DSG Capital Advisors LLC Lowers Position in Bank of America Corporation $BAC

Key Points

• DSG Capital Advisors LLC reduced its Bank of America stake by 20.1% in the first quarter, selling 13,161 shares and leaving it with 52,298 shares valued at about $2.55 million.
• Bank of America recently reported strong quarterly results, with EPS of $1.11 topping estimates and revenue rising 10.7% year over year to $30.27 billion. Analysts still expect continued earnings growth for the current year.
• Wall Street sentiment remains broadly positive, with multiple firms raising price targets and 21 analysts rating the stock a Buy. The shares also trade near a 12-month high and offer a 1.9% dividend yield.

DSG Capital Advisors LLC cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 20.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,298 shares of the financial services provider's stock after selling 13,161 shares during the period. DSG Capital Advisors LLC's holdings in Bank of America were worth $2,550,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Handelsbanken Fonder AB grew its position in Bank of America by 53.0% during the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider's stock valued at $254,625,000 after buying an additional 1,603,080 shares during the period. B. Metzler seel. Sohn & Co. AG increased its holdings in Bank of America by 11.2% during the third quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider's stock worth $34,974,000 after buying an additional 68,093 shares during the last quarter. Legal & General Group Plc raised its position in Bank of America by 3.4% in the fourth quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider's stock worth $2,497,655,000 after acquiring an additional 1,487,809 shares during the period. Certuity LLC boosted its stake in Bank of America by 5.1% in the third quarter. Certuity LLC now owns 523,113 shares of the financial services provider's stock valued at $26,987,000 after acquiring an additional 25,268 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in Bank of America by 2.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 2,905,348 shares of the financial services provider's stock valued at $159,794,000 after acquiring an additional 71,307 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about Bank of America

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

• Positive Sentiment: Analysts continue to view BAC as undervalued, with Morgan Stanley recently raising its price target and calling the stock attractive relative to peers, which supports the bullish case for the shares. Bank of America (BAC) Stock Looks Reasonable On Earnings But Stretched Versus Fair Value
• Positive Sentiment: The bank’s recent earnings strength and expectations for another strong quarter remain a key tailwind, with investors focusing on continued profit growth and solid revenue trends ahead of the next report. Bank of America (BAC) Stock Looks Reasonable On Earnings But Stretched Versus Fair Value
• Neutral Sentiment: Several articles framed BAC as a reasonable value-and-income play versus Wells Fargo and highlighted ongoing strength in the megabank group, but these pieces are more comparative than company-specific catalysts. More Bang for Your Buck: Is Bank of America or Wells Fargo the Better Value-and-Income Buy?
• Neutral Sentiment: Bank of America’s own strategists have been active in market commentary, including warnings about a possible S&P 500 correction and broader rotation into “boring” stocks, but those views mainly reflect macro positioning rather than a direct BAC earnings catalyst. S&P 500 Faces Risk of a ‘Three-Wave Correction,’ Warns Bank of America
• Negative Sentiment: Senate Democrats are asking the Fed inspector general to review whether a Fed official violated rules by speaking at a private Bank of America client dinner, creating a modest regulatory and reputational overhang for BAC. US Senator Warren calls for Fed watchdog review of Bowman's BofA dinner, WSJ reports
• Negative Sentiment: Bank of America’s Merrill Lynch unit was also fined by the SEC, which adds to headline risk even though the penalty appears relatively limited in size. Bank of America's Merrill Lynch unit fined $7.5M by U.S. SEC

Bank of America Stock Performance

Shares of BAC stock opened at $58.67 on Friday. The firm's 50 day moving average is $53.71 and its 200 day moving average is $52.78. The stock has a market capitalization of $416.35 billion, a P/E ratio of 14.52, a PEG ratio of 0.98 and a beta of 1.17. Bank of America Corporation has a 12 month low of $44.75 and a 12 month high of $59.19. 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 (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, beating 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 business had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. During the same period in the previous year, the business earned $0.90 EPS. Bank of America's revenue was up 10.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Corporation will post 4.49 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Bank of America's dividend payout ratio is 27.72%.

Insider Buying and Selling

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 of the company's stock, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.27% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BAC. Truist Financial raised their price target on shares of Bank of America from $61.00 to $64.00 and gave the stock a "buy" rating in a research note on Friday, June 26th. Piper Sandler upped their price objective on Bank of America from $53.00 to $59.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Keefe, Bruyette & Woods raised their target price on Bank of America from $63.00 to $64.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. Jefferies Financial Group boosted their target price on Bank of America from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Finally, Daiwa Securities Group upped their price target on Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Tuesday, April 28th. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and an average target price of $61.60.

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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