Bank of America Corporation $BAC Shares Bought by Integrated Investment Consultants LLC

Key Points

• Integrated Investment Consultants LLC increased its Bank of America stake by 140.9% in the fourth quarter, ending with 50,014 shares valued at about $2.75 million.
• Brokerages remain broadly positive on BAC, with 22 Buy ratings and 5 Hold ratings; MarketBeat’s consensus view is Moderate Buy with an average price target of $61.06.
• Bank of America reported strong quarterly results, beating EPS and revenue estimates, and it also announced a quarterly dividend of $0.28 per share, implying a 2.3% annual yield.

Integrated Investment Consultants LLC grew its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 140.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 50,014 shares of the financial services provider's stock after acquiring an additional 29,252 shares during the period. Integrated Investment Consultants LLC's holdings in Bank of America were worth $2,751,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. DecisionMap Wealth Management LLC lifted its position 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 valued at $223,000 after acquiring an additional 182 shares during the period. Money Concepts Capital Corp lifted its position 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 valued at $273,000 after acquiring an additional 182 shares during the period. Holistic Financial Partners lifted its position 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 valued at $434,000 after acquiring an additional 183 shares during the period. Asahi Life Asset Management CO. LTD. lifted its position 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 valued at $1,092,000 after acquiring an additional 187 shares during the period. Finally, Riverview Capital Advisers LLC lifted its position in shares of Bank of America by 4.2% during the 3rd quarter. Riverview Capital Advisers LLC now owns 4,686 shares of the financial services provider's stock valued at $242,000 after acquiring an additional 188 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on BAC. The Goldman Sachs Group raised their price objective on shares of Bank of America from $58.00 to $63.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Erste Group Bank cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 4th. Robert W. Baird raised their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a "neutral" rating in a research note on Thursday, April 16th. Weiss Ratings reissued a "buy (b)" rating on shares of Bank of America in a research note on Friday, April 24th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Bank of America from $61.50 to $57.50 and set an "overweight" rating for the company in a research note on Tuesday, April 7th. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $61.06.

Bank of America Trading Down 0.0%

Shares of BAC opened at $49.77 on Monday. The stock has a market cap of $353.18 billion, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 0.84 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. Bank of America Corporation has a 1-year low of $42.35 and a 1-year high of $57.55. The firm has a 50 day simple moving average of $50.40 and a 200-day simple moving average of $52.44.

Bank of America (NYSE:BAC - Get Free Report) last released its 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 firm had revenue of $30.27 billion during the quarter, compared to analysts' expectations of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. Bank of America's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.90 EPS. Equities analysts forecast that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's payout ratio is presently 27.72%.

Insider Activity

In other Bank of America news, insider James P. Demare sold 83,832 shares of Bank of America stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total value of $4,191,600.00. Following the completion of the sale, the insider directly owned 307,240 shares of the company's stock, valued at approximately $15,362,000. The trade was a 21.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bernard A. Mensah sold 94,000 shares of Bank of America stock in a transaction that occurred 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 completion of the sale, the insider directly owned 170,184 shares of the company's stock, valued at $7,988,436.96. The trade was a 35.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 354,588 shares of company stock valued at $17,814,296 over the last quarter. Insiders own 0.27% of the company's stock.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America is being highlighted as a potential beneficiary of a “higher-for-longer” or steeper yield-curve environment, which could support lending margins and fixed-rate asset repricing for large banks. Article Title
• Positive Sentiment: Investors are also viewing Bank of America as one of the better-value large banks, with commentary pointing to its relatively attractive valuation and Buffett-backed reputation as reasons it could hold up well versus peers. Article Title
• Neutral Sentiment: Analysts are also using Bank of America’s research platform to make calls on other stocks, including Alphabet, Taiwan Semiconductor, ASML, Nvidia, Akamai, IQVIA, and VNET. These notes reinforce BofA’s influence on markets, but they do not directly change BAC’s fundamentals. Article Title
• Negative Sentiment: Evercore lowered its price target on Bank of America from $70 to $61, which is a modest caution signal even though the firm kept an Outperform rating. Article Title

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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