10,325 Shares in Bank of America Corporation $BAC Purchased by Union Savings Bank

Key Points

• Union Savings Bank opened a new position in Bank of America, buying 10,325 shares valued at about $568,000 in the fourth quarter.
• Institutional ownership remains heavy, with hedge funds and other institutional investors holding 70.71% of Bank of America’s stock. Several firms also added to positions, while insider Geoffrey S. Greener sold 126,756 shares in early May.
• Analysts remain broadly positive on BAC: the stock has a Moderate Buy rating overall, with 22 Buy ratings and an average price target of $61.06. Bank of America also beat quarterly earnings expectations, reporting $1.11 EPS on revenue of $30.27 billion, and recently declared a quarterly dividend of $0.28 per share.

Union Savings Bank bought a new position in Bank of America Corporation (NYSE:BAC) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 10,325 shares of the financial services provider's stock, valued at approximately $568,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Hsbc Holdings PLC increased its position in shares of Bank of America by 8.9% during the fourth quarter. Hsbc Holdings PLC now owns 15,621,705 shares of the financial services provider's stock valued at $859,306,000 after buying an additional 1,276,589 shares during the period. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Bank of America in the fourth quarter valued at approximately $109,000. Bayban bought a new position in shares of Bank of America in the fourth quarter valued at approximately $307,000. AG Campbell Advisory LLC purchased a new position in Bank of America during the fourth quarter valued at approximately $192,000. Finally, Rehmann Capital Advisory Group grew its stake in Bank of America by 8.7% during the fourth quarter. Rehmann Capital Advisory Group now owns 38,935 shares of the financial services provider's stock valued at $2,141,000 after acquiring an additional 3,126 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Argus increased their target price on shares of Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Autonomous Res reduced their price target on shares of Bank of America from $62.00 to $54.00 and set a "neutral" rating for the company in a research report on Monday, April 6th. UBS Group upped their price target on shares of Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Daiwa Securities Group increased their price objective on Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 28th. Finally, Erste Group Bank lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 4th. Twenty-two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average price target of $61.06.

More Bank of America News

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

• Positive Sentiment: Bank of America’s internal research is being cited as bullish for the bank sector, with commentary that higher rates can still support net interest income even as the Fed holds rates steady, which could help BAC’s earnings outlook. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Positive Sentiment: Bank of America also drew attention for its view that lower-income households may be stabilizing, suggesting the consumer backdrop could be improving and reducing recession fears that would hurt loan growth and credit quality. Miserable K-shaped economy might actually be fading, as lower-income families bounce back, says Bank of America
• Neutral Sentiment: Bank of America revealed a roughly 3% indirect stake in Qiagen and reported similar holdings disclosures for Umicore; these are portfolio/ownership updates and are unlikely to have a direct impact on BAC’s core banking results. Bank of America Reveals 3.01% Indirect Stake in Qiagen Umicore - Transparency notifications by Bank of America Corporation
• Neutral Sentiment: Reports that a Fed official spoke at a private Bank of America client dinner may attract headlines, but it appears more like a reputational/regulatory talking point than a direct earnings driver. The Fed's vice chair of supervision spoke at a private dinner Bank of America hosted for clients hours after the central bank announced its latest policy decision
• Negative Sentiment: Bank of America is facing fresh scrutiny tied to regulators’ upcoming “debanking” findings, which could create policy and compliance concerns for large banks like BAC. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings

Insider Transactions 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 owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.27% of the company's stock.

Bank of America Trading Up 0.1%

Shares of Bank of America stock opened at $56.26 on Friday. Bank of America Corporation has a 1 year low of $44.75 and a 1 year high of $57.98. The firm has a market cap of $399.27 billion, a PE ratio of 13.93, a PEG ratio of 0.95 and a beta of 1.18. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The company has a 50 day simple moving average of $52.91 and a two-hundred day simple moving average of $52.54.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. The business had revenue of $30.27 billion during 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 business's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.90 EPS. Analysts expect that Bank of America Corporation will post 4.45 earnings per share 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. Investors of record on Friday, June 5th will be given a $0.28 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 2.0%. Bank of America's payout ratio is 27.72%.

Bank of America Company 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.

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