Bank of America Corporation $BAC Shares Sold by Madison Asset Management LLC

Key Points

• Madison Asset Management LLC cut its Bank of America stake by 19.3% in the first quarter, leaving it with 204,939 shares worth about $10.0 million.
• Bank of America reported stronger-than-expected quarterly earnings, posting EPS of $1.21 versus the $1.13 estimate, while revenue rose 19.6% year over year.
• Analysts remain mostly bullish on BAC, with 21 Buy ratings and 6 Hold ratings; the consensus price target stands at $63.77.

Madison Asset Management LLC decreased its position in shares of Bank of America Corporation (NYSE:BAC) by 19.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 204,939 shares of the financial services provider's stock after selling 49,148 shares during the period. Madison Asset Management LLC's holdings in Bank of America were worth $9,991,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Abound Financial LLC acquired a new position in shares of Bank of America during the 4th quarter valued at $26,000. Wiser Advisor Group LLC acquired a new stake in shares of Bank of America in the third quarter valued at $27,000. Legacy Bridge LLC lifted its holdings in shares of Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock valued at $28,000 after buying an additional 330 shares during the period. CrossGen Wealth LLC bought a new position in Bank of America during the fourth quarter valued at about $30,000. Finally, Joseph Group Capital Management bought a new position in Bank of America during the fourth quarter valued at about $32,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The shares were 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 of the company's stock, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.27% of the company's stock.

Bank of America Trading Up 1.2%

Shares of BAC opened at $61.12 on Wednesday. The business's 50-day moving average price is $55.71 and its 200 day moving average price is $53.21. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. The stock has a market capitalization of $433.71 billion, a P/E ratio of 14.02, a P/E/G ratio of 0.97 and a beta of 1.17. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $62.12.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating analysts' consensus estimates of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The company had revenue of $8.08 billion during the quarter, compared to analyst estimates of $30.78 billion. During the same period in the prior year, the firm earned $0.89 earnings per share. The business's quarterly revenue was up 19.6% on a year-over-year basis. Analysts expect that Bank of America Corporation will post 4.66 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, June 5th. Bank of America's dividend payout ratio is 25.69%.

Analysts Set New Price Targets

Several equities research analysts have commented on BAC shares. Argus set a $70.00 price target on shares of Bank of America in a research report on Wednesday, July 15th. Barclays raised their price objective on shares of Bank of America from $71.00 to $72.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of America in a research note on Friday, April 24th. Truist Financial boosted their target price on shares of Bank of America from $64.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. Finally, HSBC raised their target price on shares of Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $63.77.

More Bank of America News

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

• Positive Sentiment: Bank of America’s new BofA Rewards program crossed 3 million enrollments in just seven weeks, with most sign-ups happening digitally. That rapid adoption suggests the bank is successfully deepening customer relationships and could support future deposit growth and cross-selling. 3 Million+ Clients Enroll in New BofA Rewards™ Program in First Seven Weeks
• Positive Sentiment: Bank of America also enhanced its EricaAssist tool with generative AI, giving more than 18,000 employees faster real-time guidance to resolve client needs. Investors may view this as an efficiency and service-quality improvement that can help lower costs over time. BofA enhances AI-powered tool to resolve client needs faster
• Positive Sentiment: Oppenheimer reportedly added Bank of America to its latest buy ideas list with a near-perfect quant rating, reinforcing the bullish case for BAC among analysts. Bank of America leads Oppenheimer's latest buy additions with near-perfect quant rating
• Positive Sentiment: The bank promoted Thorsten Pauli to lead Asia Pacific capital markets, a move that underscores continued focus on investment banking and global markets opportunities. Bank of America (BAC) Names Thorsten Pauli To Lead Asia Pacific Capital Markets
• Positive Sentiment: Bank of America’s small business digital banking platform again ranked first in a Keynova Group scorecard, which may bolster the view that BAC is gaining share through better digital products. Small Business Digital Banking Advances with Payment Innovations and Upgraded Invoicing and Receivables Capabilities
• Neutral Sentiment: Several stories highlighted Bank of America research on other companies, including Micron, Meta, Apple, CoreWeave, and Citizens Financial. These items mainly reflect BAC’s analyst franchise rather than a direct change in Bank of America’s fundamentals.
• Neutral Sentiment: The bank also released workplace wellbeing and broader economic commentary, which add color to the macro backdrop but are less likely to move BAC shares by themselves. BofA Report: Financial Wellbeing of Employees at U.S. Companies Hits Four-Year High, Even as Cost-of-Living Pressures Persist

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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