Capricorn Fund Managers Ltd Grows Position in Bank of America Corporation $BAC

Key Points

• Capricorn Fund Managers Ltd dramatically increased its stake in Bank of America, boosting its holdings by 2,008.8% in the first quarter to 537,000 shares worth about $26.2 million. Bank of America is now its second-largest position and makes up about 4.1% of the portfolio.
• Institutional investors continue to hold a large majority of BAC, with hedge funds and other institutions owning 70.71% of the company. Several major funds also recently added or expanded positions, underscoring broad institutional interest.
• Bank of America reported stronger-than-expected quarterly results, with EPS of $1.11 versus the $1.00 consensus and revenue of $30.27 billion. Analysts remain cautiously bullish overall, with a consensus rating of Moderate Buy and a price target of $61.60.

Capricorn Fund Managers Ltd lifted its position in Bank of America Corporation (NYSE:BAC - Free Report) by 2,008.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 537,000 shares of the financial services provider's stock after buying an additional 511,535 shares during the period. Bank of America makes up about 4.1% of Capricorn Fund Managers Ltd's portfolio, making the stock its 2nd largest position. Capricorn Fund Managers Ltd's holdings in Bank of America were worth $26,179,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in Bank of America in the fourth quarter valued at about $4,774,210,000. Capital International Investors purchased a new stake in shares of Bank of America during the fourth quarter worth about $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Bank of America by 640.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock worth $2,399,798,000 after acquiring an additional 40,235,201 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Bank of America by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock valued at $35,809,225,000 after acquiring an additional 23,351,183 shares in the last quarter. Finally, Cardano Risk Management B.V. increased its holdings in shares of Bank of America by 914.5% during the fourth quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider's stock valued at $1,380,239,000 after acquiring an additional 22,621,546 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the transaction, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.27% of the company's stock.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent analyst reports. Autonomous Res lowered their target price on shares of 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 reaffirmed a "buy (b)" rating on shares of Bank of America in a report on Friday, April 24th. Robert W. Baird lifted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a "neutral" rating in a research note on Thursday, April 16th. Jefferies Financial Group boosted their price objective on shares of Bank of America from $60.00 to $65.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $59.00 target price on shares of Bank of America in a research note 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.60.

More Bank of America News

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

• Positive Sentiment: Morgan Stanley raised its price target on Bank of America to $67 from $61 and kept an Overweight rating, reinforcing a bullish Wall Street view of BAC’s earnings power and valuation upside. Morgan Stanley raises price target on Bank of America
• Positive Sentiment: Separate coverage continued to point to Bank of America as a long-term holding and highlighted favorable positioning versus other megabanks, which can support investor sentiment around the stock. Bank Of America Corp (BAC) Is A Long Time Berkshire Hathaway Holding
• Positive Sentiment: Bank of America also received coverage tied to a constructive view on markets and chip-sector demand, signaling that its research franchise is still producing influential calls that can bolster the company’s market profile. Bank of America Details How ‘Micron/Anthropic Partnership’ Locks In ‘Greater Confidence in 2-3-Year Supply/Demand/Pricing Visibility’

Bank of America Stock Performance

Shares of NYSE BAC opened at $56.97 on Wednesday. The company has a 50 day simple moving average of $53.51 and a two-hundred day simple moving average of $52.73. The stock has a market cap of $404.31 billion, a price-to-earnings ratio of 14.10, a PEG ratio of 0.97 and a beta of 1.18. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a 12 month low of $44.75 and a 12 month high of $59.19.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data 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. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same quarter in the prior year, the business earned $0.90 earnings per share. The business's quarterly revenue was up 10.7% compared to the same quarter last year. As a group, analysts predict that Bank of America Corporation will post 4.48 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America's dividend payout ratio (DPR) is currently 27.72%.

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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