American Trust Buys 22,849 Shares of Bank of America Corporation $BAC

American Trust raised its stake in Bank of America Corporation (NYSE:BAC) by 105.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 44,489 shares of the financial services provider's stock after purchasing an additional 22,849 shares during the quarter. American Trust's holdings in Bank of America were worth $2,169,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Handelsbanken Fonder AB boosted its holdings in shares of Bank of America by 53.0% in the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider's stock worth $254,625,000 after buying an additional 1,603,080 shares during the last quarter. Legal & General Group Plc increased its holdings in Bank of America by 3.4% during the fourth quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider's stock worth $2,497,655,000 after buying an additional 1,487,809 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Bank of America by 2.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,905,348 shares of the financial services provider's stock worth $159,794,000 after buying an additional 71,307 shares during the last quarter. International Assets Investment Management LLC raised its position in Bank of America by 217.4% in the fourth quarter. International Assets Investment Management LLC now owns 327,949 shares of the financial services provider's stock worth $18,037,000 after acquiring an additional 224,627 shares during the period. Finally, Moore Capital Management LP raised its position in Bank of America by 2.2% in the third quarter. Moore Capital Management LP now owns 2,628,480 shares of the financial services provider's stock worth $135,603,000 after acquiring an additional 55,840 shares during the period. Institutional investors own 70.71% of the company's stock.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America’s consumer team said its latest report showed spending up 6.3%, the fastest pace in four years, with wage growth broad-based across all income groups. That suggests the U.S. consumer remains resilient, which is supportive for BAC’s lending and fee income outlook. BofA Consumer Chief: Spending Jumps 6.3% With Wage Growth Across “All Income Groups”
• Positive Sentiment: Financial funds saw their biggest inflow since January, according to Bank of America, signaling improved investor appetite for the sector ahead of bank earnings season. That kind of rotation can lift BAC and other large-cap financials. Financial funds steal the spotlight with biggest inflow since January, Bofa says
• Positive Sentiment: Analysts and market coverage continue to frame Bank of America’s upcoming July 14 earnings report as potentially strong, with expectations for healthy net interest income, fee income, and double-digit EPS growth. Strong results could extend the recent move higher in BAC shares. Bank of America Reports Q2 Earnings Next Week. What Investors Should Expect.
• Neutral Sentiment: Bank of America also continues to generate headlines through its analyst research, including bullish views on names like Meta, Nvidia, Micron, Costco, and homebuilders. These reports help reinforce BAC’s influence on Wall Street, but they are only an indirect driver of BAC stock itself. Meta Stock’s AI Chip Ambitions Are Reaching a ‘Positive Inflection,’ Says Bank of America
• Neutral Sentiment: Bank of America, N.A. announced redemptions of $2.6 billion of senior notes due in August 2026. The move is routine balance-sheet management and is not likely to materially affect the stock on its own. Bank of America, N.A. Announces Redemptions of $2,000,000,000 5.526% Senior Bank Notes and $600,000,000 Floating Rate Senior Bank Notes, Due August 2026

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on BAC shares. Jefferies Financial Group increased their target price on shares of Bank of America from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. The Goldman Sachs Group increased their price objective on Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Royal Bank Of Canada reissued an "outperform" rating and issued a $59.00 target price on shares of Bank of America in a research report on Thursday, April 16th. Robert W. Baird boosted their target price on Bank of America from $56.00 to $58.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Finally, Wells Fargo & Company upped their price target on Bank of America from $65.00 to $67.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $62.19.

Insider Transactions at Bank of America

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the firm's stock in a transaction dated 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 transaction, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. This trade represents a 8.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.27% of the company's stock.

Bank of America Stock Performance

Bank of America stock traded up $0.42 during mid-day trading on Friday, reaching $59.67. The company's stock had a trading volume of 21,908,911 shares, compared to its average volume of 32,415,350. The firm's fifty day moving average price is $54.50 and its two-hundred day moving average price is $52.98. 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 12-month low of $44.75 and a 12-month high of $60.83. The company has a market capitalization of $423.49 billion, a P/E ratio of 14.77, a PEG ratio of 1.00 and a beta of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last posted its 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. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter in the prior year, the business posted $0.90 earnings per share. The business's quarterly revenue was up 10.7% on a year-over-year basis. Sell-side analysts predict that Bank of America Corporation will post 4.51 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Bank of America's dividend payout ratio is 27.72%.

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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