Bank of America Corporation $BAC Shares Sold by Arvest Bank Trust Division

Key Points

• Arvest Bank Trust Division cut its Bank of America stake by 5.7% in the fourth quarter, selling 13,311 shares and leaving it with 219,446 shares valued at about $12.1 million.
• Wall Street remains broadly positive on BAC: several analysts raised price targets, and the stock carries a consensus Moderate Buy rating with an average target price of $61.06.
• Bank of America reported strong quarterly results, beating earnings and revenue estimates, and also announced a quarterly dividend of $0.28 per share payable June 26.

Arvest Bank Trust Division decreased its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 5.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 219,446 shares of the financial services provider's stock after selling 13,311 shares during the quarter. Arvest Bank Trust Division's holdings in Bank of America were worth $12,070,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of BAC. Wiser Advisor Group LLC acquired a new position in shares of Bank of America during the 3rd quarter valued at about $27,000. Legacy Bridge LLC boosted its position in shares of 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 acquiring an additional 330 shares during the last quarter. Collier Financial acquired a new position in shares of Bank of America during the 3rd quarter valued at about $30,000. Joseph Group Capital Management acquired a new position in Bank of America in the fourth quarter valued at about $32,000. Finally, HFM Investment Advisors LLC lifted its position in Bank of America by 566.0% in the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock valued at $34,000 after buying an additional 532 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on BAC. Daiwa Securities Group upped 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. Truist Financial upped their target price on shares of Bank of America from $57.00 to $61.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Oppenheimer upped 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 report on Thursday, April 16th. 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. Finally, JPMorgan Chase & Co. decreased their target price on shares of Bank of America from $61.50 to $57.50 and set an "overweight" rating on the stock in a research report on Tuesday, April 7th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and a consensus price target of $61.06.

Insider Activity

In related news, insider James P. Demare sold 83,832 shares of the firm's stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total value of $4,191,600.00. Following the sale, the insider owned 307,240 shares of the company's stock, valued at $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Thomas M. Scrivener sold 50,000 shares of the firm's 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 completion of the sale, the insider directly owned 227,973 shares in the company, valued at approximately $11,357,614.86. This trade represents a 17.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 354,588 shares of company stock worth $17,814,296 in the last ninety days. 0.27% of the stock is owned by insiders.

Bank of America Stock Up 0.9%

Shares of NYSE:BAC opened at $52.25 on Wednesday. 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 firm has a market capitalization of $370.80 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 0.88 and a beta of 1.21. The firm's 50-day moving average is $50.86 and its two-hundred day moving average is $52.36. Bank of America Corporation has a 1 year low of $43.29 and a 1 year high of $57.55.

Bank of America (NYSE:BAC - Get Free Report) last issued 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. The firm had revenue of $30.27 billion for the quarter, compared to analysts' expectations of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm's revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.90 earnings per share. Analysts predict that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors 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 annualized dividend and a yield of 2.1%. Bank of America's dividend payout ratio (DPR) is 27.72%.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America said it expects a wave of Brazilian IPOs in 2027, with at least 10 listings likely after a five-year drought. That could mean more underwriting and advisory fees for BAC’s investment banking unit. Bank of America Expects Surge of Brazilian IPOs After 5-Year Drought
• Positive Sentiment: Reports said Bank of America cleared a derivatives-related hurdle in its federal “living will,” easing a regulatory overhang and reinforcing confidence in the bank’s risk-management profile. Bank of America clears derivatives hurdle flagged by federal regulators in 2023 'living will'
• Positive Sentiment: Bank of America also received a “Moderate Buy” consensus from brokerages, suggesting Wall Street remains generally constructive on BAC. Bank of America Corporation NYSE: BAC Receives Consensus Recommendation of "Moderate Buy" from Brokerages
• Neutral Sentiment: Several articles mainly referenced Bank of America as a conference host, research provider, or counterparty in other companies’ announcements, which is not likely to have a direct material impact on BAC’s stock.
• Negative Sentiment: One article highlighted a cautious view on BAC’s valuation despite its digital progress, signaling that some investors still see limited upside after the recent run. Bank of America (BAC) Has Become a Digital Leader. I’m Still Cautious on the Stock

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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