Bank of America Corporation $BAC Shares Acquired by Crossmark Global Holdings Inc.

Key Points

• Crossmark Global Holdings increased its Bank of America stake by 16.2% in the fourth quarter, buying 140,501 shares and bringing its total holding to just over 1 million shares worth about $55.3 million.
• Bank of America recently beat earnings expectations, reporting $1.11 EPS on revenue of $30.27 billion, both above analyst forecasts. The bank also continued its quarterly dividend at $0.28 per share, or $1.12 annualized.
• Despite positive fundamentals and upbeat analyst sentiment, insider selling has been notable, with executives selling 354,588 shares over the last 90 days. The stock was also trading below its 200-day moving average at the time of the report.

Crossmark Global Holdings Inc. raised its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 16.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,005,209 shares of the financial services provider's stock after purchasing an additional 140,501 shares during the period. Bank of America accounts for 0.8% of Crossmark Global Holdings Inc.'s portfolio, making the stock its 18th largest position. Crossmark Global Holdings Inc.'s holdings in Bank of America were worth $55,287,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of BAC. Vanguard Group Inc. raised its position in shares of Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock worth $35,809,225,000 after buying an additional 23,351,183 shares during the period. Capital World Investors grew its position in Bank of America by 11.0% during the third quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider's stock valued at $7,448,816,000 after acquiring an additional 14,275,810 shares during the period. Fisher Asset Management LLC grew its position in Bank of America by 2.5% during the third quarter. Fisher Asset Management LLC now owns 52,677,988 shares of the financial services provider's stock valued at $2,717,657,000 after acquiring an additional 1,272,315 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Bank of America by 640.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock worth $2,399,798,000 after acquiring an additional 40,235,201 shares during the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of Bank of America by 3.4% in the 3rd quarter. Legal & General Group Plc now owns 43,924,104 shares of the financial services provider's stock worth $2,266,045,000 after purchasing an additional 1,458,551 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Insider Activity at Bank of America

In related news, insider Thomas M. Scrivener sold 50,000 shares of Bank of America stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $49.82, for a total value of $2,491,000.00. Following the completion of the transaction, the insider directly owned 227,973 shares in the company, valued at approximately $11,357,614.86. This trade represents a 17.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bernard A. Mensah sold 94,000 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $7,988,436.96. This represents a 35.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 354,588 shares of company stock worth $17,814,296 in the last ninety days. 0.27% of the stock is currently owned by corporate insiders.

Bank of America Stock Down 2.8%

Shares of Bank of America stock opened at $51.26 on Friday. Bank of America Corporation has a 1-year low of $41.69 and a 1-year high of $57.55. The company has a market capitalization of $363.79 billion, a PE ratio of 12.69, a P/E/G ratio of 0.89 and a beta of 1.21. 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 business has a 50-day moving average of $50.44 and a 200-day moving average of $52.51.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion for the quarter, compared to analysts' expectations of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company's revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.90 earnings per share. As a group, equities analysts forecast that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America's dividend payout ratio (DPR) is presently 27.72%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Oppenheimer lifted their price objective on Bank of America from $58.00 to $61.00 and gave the company an "outperform" rating in a research note on Thursday, April 16th. Evercore raised their price target on shares of Bank of America from $55.00 to $61.00 and gave the company an "outperform" rating in a report on Thursday, April 16th. Robert W. Baird lifted their price target on shares of Bank of America from $56.00 to $58.00 and gave the company a "neutral" rating in a research report on Thursday, April 16th. Truist Financial boosted their price objective on shares of Bank of America from $57.00 to $61.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Bank of America in a research report on Friday, April 24th. Twenty-two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $61.06.

More Bank of America News

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

• Positive Sentiment: UBS raised its price target on Bank of America to $63 from $62, reinforcing a constructive Wall Street view and suggesting further upside from current levels. UBS Raises PT
• Positive Sentiment: Bank of America expanded its defense financing role and is helping support drone and robotics production, which could translate into more lending, fee income, and long-term client relationships. Defense Financing
• Positive Sentiment: The bank acted as lead lender on a $1.8 billion refinance of 9 West 57th Street, highlighting continued strength in commercial real estate financing activity. 9 West 57th Refinance
• Neutral Sentiment: Bank of America shareholders backed the current leadership and governance structure at the annual meeting, reducing governance uncertainty but not likely driving a major near-term stock reaction. Shareholder Vote
• Neutral Sentiment: Reuters reported the hiring of tech dealmaker Richard Hardegree as vice chair of M&A, a sign of continued investment banking leadership buildup, though the stock impact is likely limited for now. M&A Hiring
• Neutral Sentiment: Bank of America’s commentary on card spending pointed to a sudden slowdown in U.S. consumer activity, but the bank said it is not yet sure of the cause. Spending Slump
• Negative Sentiment: High-profile insider selling by Geoffrey Greener, who sold about $6.7 million of BAC shares, is weighing on sentiment and can signal caution to investors. Insider Sale
• Negative Sentiment: Reports that Berkshire-related holder Greg Abel continued trimming BAC for a seventh straight quarter add to concerns about reduced conviction from a major long-term investor. Greg Abel Sells

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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