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

Applied Finance Capital Management LLC reduced its holdings in Bank of America Corporation (NYSE:BAC) by 9.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 394,097 shares of the financial services provider's stock after selling 43,163 shares during the quarter. Applied Finance Capital Management LLC's holdings in Bank of America were worth $19,212,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BAC shares. Citigroup raised their price objective on shares of Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a research report on Tuesday, June 23rd. JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $57.50 to $62.50 and gave the stock an "overweight" rating in a research report on Monday, July 6th. Evercore set a $63.00 target price on Bank of America and gave the stock an "outperform" rating in a report on Monday, July 6th. The Goldman Sachs Group lifted their target price on Bank of America from $58.00 to $63.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of America in a report on Friday, April 24th. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $62.19.

Bank of America News Summary

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

• Positive Sentiment: Bank of America’s consumer team said its latest report showed spending up 6.3%, the fastest pace in four years, with wage growth broad-based across all income groups. That suggests the U.S. consumer remains resilient, which is supportive for BAC’s lending and fee income outlook. BofA Consumer Chief: Spending Jumps 6.3% With Wage Growth Across “All Income Groups”
• Positive Sentiment: Financial funds saw their biggest inflow since January, according to Bank of America, signaling improved investor appetite for the sector ahead of bank earnings season. That kind of rotation can lift BAC and other large-cap financials. Financial funds steal the spotlight with biggest inflow since January, Bofa says
• Positive Sentiment: Analysts and market coverage continue to frame Bank of America’s upcoming July 14 earnings report as potentially strong, with expectations for healthy net interest income, fee income, and double-digit EPS growth. Strong results could extend the recent move higher in BAC shares. Bank of America Reports Q2 Earnings Next Week. What Investors Should Expect.
• Neutral Sentiment: Bank of America also continues to generate headlines through its analyst research, including bullish views on names like Meta, Nvidia, Micron, Costco, and homebuilders. These reports help reinforce BAC’s influence on Wall Street, but they are only an indirect driver of BAC stock itself. Meta Stock’s AI Chip Ambitions Are Reaching a ‘Positive Inflection,’ Says Bank of America
• Neutral Sentiment: Bank of America, N.A. announced redemptions of $2.6 billion of senior notes due in August 2026. The move is routine balance-sheet management and is not likely to materially affect the stock on its own. Bank of America, N.A. Announces Redemptions of $2,000,000,000 5.526% Senior Bank Notes and $600,000,000 Floating Rate Senior Bank Notes, Due August 2026

Insider Activity at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the 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 transaction, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.27% of the stock is currently owned by company insiders.

Bank of America Stock Performance

Shares of BAC opened at $59.67 on Monday. The company has a market capitalization of $423.49 billion, a PE ratio of 14.77, a PEG ratio of 1.00 and a beta of 1.17. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The company's 50 day moving average price is $54.50 and its 200 day moving average price is $52.96. Bank of America Corporation has a 52 week low of $44.75 and a 52 week high of $60.83.

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 EPS 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 business had revenue of $30.27 billion for the quarter, compared to analysts' expectations of $29.72 billion. During the same period in the previous year, the company posted $0.90 EPS. Bank of America's revenue was up 10.7% on a year-over-year basis. Research analysts expect that Bank of America Corporation will post 4.51 EPS for the current fiscal year.

Bank of America Announces Dividend

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

Bank of America 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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