Bank of America Corporation $BAC Shares Sold by Groupama Asset Managment

Key Points

• Groupama Asset Managment cut its Bank of America stake by 3.2% in the fourth quarter, selling 14,062 shares and ending with 425,294 shares valued at about $23.4 million.
• Institutional ownership remains very high, with several large investors including Vanguard, Norges Bank, and Capital International Investors adding to or establishing sizable positions in BAC.
• Bank of America reported solid recent results, beating analyst estimates with $1.11 EPS and $30.27 billion in revenue, while also announcing a quarterly dividend of $0.28 per share.

Groupama Asset Managment decreased its position in shares of Bank of America Corporation (NYSE:BAC) by 3.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 425,294 shares of the financial services provider's stock after selling 14,062 shares during the period. Groupama Asset Managment's holdings in Bank of America were worth $23,391,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Norges Bank bought a new stake in shares of Bank of America in the 4th quarter worth $4,774,210,000. Capital International Investors bought a new position in Bank of America during the fourth quarter valued at about $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Bank of America by 640.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock worth $2,399,798,000 after acquiring an additional 40,235,201 shares during the period. Vanguard Group Inc. raised its position in Bank of America by 3.7% in 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 acquiring an additional 23,351,183 shares in the last quarter. Finally, Cardano Risk Management B.V. lifted its holdings in Bank of America by 914.5% in the 4th quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider's stock valued at $1,380,239,000 after acquiring an additional 22,621,546 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

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

Several brokerages have recently issued reports on BAC. Evercore lowered their price objective on shares of Bank of America from $70.00 to $61.00 and set an "outperform" rating on the stock in a research note on Friday, May 15th. Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $63.00 to $64.00 and gave the stock an "outperform" rating in a report on Thursday, April 16th. The Goldman Sachs Group lifted their price target on shares of Bank of America from $58.00 to $63.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Erste Group Bank cut Bank of America from a "strong-buy" rating to a "hold" rating in a report on Wednesday, March 4th. Finally, Piper Sandler increased their price objective on Bank of America from $53.00 to $59.00 and gave the company a "neutral" rating in a research report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $61.06.

Bank of America Price Performance

BAC stock opened at $56.26 on Friday. Bank of America Corporation has a one year low of $44.75 and a one year high of $57.98. The firm has a 50-day moving average of $52.82 and a two-hundred day moving average of $52.51. The firm has a market capitalization of $399.27 billion, a PE ratio of 13.93, a P/E/G ratio of 0.96 and a beta of 1.18. 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 released its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share 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 the consensus estimate of $29.72 billion. During the same period last year, the firm posted $0.90 earnings per share. The firm's quarterly revenue was up 10.7% compared to the same quarter last year. On average, analysts forecast that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors 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 yield of 2.0%. Bank of America's dividend payout ratio (DPR) is currently 27.72%.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business's 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 sale, the insider directly owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.27% of the company's stock.

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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