Bank of America Corporation $BAC Shares Purchased by Cane Capital Partners LLC

Key Points

• Cane Capital Partners LLC increased its Bank of America stake by 63.8% in Q1, buying 36,109 additional shares and bringing its total holdings to 92,676 shares worth about $4.52 million.
• Bank of America’s latest quarterly results topped expectations, with EPS of $1.11 versus $1.00 expected and revenue of $30.27 billion, up 10.7% year over year.
• The company continues to draw generally positive analyst coverage, with a Moderate Buy consensus and an average price target of $61.60, while also paying a quarterly dividend of $0.28 per share.

Cane Capital Partners LLC grew its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 63.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 92,676 shares of the financial services provider's stock after buying an additional 36,109 shares during the period. Bank of America accounts for about 2.0% of Cane Capital Partners LLC's holdings, making the stock its 14th largest holding. Cane Capital Partners LLC's holdings in Bank of America were worth $4,518,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Abound Financial LLC purchased a new stake in Bank of America during the 4th quarter valued at approximately $26,000. Wiser Advisor Group LLC acquired a new position in Bank of America during the third quarter worth about $27,000. Legacy Bridge LLC lifted its position in shares of Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 330 shares in the last quarter. CrossGen Wealth LLC purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $30,000. Finally, Joseph Group Capital Management acquired a new stake in Bank of America in the 4th quarter worth about $32,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research reports. Autonomous Res decreased their target price on Bank of America from $62.00 to $54.00 and set a "neutral" rating for the company in a report on Monday, April 6th. UBS Group increased their price target on Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a research report on Friday, April 24th. Truist Financial upped their target price on Bank of America from $61.00 to $64.00 and gave the company a "buy" rating in a report on Friday, June 26th. Finally, Evercore lowered their price target on shares of Bank of America from $70.00 to $61.00 and set an "outperform" rating on the stock in a report on Friday, May 15th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $61.60.

Bank of America Stock Performance

BAC opened at $58.36 on Thursday. Bank of America Corporation has a 1 year low of $44.75 and a 1 year high of $59.19. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The stock has a market cap of $414.19 billion, a PE ratio of 14.45, a P/E/G ratio of 0.96 and a beta of 1.17. The stock's 50 day simple moving average is $53.60 and its 200-day simple moving average is $52.75.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same period in the previous year, the business earned $0.90 earnings per share. The company's quarterly revenue was up 10.7% on a year-over-year basis. Sell-side analysts forecast that Bank of America Corporation will post 4.49 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were given a dividend of $0.28 per share. The ex-dividend date was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Bank of America's dividend payout ratio is 27.72%.

Insider Activity

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.27% of the stock is owned by corporate insiders.

Trending Headlines about Bank of America

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

• Positive Sentiment: Analysts turned more constructive on Bank of America ahead of Q2 results, citing strong earnings expectations and raising price targets. Is Bank of America (BAC) the Most Undervalued American Stock to Invest In?
• Positive Sentiment: Bank of America is expected to deliver another solid quarter, with consensus calling for higher profit and revenue on July 14. Bank of America Likely To Report Higher Q2 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
• Neutral Sentiment: Senate Democrats asked the Fed’s inspector general to review whether a Fed vice chair’s attendance at a private Bank of America client dinner broke rules; this is a reputational headline, but it does not appear to involve the bank’s operations directly. US Senator Warren calls for Fed watchdog review of Bowman's BofA dinner, WSJ reports
• Negative Sentiment: Bank of America’s Merrill Lynch unit was fined $7.5 million by the SEC over suspicious activity report failures, adding a modest regulatory overhang. Bank of America's Merrill Lynch unit fined $7.5M by U.S. SEC

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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