23,373 Shares in Bank of America Corporation $BAC Acquired by Larry Mathis Financial Planning LLC

Key Points

• Larry Mathis Financial Planning LLC initiated a new position in Bank of America, buying 23,373 shares valued at about $1.286 million. The stock now makes up about 1.1% of the firm’s portfolio.
• Institutional ownership in Bank of America remains very high at 70.71%, and several large investors recently added to their stakes. Notably, funds such as Norges Bank, Capital International Investors, and Vanguard made sizable moves in the stock.
• Bank of America’s latest earnings beat expectations, with $1.11 EPS versus the $1.00 estimate and revenue of $30.27 billion. The bank also announced a quarterly dividend of $0.28 per share, while analysts currently rate the stock Moderate Buy with a consensus target price of about $61.06.

Larry Mathis Financial Planning LLC bought a new stake in Bank of America Corporation (NYSE:BAC) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 23,373 shares of the financial services provider's stock, valued at approximately $1,286,000. Bank of America comprises 1.1% of Larry Mathis Financial Planning LLC's portfolio, making the stock its 17th largest position.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Bank of America in the 4th quarter worth approximately $4,774,210,000. Capital International Investors acquired a new stake in shares of Bank of America during the fourth quarter worth $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Bank of America by 640.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock worth $2,399,798,000 after buying an additional 40,235,201 shares during the last quarter. 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. Finally, Cardano Risk Management B.V. lifted its holdings in Bank of America by 914.5% in the fourth quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider's stock valued at $1,380,239,000 after buying an additional 22,621,546 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.27% of the company's stock.

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

Bank of America Stock Up 0.1%

Shares of NYSE BAC opened at $56.26 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The firm has a market cap 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 company's fifty day simple moving average is $52.91 and its 200 day simple moving average is $52.54. Bank of America Corporation has a 12-month low of $44.75 and a 12-month high of $57.98.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate 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 previous year, the firm posted $0.90 earnings per share. The business's revenue was up 10.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have commented on BAC. Robert W. Baird upped their price target on shares of Bank of America from $56.00 to $58.00 and gave the company a "neutral" rating in a research report on Thursday, April 16th. Weiss Ratings reissued a "buy (b)" rating on shares of Bank of America in a research report on Friday, April 24th. Truist Financial boosted their price objective on Bank of America from $57.00 to $61.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Daiwa Securities Group upped their target price on Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Tuesday, April 28th. Finally, Evercore decreased their target price on Bank of America from $70.00 to $61.00 and set an "outperform" rating for the company in a research note on Friday, May 15th. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus 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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