Bank of America Corporation $BAC Shares Sold by KLCM Advisors Inc.

Key Points

• KLCM Advisors Inc. trimmed its Bank of America stake by 3.2% in the first quarter, selling 9,986 shares and ending with 306,138 shares valued at about $14.9 million.
• Institutional ownership remains high, with 70.71% of BAC shares held by hedge funds and other institutional investors; several large firms recently added or significantly increased positions.
• Bank of America’s stock has recent positive momentum, rising 0.7% to $59.67, while analysts remain constructive overall with a “Moderate Buy” rating and an average price target of $62.19.

KLCM Advisors Inc. decreased its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 3.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 306,138 shares of the financial services provider's stock after selling 9,986 shares during the quarter. Bank of America makes up approximately 1.3% of KLCM Advisors Inc.'s holdings, making the stock its 19th largest holding. KLCM Advisors Inc.'s holdings in Bank of America were worth $14,924,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Norges Bank purchased a new position in shares of Bank of America in the fourth quarter valued at $4,774,210,000. Capital International Investors purchased a new stake in Bank of America during the 4th quarter worth $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Bank of America by 640.5% in the 3rd 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 buying an additional 40,235,201 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Bank of America by 3.7% in the 4th 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 in the last quarter. Finally, Cardano Risk Management B.V. boosted its position 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 buying an additional 22,621,546 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Key Bank of America News

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 Buying and Selling

In other news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the transaction, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.27% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Truist Financial raised their target price on Bank of America from $61.00 to $64.00 and gave the company a "buy" rating in a research note on Friday, June 26th. JPMorgan Chase & Co. increased their price target on Bank of America from $57.50 to $62.50 and gave the company an "overweight" rating in a report on Monday, July 6th. Piper Sandler raised their price objective on Bank of America from $53.00 to $59.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Royal Bank Of Canada restated an "outperform" rating and set a $59.00 price objective on shares of Bank of America in a report on Thursday, April 16th. Finally, Oppenheimer lowered Bank of America from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $62.19.

Bank of America Stock Up 0.7%

Shares of BAC traded up $0.42 during midday trading on Friday, hitting $59.67. The company had a trading volume of 21,908,911 shares, compared to its average volume of 32,415,350. The company's 50 day moving average price is $54.50 and its 200 day moving average price is $52.98. The stock has a market cap of $423.49 billion, a price-to-earnings ratio of 14.77, a PEG ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a 52 week low of $44.75 and a 52 week high of $60.83. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.00 by $0.11. The business 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 company's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.90 earnings per share. On average, equities research analysts predict that Bank of America Corporation will post 4.51 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were paid a dividend of $0.28 per share. The ex-dividend date was Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 1.9%. Bank of America's dividend payout ratio is presently 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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