Burney Co. Reduces Stake in Bank of America Corporation $BAC

Key Points

• Burney Co. cut its Bank of America stake by 65.3% in the first quarter, selling 22,092 shares and leaving it with 11,723 shares valued at about $571,000.
• Analysts remain bullish on BAC, with several firms raising price targets and the consensus rating sitting at “Moderate Buy” with an average target price of $62.19.
• Recent company news has been mostly positive, including Bank of America’s reported $520 million loan to OpenAI, Merrill Managed Account Advisors surpassing $1 trillion in assets, and a dividend payout of $0.28 per share.

Burney Co. lowered its stake in Bank of America Corporation (NYSE:BAC) by 65.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,723 shares of the financial services provider's stock after selling 22,092 shares during the quarter. Burney Co.'s holdings in Bank of America were worth $571,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Abound Financial LLC bought a new position in shares of Bank of America in the fourth quarter valued at approximately $26,000. Wiser Advisor Group LLC bought a new stake in Bank of America during the 3rd quarter worth approximately $27,000. Legacy Bridge LLC lifted its stake in Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after purchasing an additional 330 shares in the last quarter. CrossGen Wealth LLC purchased a new stake in Bank of America in the 4th quarter worth approximately $30,000. Finally, Joseph Group Capital Management bought a new position in Bank of America in the 4th quarter valued at $32,000. 70.71% of the stock is currently owned by institutional investors.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America’s reported $520 million credit facility to OpenAI strengthens its position as a lender to major AI companies and could boost confidence in fee income and capital-markets growth. BofA extends first $520 million loan to OpenAI ahead of IPO, source says
• Positive Sentiment: Merrill Managed Account Advisors passing $1 trillion in assets underscores continued strength in Bank of America’s wealth-management franchise, which can support higher recurring revenue. Merrill Managed Account Advisors Surpasses $1 Trillion, Celebrates 20 Years of Innovation
• Positive Sentiment: Bank of America is benefiting from a favorable pre-earnings setup, with analysts highlighting the potential for another quarter of double-digit EPS growth and solid Q2 metrics ahead of results next week. BAC vs. WFC: Which Bank Is the Better Bet Ahead of Q2 Earnings?
• Neutral Sentiment: Bank of America also announced redemptions of $2.6 billion in senior bank notes due in August 2026, which is routine balance-sheet management and not likely to be a major stock-moving event. Bank of America, N.A. Announces Redemptions of $2,000,000,000 5.526% Senior Bank Notes and $600,000,000 Floating Rate Senior Bank Notes, Due August 2026
• Neutral Sentiment: Broader financial stocks were edging higher, which helps explain some of the positive tone around BAC, but this is more of a sector tailwind than a company-specific catalyst. Sector Update: Financial Stocks Edge Higher Premarket Thursday
• Negative Sentiment: Investors are still waiting for BAC’s Q2 earnings release, so any disappointment on loan growth, trading revenue, or credit costs could quickly temper the recent optimism. Wall Street's Insights Into Key Metrics Ahead of Bank of America (BAC) Q2 Earnings

Insider Buying and Selling at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the company's stock in a transaction 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 sale, the insider owned 1,373,397 shares of the company's stock, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Morgan Stanley boosted their price target on shares of Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a research report on Monday, June 29th. Argus increased their price objective on Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. lifted their price objective on Bank of America from $57.50 to $62.50 and gave the company an "overweight" rating in a research note on Monday. Evercore set a $63.00 target price on Bank of America and gave the stock an "outperform" rating in a research note on Monday. Finally, HSBC raised their price target on Bank of America from $55.00 to $60.00 and gave the company 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 assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $62.19.

Bank of America Trading Up 1.5%

NYSE BAC opened at $59.17 on Friday. The stock's 50-day simple moving average is $54.36 and its two-hundred day simple moving average is $52.93. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $60.83. 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 company has a market capitalization of $419.89 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 0.97 and a beta of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $30.27 billion during the quarter, compared to analysts' expectations of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.90 EPS. Research analysts forecast that Bank of America Corporation will post 4.51 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Friday, June 5th. Bank of America's payout ratio is presently 27.72%.

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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