BW Gestao de Investimentos Ltda. Acquires Shares of 324,823 Bank of America Corporation $BAC

Key Points

• BW Gestao de Investimentos Ltda. disclosed a new fourth-quarter stake in Bank of America, buying 324,823 shares valued at about $17.9 million.
• Bank of America continues to attract institutional interest, with several other hedge funds adding positions and 70.71% of the stock owned by institutional investors.
• The company reported solid recent performance and shareholder returns: quarterly EPS beat estimates, revenue rose year over year, and it announced a $0.28 quarterly dividend payable June 26.

BW Gestao de Investimentos Ltda. acquired a new stake in Bank of America Corporation (NYSE:BAC) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 324,823 shares of the financial services provider's stock, valued at approximately $17,865,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Legacy Bridge LLC boosted its position in shares of Bank of America by 182.3% during the fourth 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. Wiser Advisor Group LLC bought a new stake in Bank of America during the 3rd quarter worth about $27,000. Collier Financial bought a new stake in Bank of America during the 3rd quarter worth about $30,000. Joseph Group Capital Management bought a new stake in Bank of America during the 4th quarter worth about $32,000. Finally, HFM Investment Advisors LLC lifted its position in Bank of America by 566.0% during the 4th quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock worth $34,000 after buying an additional 532 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 83,832 shares of the stock in a transaction dated 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 completion of the sale, the insider owned 307,240 shares in the company, valued at $15,362,000. This represents a 21.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Geoffrey S. Greener sold 126,756 shares of the 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 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 354,588 shares of company stock valued at $17,814,296 over the last ninety days. 0.27% of the stock is currently owned by corporate insiders.

Bank of America News Roundup

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

• Positive Sentiment: Analysts and market commentary continue to highlight Bank of America’s deposit franchise as a key structural advantage, supporting stable funding and long-term profitability. Bank of America's Deposit Franchise Is the Hidden Asset Investors Keep Missing
• Positive Sentiment: Reuters-reported expectations for a 15% jump in second-quarter trading revenue suggest stronger near-term income, helped by market volatility and higher client activity. Bank of America (BAC) Expects Q2 Trading Revenue to Jump 15%, Reuters Reports
• Positive Sentiment: CEO Brian Moynihan’s recent comments that the company feels good about the near-term outlook and has raised its full-year net interest income outlook also added to sentiment. Bank of America's Deposit Franchise Is the Hidden Asset Investors Keep Missing
• Neutral Sentiment: Bank of America Securities also hosted investor forums and conference coverage around hedge fund and quant-market activity, which reflects the firm’s strong capital-markets positioning but is not a direct earnings catalyst for BAC shares. BofA Securities Asia Forum Gathers Global Investors Amid Surge in Hedge Funds Allocations

Bank of America Price Performance

BAC stock opened at $51.48 on Tuesday. The company has a 50 day simple moving average of $51.20 and a 200 day simple moving average of $52.30. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. Bank of America Corporation has a 1 year low of $43.36 and a 1 year high of $57.55. The stock has a market cap of $365.36 billion, a price-to-earnings ratio of 12.74, a P/E/G ratio of 0.87 and a beta of 1.21.

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 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same period in the prior year, the firm posted $0.90 EPS. The company's quarterly revenue was up 10.7% on a year-over-year basis. Research analysts anticipate that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Announces Dividend

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

Analysts Set New Price Targets

BAC has been the topic of several recent analyst reports. Truist Financial boosted their price objective 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. Evercore lowered their price objective on shares of Bank of America from $70.00 to $61.00 and set an "outperform" rating on the stock in a research note on Friday, May 15th. Piper Sandler lifted their target price on shares of Bank of America from $53.00 to $59.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Erste Group Bank downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 4th. Finally, Autonomous Res decreased their target price on Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a research report on Monday, April 6th. Twenty-two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $61.06.

Bank of America Company Profile

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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