Bank of America Corporation $BAC Shares Bought by Capital City Trust Co. FL

Key Points

• Capital City Trust Co. FL increased its Bank of America stake by 119.9% in the fourth quarter, ending with 23,105 shares valued at about $1.27 million.
• Bank of America beat first-quarter expectations, reporting EPS of $1.11 versus $1.00 expected and revenue of $30.27 billion, while also posting year-over-year gains in both profit and revenue.
• Despite strong institutional interest and positive analyst coverage, the stock has faced some pressure from insider selling and mixed market sentiment; analysts currently rate BAC a Moderate Buy with a consensus price target of $61.06.

Capital City Trust Co. FL grew its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 119.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,105 shares of the financial services provider's stock after acquiring an additional 12,596 shares during the quarter. Capital City Trust Co. FL's holdings in Bank of America were worth $1,271,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of BAC. Vanguard Group Inc. boosted its holdings in 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 valued at $35,809,225,000 after purchasing an additional 23,351,183 shares during the last quarter. Capital World Investors raised its position in shares of Bank of America by 11.0% during the 3rd quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider's stock valued at $7,448,816,000 after buying an additional 14,275,810 shares during the period. Fisher Asset Management LLC grew its position in Bank of America by 2.5% in the third quarter. Fisher Asset Management LLC now owns 52,677,988 shares of the financial services provider's stock worth $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 grew its position in Bank of America by 640.5% in 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 period. Finally, Legal & General Group Plc raised its position in Bank of America by 3.4% in the third quarter. Legal & General Group Plc now owns 43,924,104 shares of the financial services provider's stock valued at $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

In other news, insider Thomas M. Scrivener sold 50,000 shares of Bank of America stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the sale, the insider directly owned 227,973 shares of the company's stock, valued at approximately $11,357,614.86. The trade was a 17.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bernard A. Mensah sold 94,000 shares of the business's stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the transaction, the insider owned 170,184 shares of the company's stock, valued at approximately $7,988,436.96. The trade was a 35.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 354,588 shares of company stock worth $17,814,296. Insiders own 0.27% of the company's stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of recent analyst reports. Autonomous Res cut their price objective on Bank of America from $62.00 to $54.00 and set a "neutral" rating for the company in a research report on Monday, April 6th. Erste Group Bank lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 4th. Weiss Ratings reissued a "buy (b)" rating on shares of Bank of America in a research note on Friday, April 24th. Royal Bank Of Canada restated an "outperform" rating and issued a $59.00 price objective on shares of Bank of America in a report 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 stock a "neutral" rating in a research report on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and a consensus price target of $61.06.

Bank of America Stock Performance

NYSE:BAC opened at $51.26 on Friday. Bank of America Corporation has a 52 week low of $41.69 and a 52 week high of $57.55. The company has a fifty day simple moving average of $50.44 and a two-hundred day simple moving average of $52.51. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The company has a market cap of $363.79 billion, a price-to-earnings ratio of 12.69, a price-to-earnings-growth ratio of 0.89 and a beta of 1.21.

Bank of America (NYSE:BAC - Get Free Report) last announced 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 business had revenue of $30.27 billion during the quarter, compared to analysts' expectations of $29.72 billion. During the same quarter last year, the business posted $0.90 EPS. The business's quarterly revenue was up 10.7% compared to the same quarter last year. As a group, equities analysts anticipate that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company 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 dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America's payout ratio is 27.72%.

Key Stories Impacting Bank of America

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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