AEGON ASSET MANAGEMENT UK Plc Has $23.03 Million Stock Position in Bank of America Corporation $BAC

Key Points

• AEGON Asset Management UK Plc increased its Bank of America stake by 7.3% in the first quarter, holding 472,421 shares valued at about $23.0 million after buying 32,292 additional shares.
• Bank of America’s latest earnings topped expectations, reporting $1.11 EPS on $30.27 billion in revenue, both ahead of estimates, with revenue up 10.7% year over year.
• Analyst sentiment remains constructive: the stock has a consensus rating of “Moderate Buy,” with 22 Buy ratings and a consensus target price of $61.06.

AEGON ASSET MANAGEMENT UK Plc raised its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 7.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 472,421 shares of the financial services provider's stock after acquiring an additional 32,292 shares during the quarter. AEGON ASSET MANAGEMENT UK Plc's holdings in Bank of America were worth $23,026,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Abound Financial LLC acquired a new position in Bank of America during the fourth quarter worth $26,000. Wiser Advisor Group LLC acquired a new stake in Bank of America in the 3rd quarter valued at $27,000. Legacy Bridge LLC lifted its position in Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after buying an additional 330 shares in the last quarter. CrossGen Wealth LLC bought a new stake in Bank of America during the 4th quarter worth about $30,000. Finally, Joseph Group Capital Management acquired a new position in shares of Bank of America during the 4th quarter worth about $32,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BAC has been the subject of several analyst reports. Piper Sandler raised their price objective on Bank of America from $53.00 to $59.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. HSBC upped their target price on Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. UBS Group increased their price target on Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Royal Bank Of Canada restated an "outperform" rating and issued a $59.00 price target on shares of Bank of America in a research note on Thursday, April 16th. Finally, JPMorgan Chase & Co. lowered their price target on Bank of America from $61.50 to $57.50 and set an "overweight" rating on the stock in a research report on Tuesday, April 7th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $61.06.

Bank of America Trading Up 0.1%

BAC stock opened at $56.26 on Friday. 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 fifty day moving average price of $52.91 and a two-hundred day moving average price of $52.54. Bank of America Corporation has a one year low of $44.75 and a one year high of $57.98. The stock has a market cap of $399.27 billion, a price-to-earnings ratio of 13.93, a price-to-earnings-growth ratio of 0.95 and a beta of 1.18.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating the consensus estimate of $1.00 by $0.11. The firm had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company's quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.90 earnings per share. Equities analysts anticipate that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Dividend Announcement

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

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the transaction, the insider directly owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. This represents a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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

About Bank of America

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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