Aristotle Atlantic Partners LLC Sells 14,802 Shares of Bank of America Corporation $BAC

Key Points

• Aristotle Atlantic Partners LLC reduced its Bank of America stake by 3.2% in the fourth quarter, selling 14,802 shares and leaving it with 452,265 shares valued at about $24.9 million.
• Bank of America remains heavily owned by institutions, with hedge funds and other institutional investors holding 70.71% of the company’s stock despite some recent portfolio shifts.
• The bank reported better-than-expected quarterly results, including EPS of $1.11 versus the $1.00 estimate and revenue of $30.27 billion, while also announcing a quarterly dividend of $0.28 per share.

Aristotle Atlantic Partners LLC lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 3.2% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 452,265 shares of the financial services provider's stock after selling 14,802 shares during the quarter. Aristotle Atlantic Partners LLC's holdings in Bank of America were worth $24,875,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of BAC. DecisionMap Wealth Management LLC lifted its holdings in shares of Bank of America by 4.7% during the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider's stock worth $223,000 after acquiring an additional 182 shares during the period. Money Concepts Capital Corp lifted its holdings in shares of Bank of America by 3.8% during the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock worth $273,000 after acquiring an additional 182 shares during the period. Holistic Financial Partners lifted its holdings in shares of Bank of America by 2.4% during the 4th quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider's stock worth $434,000 after acquiring an additional 183 shares during the period. Operose Advisors LLC lifted its holdings in shares of 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 period. Finally, Asahi Life Asset Management CO. LTD. lifted its holdings in shares of Bank of America by 1.0% during 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 acquiring an additional 187 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

More Bank of America News

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

Insider Activity

In other news, insider Geoffrey S. Greener sold 126,756 shares of the company's stock in a transaction that occurred 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 transaction, the insider owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.27% of the stock is owned by corporate insiders.

Bank of America Price Performance

Shares of NYSE:BAC opened at $56.55 on Thursday. The company has a market cap of $401.28 billion, a price-to-earnings ratio of 14.00, a PEG ratio of 0.96 and a beta of 1.18. 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 firm has a 50 day simple moving average of $52.70 and a 200 day simple moving average of $52.49. Bank of America Corporation has a one year low of $44.21 and a one year high of $57.98.

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 earnings per share (EPS) for the quarter, beating 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 company had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter in the prior year, the firm posted $0.90 earnings per share. The firm's revenue was up 10.7% compared to the same quarter last year. Research analysts predict that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. Bank of America's dividend payout ratio is currently 27.72%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BAC. Robert W. Baird upped their price target on shares of Bank of America from $56.00 to $58.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Argus raised their price target on shares of Bank of America from $59.00 to $62.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Daiwa Securities Group raised their price target on shares of Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research note on Tuesday, April 28th. Truist Financial raised their price target on shares of Bank of America from $57.00 to $61.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Finally, Piper Sandler increased their price objective on shares of Bank of America from $53.00 to $59.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.06.

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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