Bank of America Corporation $BAC Shares Sold by Mesirow Financial Investment Management Inc.

Key Points

• Mesirow Financial Investment Management reduced its Bank of America stake by 7.1% in the fourth quarter, selling 58,103 shares and leaving it with 763,190 shares worth about $41.98 million.
• Bank of America’s latest earnings beat expectations, reporting $1.11 EPS versus the $1.00 consensus and revenue of $30.27 billion, while quarterly revenue rose 10.7% year over year.
• The bank also announced a quarterly dividend of $0.28 per share, payable June 26, representing an annualized yield of 2.2% and a payout ratio of 27.72%.

Mesirow Financial Investment Management Inc. cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 7.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 763,190 shares of the financial services provider's stock after selling 58,103 shares during the quarter. Bank of America comprises about 0.9% of Mesirow Financial Investment Management Inc.'s investment portfolio, making the stock its 25th largest position. Mesirow Financial Investment Management Inc.'s holdings in Bank of America were worth $41,975,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. DecisionMap Wealth Management LLC grew its stake in shares of Bank of America by 4.7% during the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider's stock worth $223,000 after purchasing an additional 182 shares during the period. Money Concepts Capital Corp grew its stake in shares of Bank of America by 3.8% during the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock worth $273,000 after purchasing an additional 182 shares during the period. Holistic Financial Partners grew its stake in shares of Bank of America by 2.4% during the 4th quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider's stock worth $434,000 after purchasing an additional 183 shares during the period. Asahi Life Asset Management CO. LTD. grew its stake in shares of Bank of America by 1.0% during the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider's stock worth $1,092,000 after purchasing an additional 187 shares during the period. Finally, Riverview Capital Advisers LLC grew its stake in shares of Bank of America by 4.2% during the 3rd quarter. Riverview Capital Advisers LLC now owns 4,686 shares of the financial services provider's stock worth $242,000 after purchasing an additional 188 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

NYSE:BAC opened at $49.83 on Thursday. The firm has a market cap of $353.65 billion, a price-to-earnings ratio of 12.34, a price-to-earnings-growth ratio of 0.86 and a beta of 1.21. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The company's 50-day moving average is $50.42 and its two-hundred day moving average is $52.48. Bank of America Corporation has a 12-month low of $42.35 and a 12-month high of $57.55.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.11. The company had revenue of $30.27 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.90 EPS. Research analysts expect that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's dividend payout ratio is 27.72%.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 83,832 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the sale, the insider owned 307,240 shares of the company's stock, valued at approximately $15,362,000. This represents a 21.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas M. Scrivener sold 50,000 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the sale, the insider directly owned 227,973 shares of the company's stock, valued at approximately $11,357,614.86. This trade represents a 17.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 354,588 shares of company stock worth $17,814,296 in the last quarter. Company insiders own 0.27% 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’s own analysts upgraded Akamai Technologies to Buy, highlighting a broader shift toward viewing network and infrastructure names as AI beneficiaries; that reinforces BofA’s role as an active and influential deal/rating house in AI-linked stocks. Akamai Technologies upgraded by Bank of America on AI infrastructure shift
• Positive Sentiment: Bank of America is also being portrayed as an AI-era winner itself, with coverage noting branch expansion plus AI tools could help deepen customer relationships, support deposit growth, and strengthen its hybrid banking model. Can Branch Expansion Give Bank of America an Edge in the AI Era?
• Positive Sentiment: News that Bank of America joined LTX as a fully integrated liquidity provider on an AI-powered corporate bond trading platform highlights continued investment in electronic trading and fixed-income technology, which could improve efficiency and market share over time. Bank Of America Deepens AI Bond Trading Role With LTX Partnership
• Positive Sentiment: Industry data showed large U.S. banks, including Bank of America, led record share repurchases in the first quarter, which supports per-share earnings and signals strong capital generation. Bank Stock Buybacks Hit a Record in First Quarter. Citi, BofA, and Goldman Were Leaders.
• Neutral Sentiment: Seeking Alpha’s “Undercovered Dozen” piece included Bank of America among lesser-covered stocks, but it does not appear to introduce a major new catalyst by itself. Undercovered Dozen: Bank Of America, Plug Power, Dycom And More
• Negative Sentiment: BofA Securities settled an insider-trading-related case with India’s Sebi, a headline that may create some reputational noise, though the financial penalty was relatively small. BofA Securities settles insider trading case with Sebi

Analyst Ratings Changes

BAC has been the topic of a number of recent analyst reports. Truist Financial upped their price target on shares of Bank of America from $57.00 to $61.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. HSBC upped their price target on shares of Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. TD Cowen lowered their price target on shares of Bank of America from $66.00 to $64.00 and set a "buy" rating on the stock in a research note on Thursday, January 15th. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of America in a research report on Friday, April 24th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $59.00 price objective on shares of Bank of America 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 company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $61.06.

About Bank of America

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.