Clark Capital Management Group Inc. Grows Stock Holdings in Bank of America Corporation $BAC

Key Points

• Clark Capital Management Group increased its stake in Bank of America by 1.4% in the fourth quarter, holding 1,896,262 shares valued at about $104.3 million after adding 26,410 shares.
• Bank of America reported better-than-expected first-quarter earnings, posting $1.11 EPS versus the $1.00 estimate and revenue of $30.27 billion, while analysts now expect full-year EPS of 4.45.
• The company also announced a quarterly dividend of $0.28 per share, payable June 26, representing a 2.0% annualized yield, and Wall Street remains generally positive with an average Moderate Buy rating and $61.06 price target.

Clark Capital Management Group Inc. boosted its position in Bank of America Corporation (NYSE:BAC) by 1.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,896,262 shares of the financial services provider's stock after acquiring an additional 26,410 shares during the period. Clark Capital Management Group Inc.'s holdings in Bank of America were worth $104,294,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Abound Financial LLC purchased a new stake in Bank of America in the 4th quarter worth approximately $26,000. Legacy Bridge LLC grew its stake in Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after acquiring an additional 330 shares during the period. Wiser Advisor Group LLC purchased a new stake in Bank of America in the 3rd quarter worth approximately $27,000. Joseph Group Capital Management purchased a new stake in Bank of America in the 4th quarter worth approximately $32,000. Finally, HFM Investment Advisors LLC grew its stake in Bank of America by 566.0% in the 4th quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock worth $34,000 after acquiring an additional 532 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 1.6%

Shares of BAC opened at $56.79 on Wednesday. The firm has a market cap of $402.99 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 0.95 and a beta of 1.19. The company's fifty day moving average is $52.57 and its two-hundred day moving average is $52.47. Bank of America Corporation has a fifty-two week low of $44.06 and a fifty-two week 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.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.90 EPS. Analysts forecast that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. Bank of America's payout ratio is presently 27.72%.

Wall Street Analysts Forecast Growth

Several research firms have commented on BAC. Jefferies Financial Group lifted their target price on shares of Bank of America from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. UBS Group lifted their price target on shares of Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Evercore decreased their price target on shares of Bank of America from $70.00 to $61.00 and set an "outperform" rating on the stock in a report on Friday, May 15th. HSBC lifted their price target on shares of Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Finally, Morgan Stanley decreased their price target on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $61.06.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America CEO Brian Moynihan said consumers are still spending on discretionary items despite inflation and affordability concerns, suggesting BAC’s customer base remains resilient and supporting a constructive outlook for card, deposit, and lending activity. Bank of America CEO Says Consumers Keep Spending Despite Affordability Concerns
• Positive Sentiment: Bank of America is expanding its “Scaminars” fraud-prevention campaign and using AI-powered detection tools, which could help reduce losses, protect clients, and strengthen the bank’s reputation with retail customers. Bank of America to Host Thousands of "Scaminars" to Help Protect Clients and Fight Fraud
• Positive Sentiment: Bank of America noted that Meta’s new AI search tools could create a larger monetization opportunity, highlighting BAC’s research influence and its bullish view on AI-driven growth themes. Meta introduces AI search and creative tools, Bank of America flags emerging monetization opportunity
• Neutral Sentiment: Bank of America maintained a Hold rating on PDD Holdings, citing softer-than-expected results; this is not directly about BAC, but it reflects ongoing analyst discipline across the firm’s coverage. Bank of America Securities Maintains Hold Rating on PDD Holdings (PDD) Stock
• Neutral Sentiment: Bank of America’s market commentary showing AI stock enthusiasm is still in the “boom phase” may support risk appetite in equities, but it is more of a market sentiment signal than a direct BAC-specific catalyst. AI Stock Rally Is in Boom Phase Not Euphoria, BofA Survey Shows
• Neutral Sentiment: Bank of America renewed its partnership with the Kansas City Current, a positive branding and community item, but it is unlikely to materially affect earnings or the stock near term. Kansas City Current, BofA Announces Multi-Year Partnership Renewal Featuring Enhanced Community Efforts
• Neutral Sentiment: Bank of America slightly reduced a derivative-based stake in CA Immobilien Anlagen, a routine disclosure that does not appear significant for BAC’s fundamentals. Bank of America slightly trims derivative-based stake in CA Immobilien Anlagen

Insider Buying and Selling at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America 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 owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.27% of the company's stock.

Bank of America 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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