Bank of America Corporation $BAC Shares Sold by Pinnbrook Capital Management LP

Key Points

• Pinnbrook Capital Management cut its Bank of America stake by 22.2% in the fourth quarter, selling 10,370 shares and ending with 36,287 shares valued at about $2.0 million.
• Bank of America reported better-than-expected first-quarter earnings, with EPS of $1.11 versus the $1.00 consensus estimate and revenue of $30.27 billion, up 10.7% year over year.
• The bank also announced a quarterly dividend of $0.28 per share, payable June 26, implying an annualized yield of 2.2% at the time of the report.

Pinnbrook Capital Management LP trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 22.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,287 shares of the financial services provider's stock after selling 10,370 shares during the period. Pinnbrook Capital Management LP's holdings in Bank of America were worth $1,996,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Van Hulzen Asset Management LLC lifted its position in Bank of America by 4.7% during the fourth quarter. Van Hulzen Asset Management LLC now owns 161,436 shares of the financial services provider's stock valued at $8,879,000 after buying an additional 7,298 shares in the last quarter. Commonwealth Financial Services LLC acquired a new position in Bank of America during the fourth quarter valued at approximately $235,000. Goldenstone Wealth Management LLC acquired a new position in Bank of America during the fourth quarter valued at approximately $311,000. FourThought Financial Partners LLC lifted its position in Bank of America by 1.1% during the fourth quarter. FourThought Financial Partners LLC now owns 20,285 shares of the financial services provider's stock valued at $1,116,000 after buying an additional 224 shares in the last quarter. Finally, Mach 1 Financial Group LLC acquired a new position in Bank of America during the fourth quarter valued at approximately $2,340,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 0.4%

Shares of NYSE:BAC opened at $51.46 on Friday. 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 Corporation has a 12-month low of $42.35 and a 12-month high of $57.55. The company has a fifty day simple moving average of $50.59 and a 200 day simple moving average of $52.38. The firm has a market cap of $365.16 billion, a PE ratio of 12.74, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21.

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, beating 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 firm had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. During the same quarter in the previous year, the firm earned $0.90 earnings per share. The firm's revenue for the quarter was up 10.7% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Announces Dividend

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

Insider Buying and Selling at Bank of America

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 completion of the sale, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Bernard A. Mensah sold 94,000 shares of the business's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the sale, the insider owned 170,184 shares of the company's stock, valued at approximately $7,988,436.96. The trade was a 35.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 354,588 shares of company stock worth $17,814,296 in the last ninety days. 0.27% of the stock is currently owned by company insiders.

Key Bank of America News

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

• Positive Sentiment: Bank of America published an outlook highlighting renewed opportunities in commercial real estate, farmland, timberland, and energy, which suggests its research team sees improving fundamentals in real assets and could support fee-generating client activity. Bank of America Outlook Sees Renewed Opportunity Across Commercial Real Estate, Farmland, Timberland and Energy
• Positive Sentiment: Bank of America remained active on the research front, reiterating a Buy rating on Alphabet and reinstating coverage on ServiceNow with a Buy call, reinforcing its influence in market-moving stock research and signaling a constructive view on risk assets.
• Neutral Sentiment: Bank of America’s disclosure of indirect crypto ETF exposure and research on Gen Z money habits is more informative than market-moving, but it underscores the bank’s participation in digital-asset-linked products and its focus on younger customers.
• Negative Sentiment: CFRA downgraded Bank of America (BAC) to Hold, which can weigh on sentiment by suggesting less upside from current valuation levels. CFRA downgrades Bank of America (BAC) to a Hold
• Negative Sentiment: News that Bank of America will pay a settlement over duplicate 7-Eleven ATM fees may add to concerns about litigation and operating risks, though the financial impact appears limited. Bank of America will pay settlement over duplicate 7-Eleven ATM fees

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Truist Financial lifted their price target on shares of Bank of America from $57.00 to $61.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. HSBC lifted their price target on shares of Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Morgan Stanley reduced 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 report 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 on the stock in a research note on Tuesday, April 7th. Finally, Robert W. Baird lifted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and a consensus price target 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.

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