Bank of America Corporation $BAC Shares Sold by Applied Finance Capital Management LLC

Key Points

• Applied Finance Capital Management reduced its Bank of America stake by 5.1% in the fourth quarter, selling 23,718 shares and ending with 437,260 shares valued at about $24.0 million.
• Bank of America reported better-than-expected quarterly results, with EPS of $1.11 versus the $1.00 estimate and revenue of $30.27 billion, up 10.7% from a year earlier.
• The bank also declared a quarterly dividend of $0.28 per share, equal to a $1.12 annualized payout and a 2.3% yield, while analysts currently have a consensus rating of Moderate Buy with a $61.06 price target.

Applied Finance Capital Management LLC cut its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 5.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 437,260 shares of the financial services provider's stock after selling 23,718 shares during the quarter. Bank of America comprises approximately 1.7% of Applied Finance Capital Management LLC's portfolio, making the stock its 16th biggest holding. Applied Finance Capital Management LLC's holdings in Bank of America were worth $24,049,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. DecisionMap Wealth Management LLC boosted its holdings in Bank of America by 4.7% in the fourth quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider's stock valued at $223,000 after purchasing an additional 182 shares during the last quarter. Money Concepts Capital Corp boosted its stake in 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 purchasing an additional 182 shares in the last quarter. Holistic Financial Partners boosted its stake in 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 purchasing an additional 183 shares in the last quarter. Asahi Life Asset Management CO. LTD. boosted its stake 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 worth $1,092,000 after acquiring an additional 187 shares in the last quarter. Finally, Riverview Capital Advisers LLC boosted its stake 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 worth $242,000 after acquiring an additional 188 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the transaction, the insider owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas M. Scrivener sold 50,000 shares of Bank of America stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the transaction, the insider directly owned 227,973 shares of the company's stock, valued at $11,357,614.86. This represents a 17.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 354,588 shares of company stock worth $17,814,296 over the last ninety days. Corporate insiders own 0.27% of the company's stock.

Bank of America Stock Performance

NYSE BAC opened at $49.77 on Friday. 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 firm has a market capitalization of $353.18 billion, a price-to-earnings ratio of 12.32, a P/E/G ratio of 0.84 and a beta of 1.21. The firm's 50 day simple moving average is $50.40 and its 200 day simple moving average is $52.44. Bank of America Corporation has a 1 year low of $42.35 and a 1 year high of $57.55.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping 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 business had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same quarter last year, the business posted $0.90 EPS. The firm's revenue for the quarter was up 10.7% on a year-over-year basis. As a group, research analysts expect that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Friday, June 5th. Bank of America's payout ratio is 27.72%.

Bank of America News Summary

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

Analysts Set New Price Targets

Several analysts recently issued reports on the company. HSBC increased their price objective on Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Royal Bank Of Canada reissued an "outperform" rating and set a $59.00 target price on shares of Bank of America in a research report on Thursday, April 16th. Wall Street Zen raised Bank of America from a "sell" rating to a "hold" rating in a report on Saturday, February 14th. Oppenheimer lifted their target price on shares of Bank of America from $58.00 to $61.00 and gave the company an "outperform" rating in a research note on Thursday, April 16th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $63.00 to $64.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus price target 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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