American Trust Acquires 10,560 Shares of Bank of America Corporation $BAC

Key Points

• American Trust sharply increased its stake in Bank of America in the fourth quarter, boosting its holdings by 95.3% to 21,640 shares worth about $1.19 million after buying an additional 10,560 shares.
• Bank of America remains popular with institutions and analysts, with institutional ownership at 70.71% and a consensus “Moderate Buy” rating, alongside an average price target of $61.06.
• The bank has been delivering solid operating results, recently beating earnings and revenue estimates for the quarter and announcing a quarterly dividend of $0.28 per share, or $1.12 annualized, for a 2.0% yield.

American Trust grew its position in Bank of America Corporation (NYSE:BAC - Free Report) by 95.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,640 shares of the financial services provider's stock after acquiring an additional 10,560 shares during the quarter. American Trust's holdings in Bank of America were worth $1,190,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Abound Financial LLC bought a new position in Bank of America during the fourth quarter worth about $26,000. Wiser Advisor Group LLC bought a new position in shares of Bank of America in the third quarter worth about $27,000. Legacy Bridge LLC raised its stake in shares of Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after acquiring an additional 330 shares during the last quarter. Joseph Group Capital Management bought a new stake in Bank of America during the 4th quarter worth about $32,000. Finally, HFM Investment Advisors LLC raised its holdings in Bank of America by 566.0% during the 4th quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock worth $34,000 after purchasing an additional 532 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America News Summary

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

• Positive Sentiment: Bank of America was added to the Investor’s Business Daily Breakout Stocks Index and moved into a new buy zone, with the stock showing clear signs of investor demand. AI Strategy, Double-Digit Growth Put BofA Stock In Focus
• Positive Sentiment: Analysts and market coverage are highlighting BAC’s strong multi-year gains and continued appeal as a reasonably valued financial stock, which may be supporting sentiment despite the run-up in the share price. Bank of America (BAC) Stock After Strong Multi‑Year Gains Still Reasonably Priced?
• Positive Sentiment: Bank of America executives said AI could expand its dominance in municipal underwriting, reinforcing the bank’s technology-driven growth narrative and potential for higher fee income. BofA Exec Sees AI Expanding Its Domination of Muni Underwriting
• Positive Sentiment: A new Bank of America study found wealthy clients are facing more complex financial planning needs due to longer lifespans and faster wealth transfer, which could support demand for the bank’s private banking and wealth management services. BofA Study Finds Longevity and Accelerating Wealth Transfer Are Making Family Finances More Complex
• Neutral Sentiment: Bank of America’s latest investor survey pointed to resilient economic conditions and a higher equity overweight among fund managers, but this is more a read on market positioning than a direct earnings catalyst. Bank of America takes firm position on inflation, economy
• Neutral Sentiment: The company also renewed its partnership with the Kansas City Current, a positive branding move but not likely to have a material near-term impact on BAC shares. Kansas City Current, BofA Announces Multi-Year Partnership Renewal Featuring Enhanced Community Efforts
• Negative Sentiment: Analyst price-target moves were mixed, with some firms cutting estimates, suggesting the market still has some concerns about BAC’s valuation and earnings outlook after a strong rally. Bank of America (BAC) Stock Draws Fresh Price Target Split After Mixed Analyst Revisions

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 shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider owned 1,373,397 shares of the company's stock, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.27% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on BAC shares. Robert W. Baird boosted their price objective on Bank of America from $56.00 to $58.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $59.00 price objective on shares of Bank of America in a research report on Thursday, April 16th. Piper Sandler raised their target price on shares of Bank of America from $53.00 to $59.00 and gave the company a "neutral" rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. decreased their target price on shares of Bank of America from $61.50 to $57.50 and set an "overweight" rating for the company in a research note on Tuesday, April 7th. Finally, Daiwa Securities Group lifted their target price on Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 28th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $61.06.

Bank of America Price Performance

Bank of America stock opened at $56.55 on Thursday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. Bank of America Corporation has a 52 week low of $44.21 and a 52 week high of $57.98. The stock has a market capitalization of $401.28 billion, a P/E ratio of 14.00, a price-to-earnings-growth ratio of 0.96 and a beta of 1.18. The stock has a fifty day moving average of $52.70 and a 200-day moving average of $52.49.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (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 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 revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.90 earnings per share. On average, sell-side analysts expect that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, June 5th. Bank of America's dividend payout ratio is 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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