Bank of America Corporation $BAC Shares Purchased by Compound Planning Inc.

Key Points

• Compound Planning Inc. boosted its Bank of America stake by 12.3% in the fourth quarter, bringing its holdings to 176,261 shares valued at about $9.69 million. Several other institutional investors also added to or initiated positions, and institutions now own 70.71% of BAC shares.
• Bank of America shares were down 0.5% to $56.26, leaving the company with a market cap of $399.27 billion. The stock is trading near its 52-week high, and the company currently has a P/E ratio of 13.93 and a dividend yield of about 2.0%.
• The bank beat earnings expectations in its latest quarter, reporting $1.11 EPS versus the expected $1.00 and revenue of $30.27 billion, up 10.7% year over year. Analysts still see moderate upside, with a consensus rating of Moderate Buy and an average target price of $61.06.

Compound Planning Inc. increased its position in Bank of America Corporation (NYSE:BAC) by 12.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 176,261 shares of the financial services provider's stock after acquiring an additional 19,312 shares during the period. Compound Planning Inc.'s holdings in Bank of America were worth $9,694,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Abound Financial LLC acquired a new stake in shares of Bank of America during the fourth quarter worth about $26,000. Legacy Bridge LLC increased 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 period. Wiser Advisor Group LLC acquired a new position in Bank of America in the 3rd quarter worth approximately $27,000. CrossGen Wealth LLC purchased a new position in Bank of America during the 4th quarter worth approximately $30,000. Finally, Joseph Group Capital Management purchased a new position in Bank of America during the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Trading Down 0.5%

Bank of America stock opened at $56.26 on Friday. The firm has a market cap of $399.27 billion, a PE ratio of 13.93, a P/E/G ratio of 0.96 and a beta of 1.18. Bank of America Corporation has a 12 month low of $44.75 and a 12 month high of $57.98. The stock's 50 day simple moving average is $52.82 and its two-hundred day simple moving average is $52.51. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18.

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

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. Bank of America's payout ratio is presently 27.72%.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were 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 owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.27% of the company's stock.

More Bank of America News

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

• Positive Sentiment: Bank of America is leaning further into AI to strengthen its dominant muni underwriting franchise, which could help defend and expand a business line that already leads the market. Bank of America Eyes AI to Defend $46 Billion Muni Lead
• Positive Sentiment: The bank reportedly scored an early win in a dispute over First Brands’ inventory proceeds, which may improve its recovery prospects and reduce legal uncertainty. Bank of America gets early win in dispute over First Brands' inventory proceeds - report
• Positive Sentiment: Several recent pieces highlight supportive themes for BAC, including high cash flow, strong dividend appeal, and investor interest in the stock after its multi-year run. Bank of America (BAC) – Among the 12 Stocks From Companies Generating High Cash Flow
• Neutral Sentiment: Analysts and strategists are broadly focused on the Fed’s “higher-for-longer” setup: that can support net interest income for banks like BAC, but it also raises funding-cost, credit, and securities-market risks. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Neutral Sentiment: Bank of America’s own rates team warned that a new Fed chair could bring bond-market volatility, which is more of a market backdrop issue than a direct fundamental hit to BAC. BofA Rates Strategist: New Fed Chair Warsh Is a Bond Market Stranger, Volatility Ahead
• Negative Sentiment: Bank of America is facing fresh regulatory scrutiny as authorities prepare debanking findings, adding headline risk and raising the chance of policy pressure. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings

Wall Street Analyst Weigh In

BAC has been the topic of several recent research reports. Autonomous Res dropped their price objective on shares of Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a report on Monday, April 6th. Erste Group Bank cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Wednesday, March 4th. Daiwa Securities Group boosted their target price on shares of Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Tuesday, April 28th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of America in a report on Friday, April 24th. Finally, Argus increased their price target on Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Twenty-two research 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 stock presently has a consensus rating of "Moderate Buy" and an average target price of $61.06.

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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