Bank of America Corporation $BAC Shares Sold by Astoria Portfolio Advisors LLC.

Key Points

• Astoria Portfolio Advisors cut its Bank of America stake by 12.9% in the fourth quarter, selling 25,866 shares and leaving it with 174,118 shares valued at about $8.89 million.
• Bank of America’s fundamentals remain solid: it recently beat quarterly earnings and revenue estimates, and analysts still rate the stock a “Moderate Buy” with an average price target of $61.06.
• The bank continues to face a mixed backdrop, with positive catalysts like AI investment and a strong dividend, but also risks from Fed rate uncertainty and fresh regulatory scrutiny over debanking findings.

Astoria Portfolio Advisors LLC. reduced its position in Bank of America Corporation (NYSE:BAC) by 12.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 174,118 shares of the financial services provider's stock after selling 25,866 shares during the quarter. Bank of America makes up 2.1% of Astoria Portfolio Advisors LLC.'s portfolio, making the stock its 10th largest holding. Astoria Portfolio Advisors LLC.'s holdings in Bank of America were worth $8,892,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Bank of America by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock worth $35,809,225,000 after buying an additional 23,351,183 shares during the last quarter. Capital World Investors raised its position in Bank of America by 11.0% in the 3rd quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider's stock valued at $7,448,816,000 after purchasing an additional 14,275,810 shares during the last quarter. Norges Bank bought a new position in Bank of America in the 4th quarter valued at $4,774,210,000. Bank of New York Mellon Corp boosted its stake in Bank of America by 5.4% in the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider's stock worth $3,169,062,000 after purchasing an additional 2,929,779 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its stake in Bank of America by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider's stock worth $2,958,110,000 after purchasing an additional 1,105,833 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Key Headlines Impacting Bank of America

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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BAC. Robert W. Baird lifted their price target on Bank of America from $56.00 to $58.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. UBS Group boosted their target price on shares of Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Morgan Stanley decreased their price target on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 31st. JPMorgan Chase & Co. dropped their price objective on shares of Bank of America from $61.50 to $57.50 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. Finally, Argus increased their price objective on Bank of America from $59.00 to $62.00 and gave the company 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 given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $61.06.

Insider Buying and Selling at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred 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 of the company's stock, valued at $72,803,774.97. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.27% of the stock is owned by corporate insiders.

Bank of America Price Performance

Shares of BAC stock opened at $56.26 on Friday. The firm's 50 day moving average price is $52.82 and its two-hundred day moving average price is $52.51. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. Bank of America Corporation has a 52-week low of $44.75 and a 52-week high of $57.98. The stock has a market cap of $399.27 billion, a PE ratio of 13.93, a PEG ratio of 0.96 and a beta of 1.18.

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 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 quarter in the prior year, the business posted $0.90 EPS. The firm's quarterly revenue was up 10.7% on a year-over-year basis. As a group, analysts forecast that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be paid 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 dividend yield of 2.0%. Bank of America's dividend payout ratio is 27.72%.

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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