Candriam S.C.A. Has $62.85 Million Position in Bank of America Corporation $BAC

Candriam S.C.A. cut its holdings in shares of Bank of America Corporation (NYSE:BAC) by 5.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,289,220 shares of the financial services provider's stock after selling 79,213 shares during the period. Candriam S.C.A.'s holdings in Bank of America were worth $62,849,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Abound Financial LLC bought a new stake in shares of Bank of America in the fourth quarter worth $26,000. Wiser Advisor Group LLC bought a new position in Bank of America during the 3rd quarter worth $27,000. Legacy Bridge LLC lifted its holdings in Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after buying an additional 330 shares during the period. CrossGen Wealth LLC acquired a new position in Bank of America during the 4th quarter worth about $30,000. Finally, Joseph Group Capital Management bought a new stake in shares of Bank of America in the 4th quarter valued at about $32,000. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. increased their price target on Bank of America from $57.50 to $62.50 and gave the company an "overweight" rating in a research note on Monday, July 6th. Wells Fargo & Company upped their target price on Bank of America from $65.00 to $67.00 and gave the company an "overweight" rating in a report on Monday, July 6th. Argus increased their target price on shares of Bank of America from $59.00 to $62.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. HSBC raised their price target on shares of Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Finally, Autonomous Res reduced their price objective on shares of Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a research note on Monday, April 6th. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $62.19.

Key Bank of America News

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

• Positive Sentiment: Bank of America’s consumer team said its latest report showed spending up 6.3%, the fastest pace in four years, with wage growth broad-based across all income groups. That suggests the U.S. consumer remains resilient, which is supportive for BAC’s lending and fee income outlook. BofA Consumer Chief: Spending Jumps 6.3% With Wage Growth Across “All Income Groups”
• Positive Sentiment: Financial funds saw their biggest inflow since January, according to Bank of America, signaling improved investor appetite for the sector ahead of bank earnings season. That kind of rotation can lift BAC and other large-cap financials. Financial funds steal the spotlight with biggest inflow since January, Bofa says
• Positive Sentiment: Analysts and market coverage continue to frame Bank of America’s upcoming July 14 earnings report as potentially strong, with expectations for healthy net interest income, fee income, and double-digit EPS growth. Strong results could extend the recent move higher in BAC shares. Bank of America Reports Q2 Earnings Next Week. What Investors Should Expect.
• Neutral Sentiment: Bank of America also continues to generate headlines through its analyst research, including bullish views on names like Meta, Nvidia, Micron, Costco, and homebuilders. These reports help reinforce BAC’s influence on Wall Street, but they are only an indirect driver of BAC stock itself. Meta Stock’s AI Chip Ambitions Are Reaching a ‘Positive Inflection,’ Says Bank of America
• Neutral Sentiment: Bank of America, N.A. announced redemptions of $2.6 billion of senior notes due in August 2026. The move is routine balance-sheet management and is not likely to materially affect the stock on its own. 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

Bank of America Stock Up 0.7%

Shares of Bank of America stock opened at $59.67 on Friday. The stock's 50-day moving average is $54.50 and its 200 day moving average is $52.98. Bank of America Corporation has a one year low of $44.75 and a one year high of $60.83. The firm has a market cap of $423.49 billion, a price-to-earnings ratio of 14.77, a PEG ratio of 0.99 and a beta of 1.17. 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 (NYSE:BAC - Get Free Report) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. The business had revenue of $30.27 billion during 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 company posted $0.90 earnings per share. Equities research analysts anticipate that Bank of America Corporation will post 4.51 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were given a dividend of $0.28 per share. 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%.

Insider Activity

In related news, insider Geoffrey S. Greener sold 126,756 shares of the 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 transaction, the insider directly owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.27% of the stock is owned by insiders.

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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