Allstate Corp Purchases 277,919 Shares of Bank of America Corporation $BAC

Key Points

• Allstate Corp significantly increased its Bank of America stake, buying 277,919 additional shares in the fourth quarter and lifting its holdings by 107% to 537,695 shares worth about $29.6 million.
• Institutional ownership remains heavy, with multiple other hedge funds also adjusting positions and institutions collectively owning 70.71% of Bank of America’s stock.
• Analyst sentiment is broadly positive, with BAC carrying a consensus “Moderate Buy” rating and a target price of $61.06, even as some firms trimmed their price targets and a few comments flagged valuation caution.

Allstate Corp boosted its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 107.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 537,695 shares of the financial services provider's stock after purchasing an additional 277,919 shares during the period. Allstate Corp's holdings in Bank of America were worth $29,573,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. MSH Capital Advisors LLC grew its holdings in Bank of America by 3.4% during the 4th quarter. MSH Capital Advisors LLC now owns 17,354 shares of the financial services provider's stock valued at $954,000 after purchasing an additional 563 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in shares of Bank of America by 33.2% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 40,216 shares of the financial services provider's stock valued at $2,212,000 after purchasing an additional 10,025 shares during the period. Fisher Asset Management LLC raised its position in Bank of America by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider's stock valued at $2,958,110,000 after purchasing an additional 1,105,833 shares in the last quarter. Choate Investment Advisors lifted its holdings in shares of Bank of America by 2.4% in the 4th quarter. Choate Investment Advisors now owns 63,748 shares of the financial services provider's stock worth $3,506,000 after buying an additional 1,495 shares during the period. Finally, Sandy Cove Advisors LLC grew its position in shares of Bank of America by 6.4% during the 4th quarter. Sandy Cove Advisors LLC now owns 6,861 shares of the financial services provider's stock worth $377,000 after buying an additional 413 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

More Bank of America News

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

• Positive Sentiment: Bank of America received a consensus “Moderate Buy” rating from brokerages, signaling that analysts remain broadly constructive on BAC despite recent market uncertainty. Bank of America Corporation NYSE: BAC Receives Consensus Recommendation of "Moderate Buy" from Brokerages
• Positive Sentiment: Major U.S. banks, including peers of Bank of America, cleared the Fed and FDIC review of their living wills, reducing regulatory overhang and supporting confidence in the banking sector. JPM, WFC & Others Clear Key Regulatory Hurdle on Living Wills
• Neutral Sentiment: One commentary piece highlighted Bank of America’s progress as a digital banking leader, but also said the stock still looks pricey/cautious from a valuation perspective, creating a mixed takeaway rather than a clear bullish catalyst. Bank of America (BAC) Has Become a Digital Leader. I’m Still Cautious on the Stock
• Neutral Sentiment: Broader market commentary about high bond yields, AI stock concentration, and a possible bubble environment could add some caution for financial stocks, but it is not a direct Bank of America-specific negative. Bond Strategists Warn Yields to Stay High Even If Iran War Ends
• Negative Sentiment: Bank of America’s contrarian market warning about extreme AI-stock concentration suggests the firm is signaling caution on risk appetite, which could weigh on sentiment if investors interpret it as a bearish market call. Bank of America Issues Rare Contrarian Sell Warning as AI Stock Concentration Soars

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BAC. Autonomous Res decreased their price objective on Bank of America from $62.00 to $54.00 and set a "neutral" rating for the company in a report on Monday, April 6th. Jefferies Financial Group increased their target price on shares of Bank of America from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. UBS Group raised their target price on shares of Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Morgan Stanley reduced their price target on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a report on Tuesday, March 31st. Finally, JPMorgan Chase & Co. lowered their price target on shares of 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. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.06.

Insiders Place Their Bets

In related news, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the transaction, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas M. Scrivener sold 50,000 shares of the business's stock in a transaction on Thursday, March 5th. The stock was 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 in the company, valued at approximately $11,357,614.86. This trade represents a 17.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 354,588 shares of company stock valued at $17,814,296 in the last 90 days. Corporate insiders own 0.27% of the company's stock.

Bank of America Price Performance

Shares of BAC opened at $51.81 on Tuesday. 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 $367.64 billion, a PE ratio of 12.82, a PEG ratio of 0.88 and a beta of 1.21. The company has a 50 day moving average price of $50.75 and a 200-day moving average price of $52.36. Bank of America Corporation has a fifty-two week low of $42.35 and a fifty-two week high of $57.55.

Bank of America (NYSE:BAC - Get Free Report) last announced its 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 company had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same period last year, the firm earned $0.90 earnings per share. Bank of America's revenue was up 10.7% compared to the same quarter last year. Equities analysts predict that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America's payout ratio is 27.72%.

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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