Carnegie Investment Counsel Has $29.06 Million Stock Holdings in Bank of America Corporation $BAC

Key Points

• Carnegie Investment Counsel boosted its Bank of America stake by 13.8% in the first quarter, ending with 625,930 shares valued at about $29.06 million.
• Bank of America’s latest earnings beat expectations, reporting $1.11 EPS versus the $1.00 consensus and $30.27 billion in revenue, with revenue up 10.7% year over year.
• The stock was trading near $59.67, close to its 52-week high, while analysts remained broadly positive with a Moderate Buy rating and an average target price of $62.19.

Carnegie Investment Counsel increased its position in shares of Bank of America Corporation (NYSE:BAC) by 13.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 625,930 shares of the financial services provider's stock after acquiring an additional 75,947 shares during the quarter. Carnegie Investment Counsel's holdings in Bank of America were worth $29,063,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of BAC. Abound Financial LLC bought a new position in shares of Bank of America during the fourth quarter worth $26,000. Wiser Advisor Group LLC bought a new stake in shares of Bank of America in the 3rd quarter valued at $27,000. Legacy Bridge LLC raised its stake 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 stake in Bank of America during the 4th quarter worth $30,000. Finally, Joseph Group Capital Management bought a new position in Bank of America during the fourth quarter worth about $32,000. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Up 0.7%

Shares of Bank of America stock traded up $0.42 during trading hours on Friday, reaching $59.67. 21,908,911 shares of the company's stock were exchanged, compared to its average volume of 32,415,350. 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 50 day moving average of $54.50 and a two-hundred day moving average of $52.98. The stock has a market cap of $423.49 billion, a P/E ratio of 14.77, a P/E/G ratio of 1.00 and a beta of 1.17. Bank of America Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $60.83.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.11. The firm had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business's quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.90 EPS. On average, sell-side analysts forecast that Bank of America Corporation will post 4.51 EPS for the current fiscal year.

Bank of America Dividend Announcement

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

More 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

Insider Transactions at Bank of America

In other Bank of America 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 transaction, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.27% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on BAC shares. Keefe, Bruyette & Woods boosted their target price on Bank of America from $63.00 to $64.00 and gave the company an "outperform" rating in a research note on Thursday, April 16th. HSBC lifted their price objective on Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $59.00 price objective on shares of Bank of America in a research report on Thursday, April 16th. Piper Sandler raised 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. Finally, Oppenheimer lowered shares of Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $62.19.

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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