Bank of America Corporation $BAC Stake Boosted by CIBC Asset Management Inc

Key Points

• CIBC Asset Management increased its Bank of America stake by 46.6% in the fourth quarter, bringing its holdings to 2,043,401 shares valued at about $112.4 million.
• Bank of America reported strong quarterly results, with EPS of $1.11 topping expectations and revenue of $30.27 billion, up 10.7% year over year. Analysts now expect the company to earn 4.45 EPS for the full year.
• The bank also declared a quarterly dividend of $0.28 per share, which implies an annualized yield of about 2.1%, while analysts maintain a consensus rating of Moderate Buy with an average price target of $61.06.

CIBC Asset Management Inc grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 46.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,043,401 shares of the financial services provider's stock after acquiring an additional 649,356 shares during the period. CIBC Asset Management Inc's holdings in Bank of America were worth $112,356,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Marble Wealth LLC bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $2,309,000. Mccarter Private Wealth Services LLC grew its stake in shares of Bank of America by 4.2% in the 4th quarter. Mccarter Private Wealth Services LLC now owns 19,976 shares of the financial services provider's stock valued at $1,099,000 after buying an additional 805 shares in the last quarter. Spectrum Planning & Advisory Services Inc. bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $205,000. Bank of New York Mellon Corp grew its stake in shares of Bank of America by 5.4% in the 4th quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider's stock valued at $3,169,062,000 after buying an additional 2,929,779 shares in the last quarter. Finally, Rice Partnership LLC grew its stake in shares of Bank of America by 72.2% in the 4th quarter. Rice Partnership LLC now owns 13,807 shares of the financial services provider's stock valued at $759,000 after buying an additional 5,788 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America News Summary

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

• Positive Sentiment: Investors are being reminded of Bank of America’s strong deposit franchise, a key structural advantage that can support net interest income and long-term earnings stability. Bank of America's Deposit Franchise Is the Hidden Asset Investors Keep Missing
• Positive Sentiment: A Seeking Alpha piece frames BAC as an attractive banking name for capital deployment, reinforcing the view that the stock still offers value for investors seeking exposure to a large, profitable lender. Bank of America: Let The Capital Flow To Your Portfolio With This Banking Powerhouse
• Neutral Sentiment: A note about Bank of America’s latest analyst update said the price target was left unchanged, which suggests a wait-and-see stance rather than a major shift in the investment case. How A Flat Price Target Is Shaping The Story For Bank Of America (BAC)
• Neutral Sentiment: One reported item says former Epstein banker Paul Morris left Bank of America’s Merrill unit, but the article does not indicate a material business impact on BAC. Former Epstein banker Paul Morris leaves Bank of America's Merrill unit - report
• Negative Sentiment: Broader market coverage shows Wall Street analysts growing more skeptical after the recent rally, which could temper enthusiasm for financial stocks like BAC if sentiment rotates away from stretched valuations. Wall Street Analysts Turn Skeptical After Two-Month Stocks Rally

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Autonomous Res lowered their price target on Bank of America from $62.00 to $54.00 and set a "neutral" rating for the company in a research note on Monday, April 6th. Weiss Ratings reissued a "buy (b)" rating on shares of Bank of America in a research report on Friday, April 24th. HSBC increased their target price on shares of Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. lowered their target price on shares of Bank of America from $61.50 to $57.50 and set an "overweight" rating on the stock in a research report on Tuesday, April 7th. Finally, Truist Financial increased their target price on shares of Bank of America from $57.00 to $61.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and an average target price of $61.06.

Bank of America Stock Up 1.9%

Shares of Bank of America stock opened at $52.50 on Wednesday. The stock has a market capitalization of $372.55 billion, a P/E ratio of 12.99, a PEG ratio of 0.87 and a beta of 1.18. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The stock has a 50 day moving average price of $51.20 and a two-hundred day moving average price of $52.30. Bank of America Corporation has a 12-month low of $43.66 and a 12-month high of $57.55.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm had revenue of $30.27 billion during the quarter, compared to analysts' expectations of $29.72 billion. During the same quarter in the prior year, the business earned $0.90 earnings per share. The company's revenue was up 10.7% on a year-over-year basis. Equities analysts expect 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 declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, June 5th. Bank of America's dividend payout ratio is 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 company's stock in a transaction dated 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 directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bernard A. Mensah sold 94,000 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $46.94, for a total value of $4,412,360.00. Following the completion of the sale, the insider directly owned 170,184 shares of the company's stock, valued at $7,988,436.96. This represents a 35.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 270,756 shares of company stock worth $13,622,696 over the last ninety days. Company insiders own 0.27% of the company's stock.

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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