Bank of America Corporation $BAC is Moore Capital Management LP's 3rd Largest Position

Key Points

• Moore Capital Management cut its Bank of America stake by 21.2% in the fourth quarter, but BAC remains its 3rd largest position at about $113.9 million.
• Bank of America reported better-than-expected quarterly earnings of $1.11 per share on revenue of $30.27 billion, with revenue up 10.7% year over year.
• The company also declared a $0.28 quarterly dividend and continues to draw mostly positive analyst coverage, with a consensus rating of Moderate Buy and an average price target of $61.06.

Moore Capital Management LP lessened its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 21.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,070,080 shares of the financial services provider's stock after selling 558,400 shares during the period. Bank of America comprises approximately 1.6% of Moore Capital Management LP's investment portfolio, making the stock its 3rd biggest position. Moore Capital Management LP's holdings in Bank of America were worth $113,854,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of BAC. Handelsbanken Fonder AB raised its stake in Bank of America by 53.0% in the fourth 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 in the last quarter. Mufg Securities Americas Inc. raised its stake in Bank of America by 26.6% in the third quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider's stock worth $10,262,000 after buying an additional 41,809 shares in the last quarter. B. Metzler seel. Sohn & Co. AG raised its stake in Bank of America by 11.2% in the third quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider's stock worth $34,974,000 after buying an additional 68,093 shares in the last quarter. Constant Guidance Financial LLC increased its position in shares of Bank of America by 603.4% during the third quarter. Constant Guidance Financial LLC now owns 24,283 shares of the financial services provider's stock worth $1,253,000 after purchasing an additional 20,831 shares in the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new position in shares of Bank of America during the third quarter worth $27,629,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America News Roundup

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

Bank of America Price Performance

NYSE:BAC opened at $56.55 on Thursday. Bank of America Corporation has a one year low of $44.21 and a one year high of $57.98. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The firm 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 firm's fifty day moving average is $52.70 and its two-hundred day moving average is $52.49.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS 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 for the quarter, compared to analyst estimates of $29.72 billion. During the same period in the prior year, the company earned $0.90 earnings per share. The firm's revenue was up 10.7% on a year-over-year basis. Research analysts expect that Bank of America Corporation will post 4.45 EPS for the current 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 issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's dividend payout ratio is presently 27.72%.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the sale, the insider directly 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BAC. Argus upped their price target on Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. The Goldman Sachs Group upped their target price on Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a research 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. Keefe, Bruyette & Woods upped their target price on Bank of America from $63.00 to $64.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. Finally, Truist Financial upped their target price on Bank of America from $57.00 to $61.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and a consensus price target 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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