Bleakley Financial Group LLC Buys 29,226 Shares of Bank of America Corporation $BAC

Key Points

• Bleakley Financial Group LLC increased its Bank of America stake by 15.4% in the fourth quarter, buying 29,226 additional shares and bringing its total holding to 218,871 shares worth about $12.0 million.
• Insiders have been selling shares, including Bernard A. Mensah and James P. Demare, with total insider sales reaching 354,588 shares valued at $17.8 million over the past three months.
• Bank of America’s fundamentals and outlook remain solid: the company beat quarterly earnings estimates, pays a $0.28 quarterly dividend, and analysts maintain an overall “Moderate Buy” rating with an average price target of $61.06.

Bleakley Financial Group LLC raised its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 15.4% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 218,871 shares of the financial services provider's stock after purchasing an additional 29,226 shares during the period. Bleakley Financial Group LLC's holdings in Bank of America were worth $12,038,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of BAC. DecisionMap Wealth Management LLC boosted its stake in shares of Bank of America by 4.7% in the fourth quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider's stock worth $223,000 after acquiring an additional 182 shares during the period. Money Concepts Capital Corp boosted its stake in shares of Bank of America by 3.8% in the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock worth $273,000 after acquiring an additional 182 shares during the period. Holistic Financial Partners boosted its stake in shares of Bank of America by 2.4% in the fourth quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider's stock worth $434,000 after acquiring an additional 183 shares during the period. Asahi Life Asset Management CO. LTD. boosted its stake in shares of Bank of America by 1.0% in the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider's stock worth $1,092,000 after acquiring an additional 187 shares during the period. Finally, Riverview Capital Advisers LLC boosted its stake in shares of Bank of America by 4.2% in the third quarter. Riverview Capital Advisers LLC now owns 4,686 shares of the financial services provider's stock worth $242,000 after acquiring an additional 188 shares during the period. Institutional investors own 70.71% of the company's stock.

Insider Transactions at Bank of America

In related news, insider Bernard A. Mensah sold 94,000 shares of the business's stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $46.94, for a total value of $4,412,360.00. Following the sale, the insider directly owned 170,184 shares in the company, valued at approximately $7,988,436.96. The trade was a 35.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James P. Demare sold 83,832 shares of the company's stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total value of $4,191,600.00. Following the sale, the insider owned 307,240 shares in the company, valued at approximately $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 354,588 shares of company stock valued at $17,814,296 over the last three months. Corporate insiders own 0.27% of the company's stock.

Bank of America Price Performance

NYSE:BAC opened at $51.81 on Tuesday. 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 has a market capitalization of $367.64 billion, a P/E ratio of 12.82, a P/E/G ratio of 0.88 and a beta of 1.21. Bank of America Corporation has a 12 month low of $42.35 and a 12 month high of $57.55. The business's 50-day moving average is $50.75 and its 200 day moving average is $52.36.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. The company had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.90 earnings per share. On average, equities research analysts forecast that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company 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 $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America's payout ratio is currently 27.72%.

Key Bank of America News

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

• Positive Sentiment: Bank of America received a consensus “Moderate Buy” rating from brokerages, signaling that analysts remain broadly constructive on BAC despite recent market uncertainty. Bank of America Corporation NYSE: BAC Receives Consensus Recommendation of "Moderate Buy" from Brokerages
• Positive Sentiment: Major U.S. banks, including peers of Bank of America, cleared the Fed and FDIC review of their living wills, reducing regulatory overhang and supporting confidence in the banking sector. JPM, WFC & Others Clear Key Regulatory Hurdle on Living Wills
• Neutral Sentiment: One commentary piece highlighted Bank of America’s progress as a digital banking leader, but also said the stock still looks pricey/cautious from a valuation perspective, creating a mixed takeaway rather than a clear bullish catalyst. Bank of America (BAC) Has Become a Digital Leader. I’m Still Cautious on the Stock
• Neutral Sentiment: Broader market commentary about high bond yields, AI stock concentration, and a possible bubble environment could add some caution for financial stocks, but it is not a direct Bank of America-specific negative. Bond Strategists Warn Yields to Stay High Even If Iran War Ends
• Negative Sentiment: Bank of America’s contrarian market warning about extreme AI-stock concentration suggests the firm is signaling caution on risk appetite, which could weigh on sentiment if investors interpret it as a bearish market call. Bank of America Issues Rare Contrarian Sell Warning as AI Stock Concentration Soars

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $59.00 price objective on shares of Bank of America in a research note on Thursday, April 16th. Daiwa Securities Group upped their price objective on Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 28th. Morgan Stanley dropped their price objective on Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a research note on Tuesday, March 31st. Truist Financial upped their price objective on Bank of America from $57.00 to $61.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Finally, JPMorgan Chase & Co. dropped their price objective on Bank of America from $61.50 to $57.50 and set an "overweight" rating for the company in a research note on Tuesday, April 7th. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average 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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