Assetmark Inc. Has $55.92 Million Holdings in Bank of America Corporation $BAC

Key Points

• Assetmark Inc. increased its stake in Bank of America by 23.0% in Q4 to 1,016,670 shares, valued at about $55.92 million.
• 70.71% of Bank of America stock is owned by hedge funds and other institutional investors, indicating heavy institutional ownership.
• Q1 earnings (reported tomorrow) are the near-term catalyst — market commentary is constructive (Jim Cramer bullish; analysts flag the chance of a possible 15th straight earnings beat), but mixed analyst target moves and macro caution could limit upside.

Assetmark Inc. boosted its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 23.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,016,670 shares of the financial services provider's stock after acquiring an additional 189,791 shares during the quarter. Assetmark Inc.'s holdings in Bank of America were worth $55,917,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wiser Advisor Group LLC bought a new position in shares of Bank of America in the 3rd quarter valued at approximately $27,000. Steph & Co. raised its stake in shares of Bank of America by 224.3% in the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 379 shares in the last quarter. Legacy Bridge LLC raised its stake in shares of Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 330 shares in the last quarter. Marquette Asset Management LLC bought a new position in Bank of America in the 3rd quarter worth approximately $30,000. Finally, Collier Financial bought a new position in Bank of America in the 3rd quarter worth approximately $30,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America News Summary

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

• Positive Sentiment: High-profile bullish commentary boosts investor confidence: Jim Cramer said Bank of America should deliver “solid” results heading into bank earnings, giving retail momentum a supportive narrative. Jim Cramer Says “Bank of America Will Be Solid”
• Positive Sentiment: Street expectations are constructive: previews suggest BAC could extend a long run of earnings beats (Benzinga highlights the possibility of a 15th straight beat), which supports upside if results and guidance beat. Bank of America Q1 Preview: Buffett's Favorite Bank Eyes 15th Straight Earnings Beat
• Neutral Sentiment: Key catalyst — Q1 earnings tomorrow: analysts and investors will parse NII, trading revenues, expenses and credit costs for signs of durable margin or credit deterioration; a clean beat could lift the stock, a soft print or cautious guidance could pressure it. What to expect from Bank of America's Q1 earnings?
• Neutral Sentiment: Income-focused angle: articles laying out dividend/option strategies remind income investors of BAC’s ~2% yield; useful for yield-seeking flows but unlikely to move the stock absent a payout change. How To Earn $500 A Month From Bank of America Stock Ahead Of Q1 Earnings
• Neutral Sentiment: Corporate update: a local leadership change (Oklahoma City president named) is operationally routine and has limited market impact. BofA Names Olena Lifset Oklahoma City President
• Negative Sentiment: An analyst move trimmed BAC’s price target by $5 while keeping a buy rating — that suggests some moderation in near-term upside expectations from that shop and can temper momentum. Bank of America (BAC) price target trimmed by $5, 'buy' rating maintained
• Negative Sentiment: Widening macro caution: Bank of America’s own fund-manager survey and sector commentary show investors cutting growth expectations and banks warning about economic and geopolitical risks; weaker macro sentiment can pressure cyclicals like banks if it persists. Investors Slash Growth Views by Most in Four Years, BofA Says
• Negative Sentiment: Sector-level caution despite trading strength: Reuters reports banks saw strong trading revenue but flagged client caution on economic risks—mixed results for trading may not fully offset credit/expense concerns. Banks show trading strength, caution on economic risk

Bank of America Price Performance

Shares of NYSE:BAC opened at $53.34 on Wednesday. Bank of America Corporation has a 1-year low of $36.49 and a 1-year high of $57.55. The firm has a market capitalization of $381.15 billion, a PE ratio of 13.93, a PEG ratio of 0.93 and a beta of 1.23. The business's 50 day moving average is $50.55 and its 200-day moving average is $52.22. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The company had revenue of $4.53 billion for the quarter, compared to analyst estimates of $27.73 billion. During the same quarter last year, the firm earned $0.82 EPS. Bank of America's revenue for the quarter was up 12.3% compared to the same quarter last year. Sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 6th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, March 6th. Bank of America's dividend payout ratio (DPR) is presently 29.24%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Wells Fargo & Company lifted their price target on Bank of America from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Monday, January 5th. Morgan Stanley dropped their price target on Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 31st. Wolfe Research downgraded Bank of America from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, January 7th. Truist Financial dropped their price target on Bank of America from $62.00 to $60.00 and set a "buy" rating on the stock in a research report on Thursday, January 15th. Finally, Keefe, Bruyette & Woods dropped their price target on Bank of America from $64.00 to $63.00 and set an "outperform" rating on the stock in a research report on Thursday, January 15th. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $59.10.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 83,832 shares of the business's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total value of $4,191,600.00. Following the sale, the insider owned 307,240 shares of the company's stock, valued at $15,362,000. The trade was a 21.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 94,000 shares of the business's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $46.94, for a total value of $4,412,360.00. Following the completion of the sale, the insider directly owned 170,184 shares in the company, valued at approximately $7,988,436.96. This represents a 35.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 227,832 shares of company stock valued at $11,094,960. 0.27% of the stock is owned by corporate insiders.

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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