Catalyst Funds Management Pty Ltd Takes Position in Bank of America Corporation $BAC

Key Points

• Catalyst Funds Management disclosed a new fourth-quarter stake in Bank of America, buying 40,700 shares worth about $2.24 million.
• Bank of America’s latest quarterly results beat expectations, with EPS of $1.11 versus the $1.00 estimate and revenue of $30.27 billion, up 10.7% year over year.
• The company declared a quarterly dividend of $0.28 per share, payable June 26, and analysts remain broadly positive, with a consensus rating of Moderate Buy and an average price target of $61.06.

Catalyst Funds Management Pty Ltd acquired a new stake in Bank of America Corporation (NYSE:BAC) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 40,700 shares of the financial services provider's stock, valued at approximately $2,238,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Wiser Advisor Group LLC bought a new stake in shares of Bank of America during the 3rd quarter worth about $27,000. Legacy Bridge LLC boosted its holdings in shares of 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. Collier Financial bought a new stake in shares of Bank of America during the 3rd quarter worth about $30,000. Joseph Group Capital Management bought a new stake in shares of Bank of America during the 4th quarter worth about $32,000. Finally, HFM Investment Advisors LLC boosted its holdings in shares of 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 during the period. Institutional investors own 70.71% of the company's stock.

More Bank of America News

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

• Positive Sentiment: Bank of America hired veteran banker Richard Hardegree as Vice Chair of Mergers and Acquisitions, a move that could strengthen its dealmaking franchise and support future investment-banking revenue. Bank of America Corporation (BAC) Hires Richard Hardegree as Vice Chair of Mergers and Acquisitions
• Positive Sentiment: Analysts highlighted BAC’s loan growth, rising investment-banking fees, and AI-driven branch strategy as long-term positives that may help the stock recover despite this year’s pullback. BAC Slips 6.5% So Far This Year: Should You Still Buy the Stock?
• Neutral Sentiment: Bank of America strategist Michael Hartnett warned that mega-IPOs like SpaceX and OpenAI could create tech-market concentration risk, which is important for investors but does not directly change BAC’s fundamentals. BofA’s Hartnett Warns Mega-IPOs Risk Bubble Like Roaring ‘20s
• Neutral Sentiment: BofA also reinstated coverage of nuclear names with a Buy on Oklo and Neutral on NuScale, showing continued activity from the bank’s research team rather than a direct catalyst for BAC shares. BofA reinstates nuclear coverage with Buy on Oklo and Neutral on NuScale
• Negative Sentiment: CFRA downgraded Bank of America to Hold, adding a modest headwind as investors weigh valuation and near-term upside after the stock’s weaker year-to-date performance. CFRA downgrades Bank of America (BAC) to a Hold

Analysts Set New Price Targets

Several analysts recently commented on the stock. UBS Group lifted their target price on shares of Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Truist Financial lifted their target price on shares of Bank of America from $57.00 to $61.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Wall Street Zen raised shares of Bank of America from a "sell" rating to a "hold" rating in a report on Saturday, February 14th. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $63.00 to $64.00 and gave the stock an "outperform" rating in a report on Thursday, April 16th. Finally, Morgan Stanley reduced their target price on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a report on Tuesday, March 31st. Twenty-two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and an average target price of $61.06.

Bank of America Price Performance

Shares of Bank of America stock opened at $51.81 on Friday. Bank of America Corporation has a twelve month low of $42.35 and a twelve month high of $57.55. 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 50-day simple moving average of $50.65 and a two-hundred day simple moving average of $52.38. The stock has a market capitalization of $367.64 billion, a price-to-earnings ratio of 12.82, a price-to-earnings-growth ratio of 0.88 and a beta of 1.21.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $30.27 billion during the quarter, compared to analysts' expectations of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business's revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.90 EPS. Analysts forecast that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Dividend Announcement

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

Insider Activity

In other news, insider James P. Demare sold 83,832 shares of the business's stock in a transaction that occurred on 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 transaction, the insider directly owned 307,240 shares in the company, valued at approximately $15,362,000. The trade was a 21.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas M. Scrivener sold 50,000 shares of the business's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the transaction, the insider owned 227,973 shares of the company's stock, valued at $11,357,614.86. The trade was a 17.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 354,588 shares of company stock valued at $17,814,296 over the last quarter. 0.27% of the stock is owned by corporate insiders.

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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