18,974 Shares in Bank of America Corporation $BAC Bought by Abacus Wealth Partners LLC

Key Points

• Abacus Wealth Partners LLC initiated a new position in Bank of America, buying 18,974 shares worth about $1.04 million in the fourth quarter.
• Institutional interest remains heavy, with 70.71% of Bank of America’s stock owned by institutions, while insiders have been net sellers in recent months, including sizable sales by Geoffrey S. Greener and Thomas M. Scrivener.
• Analysts remain generally constructive on BAC: the stock has a Moderate Buy consensus with an average price target of $61.06, even as some firms trimmed targets and the shares recently traded around $49.77.

Abacus Wealth Partners LLC bought a new position in Bank of America Corporation (NYSE:BAC) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 18,974 shares of the financial services provider's stock, valued at approximately $1,044,000.

A number of other institutional investors also recently bought and sold shares of the stock. Brighton Jones LLC raised its holdings in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after acquiring an additional 25,143 shares during the period. Sivia Capital Partners LLC raised its holdings in Bank of America by 40.5% during the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock valued at $1,013,000 after acquiring an additional 6,174 shares during the period. Jump Financial LLC grew its position in shares of Bank of America by 38.4% during the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock valued at $3,108,000 after purchasing an additional 18,227 shares in the last quarter. Nebula Research & Development LLC purchased a new position in shares of Bank of America during the second quarter valued at about $1,396,000. Finally, Vivaldi Capital Management LP grew its position in shares of Bank of America by 4.2% during the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock valued at $417,000 after purchasing an additional 355 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated 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 completion of the transaction, the insider owned 1,373,397 shares in the company, 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 legal filing with the SEC, which is accessible through this hyperlink. Also, insider Thomas M. Scrivener sold 50,000 shares of the business's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the transaction, the insider owned 227,973 shares of the company's stock, valued at $11,357,614.86. This trade represents a 17.99% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 354,588 shares of company stock worth $17,814,296. Insiders own 0.27% of the company's stock.

Key Bank of America News

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

• Positive Sentiment: Bank of America is being highlighted as a potential beneficiary of a “higher-for-longer” or steeper yield-curve environment, which could support lending margins and fixed-rate asset repricing for large banks. Article Title
• Positive Sentiment: Investors are also viewing Bank of America as one of the better-value large banks, with commentary pointing to its relatively attractive valuation and Buffett-backed reputation as reasons it could hold up well versus peers. Article Title
• Neutral Sentiment: Analysts are also using Bank of America’s research platform to make calls on other stocks, including Alphabet, Taiwan Semiconductor, ASML, Nvidia, Akamai, IQVIA, and VNET. These notes reinforce BofA’s influence on markets, but they do not directly change BAC’s fundamentals. Article Title
• Negative Sentiment: Evercore lowered its price target on Bank of America from $70 to $61, which is a modest caution signal even though the firm kept an Outperform rating. Article Title

Analysts Set New Price Targets

A number of research analysts have recently weighed in on BAC shares. Autonomous Res cut their price objective on 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. JPMorgan Chase & Co. cut their price objective on Bank of America from $61.50 to $57.50 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. The Goldman Sachs Group raised their price objective on Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Erste Group Bank lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 4th. Finally, Argus raised their price objective on Bank of America from $59.00 to $62.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $61.06.

Bank of America Trading Down 0.2%

BAC opened at $49.77 on Friday. The firm has a market cap of $353.18 billion, a P/E ratio of 12.32, a P/E/G ratio of 0.84 and a beta of 1.21. Bank of America Corporation has a 12 month low of $42.35 and a 12 month high of $57.55. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The stock has a 50-day moving average of $50.40 and a 200 day moving average of $52.44.

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 the consensus estimate of $1.00 by $0.11. The company 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%.The firm's revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business posted $0.90 earnings per share. As a group, research analysts forecast that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared 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 2.3%. Bank of America's dividend payout ratio (DPR) is currently 27.72%.

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.

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