11,708 Shares in Bank of America Corporation $BAC Acquired by Reflection Asset Management

Key Points

• Reflection Asset Management opened a new position in Bank of America, buying 11,708 shares worth about $644,000 in the fourth quarter. Institutional investors and hedge funds now own about 70.71% of BAC’s stock.
• Bank of America reported better-than-expected quarterly earnings, posting $1.11 EPS versus estimates of $1.00 and revenue of $30.27 billion, up 10.7% year over year. Analysts now expect the bank to earn 4.45 EPS for the full year.
• The bank also announced a quarterly dividend of $0.28 per share, payable June 26, for an annualized yield of about 2.0%. Meanwhile, an insider sale by Geoffrey S. Greener and mixed analyst ratings kept attention on the stock’s outlook.

Reflection Asset Management bought a new position in shares of Bank of America Corporation (NYSE:BAC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 11,708 shares of the financial services provider's stock, valued at approximately $644,000.

Other hedge funds have also bought and sold shares of the company. Handelsbanken Fonder AB boosted its holdings in Bank of America by 53.0% during the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider's stock worth $254,625,000 after buying an additional 1,603,080 shares in the last quarter. Mufg Securities Americas Inc. increased its holdings in shares of Bank of America by 26.6% in the third quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider's stock valued at $10,262,000 after buying an additional 41,809 shares in the last quarter. B. Metzler seel. Sohn & Co. AG lifted its position in shares of Bank of America by 11.2% during the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider's stock valued at $34,974,000 after acquiring an additional 68,093 shares during the last quarter. Constant Guidance Financial LLC boosted its stake in shares of Bank of America by 603.4% during the 3rd quarter. Constant Guidance Financial LLC now owns 24,283 shares of the financial services provider's stock worth $1,253,000 after acquiring an additional 20,831 shares in the last quarter. Finally, Jupiter Asset Management Ltd. bought a new stake in shares of Bank of America during the 3rd quarter worth $27,629,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Price Performance

NYSE BAC opened at $56.26 on Friday. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $57.98. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market capitalization of $399.27 billion, a PE ratio of 13.93, a P/E/G ratio of 0.95 and a beta of 1.18. The stock has a 50-day simple moving average of $52.91 and a 200 day simple moving average of $52.54.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share 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 firm had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same period in the prior year, the firm earned $0.90 EPS. The business's revenue was up 10.7% on a year-over-year basis. Research analysts anticipate that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Dividend Announcement

The company 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 dividend of $0.28 per share. The ex-dividend date is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of America's dividend payout ratio (DPR) is 27.72%.

Bank of America News Roundup

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 other news, insider Geoffrey S. Greener sold 126,756 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The shares were 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. This trade represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.27% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. UBS Group lifted their price target on Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Piper Sandler raised their target price 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. Evercore dropped their target price on shares of Bank of America from $70.00 to $61.00 and set an "outperform" rating on the stock in a research report on Friday, May 15th. Truist Financial boosted their price target on shares of Bank of America from $57.00 to $61.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Finally, Oppenheimer upped their price target on shares of Bank of America from $58.00 to $61.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $61.06.

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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