ABN Amro Investment Solutions Decreases Stock Position in Bank of America Corporation $BAC

ABN Amro Investment Solutions trimmed its stake in shares of Bank of America Corporation (NYSE:BAC) by 4.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,615,189 shares of the financial services provider's stock after selling 66,810 shares during the quarter. Bank of America accounts for about 1.0% of ABN Amro Investment Solutions' holdings, making the stock its 17th largest position. ABN Amro Investment Solutions' holdings in Bank of America were worth $78,740,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Money Concepts Capital Corp increased its holdings in shares of Bank of America by 3.8% in the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock worth $273,000 after buying an additional 182 shares during the period. Operose Advisors LLC grew its position in Bank of America by 0.9% during the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider's stock worth $1,123,000 after acquiring an additional 185 shares during the last quarter. Asahi Life Asset Management CO. LTD. increased its stake in Bank of America by 1.0% in the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider's stock worth $1,092,000 after purchasing an additional 187 shares during the period. GatePass Capital LLC increased its stake in Bank of America by 3.6% in the 1st quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider's stock worth $266,000 after purchasing an additional 190 shares during the period. Finally, GeoWealth Management LLC lifted its position in Bank of America by 0.3% in the fourth quarter. GeoWealth Management LLC now owns 61,597 shares of the financial services provider's stock valued at $3,388,000 after purchasing an additional 191 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on BAC shares. The Goldman Sachs Group raised their target price on Bank of America from $58.00 to $63.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Jefferies Financial Group reiterated a "buy" rating and issued a $75.00 price objective on shares of Bank of America in a research report on Tuesday, July 14th. Morgan Stanley boosted their target price on Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a research note on Monday, June 29th. HSBC raised their price target on Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Finally, Robert W. Baird boosted their price objective on shares of Bank of America from $58.00 to $62.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and a consensus target price of $63.77.

Insider Buying and Selling

In related news, insider Geoffrey S. Greener sold 126,756 shares of the firm's 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 completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.27% of the company's stock.

Bank of America Stock Up 1.2%

BAC opened at $61.12 on Wednesday. The stock has a market capitalization of $433.71 billion, a price-to-earnings ratio of 14.02, a PEG ratio of 0.97 and a beta of 1.17. The firm has a 50 day moving average price of $55.71 and a 200-day moving average price of $53.21. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $62.12. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The business had revenue of $8.08 billion for the quarter, compared to analysts' expectations of $30.78 billion. During the same quarter last year, the company posted $0.89 EPS. The company's revenue was up 19.6% compared to the same quarter last year. Equities research analysts forecast that Bank of America Corporation will post 4.66 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. Bank of America's dividend payout ratio (DPR) is presently 25.69%.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America’s new BofA Rewards program crossed 3 million enrollments in just seven weeks, with most sign-ups happening digitally. That rapid adoption suggests the bank is successfully deepening customer relationships and could support future deposit growth and cross-selling. 3 Million+ Clients Enroll in New BofA Rewards™ Program in First Seven Weeks
• Positive Sentiment: Bank of America also enhanced its EricaAssist tool with generative AI, giving more than 18,000 employees faster real-time guidance to resolve client needs. Investors may view this as an efficiency and service-quality improvement that can help lower costs over time. BofA enhances AI-powered tool to resolve client needs faster
• Positive Sentiment: Oppenheimer reportedly added Bank of America to its latest buy ideas list with a near-perfect quant rating, reinforcing the bullish case for BAC among analysts. Bank of America leads Oppenheimer's latest buy additions with near-perfect quant rating
• Positive Sentiment: The bank promoted Thorsten Pauli to lead Asia Pacific capital markets, a move that underscores continued focus on investment banking and global markets opportunities. Bank of America (BAC) Names Thorsten Pauli To Lead Asia Pacific Capital Markets
• Positive Sentiment: Bank of America’s small business digital banking platform again ranked first in a Keynova Group scorecard, which may bolster the view that BAC is gaining share through better digital products. Small Business Digital Banking Advances with Payment Innovations and Upgraded Invoicing and Receivables Capabilities
• Neutral Sentiment: Several stories highlighted Bank of America research on other companies, including Micron, Meta, Apple, CoreWeave, and Citizens Financial. These items mainly reflect BAC’s analyst franchise rather than a direct change in Bank of America’s fundamentals.
• Neutral Sentiment: The bank also released workplace wellbeing and broader economic commentary, which add color to the macro backdrop but are less likely to move BAC shares by themselves. BofA Report: Financial Wellbeing of Employees at U.S. Companies Hits Four-Year High, Even as Cost-of-Living Pressures Persist

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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