Bank of America Corporation $BAC Shares Bought by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management raised its Bank of America stake by 0.4% in Q4, buying 14,946 shares to hold 3,359,976 shares valued at about $184.8 million.
• Bank of America beat quarterly estimates with EPS $1.11 vs. $1.00 and revenue of $30.27 billion (up 10.7% YoY), and announced a $0.28 quarterly dividend (annualized $1.12, ~2.1% yield).
• Analysts hold a “Moderate Buy” consensus on BAC with a $60.90 average price target (22 Buys, 5 Holds), though several firms recently revised targets both down and up.

Pictet Asset Management Holding SA raised its position in Bank of America Corporation (NYSE:BAC) by 0.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,359,976 shares of the financial services provider's stock after buying an additional 14,946 shares during the period. Pictet Asset Management Holding SA's holdings in Bank of America were worth $184,800,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Legacy Bridge LLC boosted its holdings in Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after buying an additional 330 shares during the last quarter. Wiser Advisor Group LLC acquired a new stake in Bank of America in the 3rd quarter worth about $27,000. Collier Financial acquired a new stake in Bank of America in the 3rd quarter worth about $30,000. Marquette Asset Management LLC acquired a new stake in Bank of America in the 3rd quarter worth about $30,000. Finally, Mountain Hill Investment Partners Corp. acquired a new stake in Bank of America in the 3rd quarter worth about $31,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on BAC shares. JPMorgan Chase & Co. lowered their price objective on Bank of America from $61.50 to $57.50 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. Daiwa Securities Group lowered their price objective on Bank of America from $62.00 to $58.00 and set a "buy" rating on the stock in a report on Tuesday, April 7th. Jefferies Financial Group lifted their price objective on Bank of America from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. CICC Research started coverage on shares of Bank of America in a research note on Wednesday, January 14th. They issued an "outperform" rating and a $62.00 target price on the stock. Finally, Truist Financial raised their target price 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. 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 $60.90.

Bank of America Trading Up 1.2%

BAC opened at $52.68 on Tuesday. 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 company's 50 day simple moving average is $50.33 and its two-hundred day simple moving average is $52.38. Bank of America Corporation has a 1-year low of $38.81 and a 1-year high of $57.55. The firm has a market capitalization of $376.40 billion, a price-to-earnings ratio of 13.04, a price-to-earnings-growth ratio of 0.88 and a beta of 1.23.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts' consensus estimates 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 business had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same period last year, the company posted $0.90 EPS. The business's revenue was up 10.7% on a year-over-year basis. Analysts expect that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm 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 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's dividend payout ratio (DPR) is 27.72%.

More Bank of America News

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

• Positive Sentiment: Analysts highlight BAC's strong Q1 and favorable outlook, positioning it with other large banks as a buy after solid earnings and capital-markets strength — supports earnings momentum and investor confidence. Buy These 3 Investment Bank Giants After Solid Q1 Earnings and Outlook
• Positive Sentiment: Coverage highlighting Bank of America’s “sleep like a baby” portfolio having its best year since 1933 boosts sentiment around BofA’s asset-management and client-investment franchises, a tailwind for fee income perception. Bank of America's 'sleep like a baby' portfolio is having its best year since 1933: Chart of the Day
• Neutral Sentiment: Street research activity from BofA analysts remains high across sectors (target changes and sector calls on names like Lockheed, Hims & Hers, Consolidated Edison and others); this underscores BofA’s influence on flows but is indirect for BAC’s fundamentals. Bank of America sends strong message on Lockheed Martin stock
• Neutral Sentiment: Research pieces and trade ideas (e.g., preferreds pair trade) reference BofA-originated strategies and market positioning; useful for fixed-income or dividend-focused investors but only indirectly impacts BAC common equity. Bank of America Preferreds Pair Trade Idea
• Negative Sentiment: Report that Greg Abel (Berkshire Hathaway’s new CEO) has reduced or sold a former top holding — widely reported as a trimming of BAC exposure — creates headline risk and can pressure shares despite firm fundamentals. Signs Point to Warren Buffett's Successor, Greg Abel, Dumping the Oracle of Omaha's Former No. 2 Holding at Berkshire Hathaway

Insider Activity

In other 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 transaction of $4,191,600.00. Following the sale, the insider 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas M. Scrivener sold 50,000 shares of Bank of America stock in a transaction that occurred 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 sale, the insider directly owned 227,973 shares in the company, valued at approximately $11,357,614.86. The trade was a 17.99% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 227,832 shares of company stock valued at $11,094,960. 0.27% of the stock is currently owned by company insiders.

Bank of America Company 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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