weiss Asset Management LP’s holdings in Bank of America were worth $1,328,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Bank of America by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock worth $35,809,225,000 after buying an additional 23,351,183 shares during the last quarter. Norges Bank bought a new stake in Bank of America during the fourth quarter valued at $4,774,210,000. Bank of New York Mellon Corp boosted its position in Bank of America by 5.4% during the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock valued at $3,169,062,000 after acquiring an additional 2,929,779 shares during the last quarter. Fisher Asset Management LLC grew its holdings in Bank of America by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock worth $2,958,110,000 after acquiring an additional 1,105,833 shares during the period. Finally, Deutsche Bank AG grew its holdings in Bank of America by 5.9% during the 4th quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider’s stock worth $2,594,488,000 after acquiring an additional 2,611,776 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction 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 transaction, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This trade represents a 8.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.27% of the stock is owned by insiders.

Analysts Set New Price Targets

BAC has been the subject of several research analyst reports. Oppenheimer lowered Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Robert W. Baird upped their target price on Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Truist Financial raised their target price on Bank of America from $64.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. Evercore set a $63.00 target price on Bank of America and gave the stock an “outperform” rating in a report on Monday, July 6th. Finally, The Goldman Sachs Group boosted their price target on Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Twenty-one investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $63.77.

More Bank of America News

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

• Positive Sentiment: AI could expand profit margins: Morgan Stanley strategists identified Bank of America as one of the major U.S. companies best positioned to benefit from AI investment, potentially driving net-margin expansion through 2027. The opportunity could improve operating efficiency and long-term earnings growth. Bank of America (BAC) Could Be One Of Wall Street’s Biggest AI Winners
• Positive Sentiment: Strong second-quarter performance: Bank of America’s second-quarter earnings per share increased 34.4% year over year and exceeded analyst expectations. Record net interest income, strong trading activity and resilient investment-banking results underscored the benefits of its diversified business model. Should You Invest in Bank of America Following Impressive Q2 Results?
• Positive Sentiment: Dividend and capital-return support: Recent coverage indicates BAC reached a new 12-month high following a dividend announcement, reinforcing investor interest in shareholder returns. Bank of America Sets New 12-Month High Following Dividend Announcement
• Neutral Sentiment: Healthy consumer backdrop: Broader big-bank earnings suggest U.S. consumers remain relatively resilient despite economic pressures, which is supportive for BAC’s credit quality and consumer-banking operations. What Big Bank Earnings Just Revealed About the Health of the U.S. Consumer
• Neutral Sentiment: Research visibility: BofA’s calls favoring semiconductor and cybersecurity stocks highlight its research franchise, but these recommendations have limited direct impact on BAC’s earnings. BofA Names Top Semiconductor Stocks to Buy After Sector Selloff

Bank of America Stock Performance

Shares of BAC opened at $62.15 on Tuesday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. The stock has a 50-day moving average of $56.65 and a 200-day moving average of $53.37. The company has a market cap of $441.02 billion, a PE ratio of 14.25, a P/E/G ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a one year low of $44.75 and a one year high of $62.99.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The business had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $30.78 billion. During the same period in the prior year, the business earned $0.89 EPS. The firm’s revenue for the quarter was up 19.6% on a year-over-year basis. On average, equities research analysts predict that Bank of America Corporation will post 4.65 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s payout ratio is currently 25.69%.

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.