E. Ohman J or Asset Management AB Sells 64,508 Shares of Bank of America Corporation $BAC

Key Points

• E. Ohman J or Asset Management AB cut its Bank of America stake by 26.2% in the first quarter, selling 64,508 shares and leaving it with 181,880 shares valued at about $8.87 million.
• Bank of America’s latest quarterly results were solid, with EPS of $1.11 beating estimates and revenue of $30.27 billion topping forecasts; analysts now expect 4.45 EPS for the full year.
• Wall Street sentiment remains generally positive, with several firms raising price targets and the stock carrying a Moderate Buy consensus and average target price of $61.06, while the company also declared a $0.28 quarterly dividend.

E. Ohman J or Asset Management AB reduced its stake in Bank of America Corporation (NYSE:BAC) by 26.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 181,880 shares of the financial services provider's stock after selling 64,508 shares during the period. E. Ohman J or Asset Management AB's holdings in Bank of America were worth $8,867,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Abound Financial LLC bought a new stake in Bank of America during the 4th quarter valued at $26,000. Wiser Advisor Group LLC bought a new stake in Bank of America in the 3rd quarter worth $27,000. Legacy Bridge LLC grew its holdings 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 last quarter. CrossGen Wealth LLC purchased a new position in shares of Bank of America in the fourth quarter valued at about $30,000. Finally, Joseph Group Capital Management purchased a new position in shares of Bank of America in the fourth quarter valued at about $32,000. 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’s internal research is being cited as bullish for the bank sector, with commentary that higher rates can still support net interest income even as the Fed holds rates steady, which could help BAC’s earnings outlook. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Positive Sentiment: Bank of America also drew attention for its view that lower-income households may be stabilizing, suggesting the consumer backdrop could be improving and reducing recession fears that would hurt loan growth and credit quality. Miserable K-shaped economy might actually be fading, as lower-income families bounce back, says Bank of America
• Neutral Sentiment: Bank of America revealed a roughly 3% indirect stake in Qiagen and reported similar holdings disclosures for Umicore; these are portfolio/ownership updates and are unlikely to have a direct impact on BAC’s core banking results. Bank of America Reveals 3.01% Indirect Stake in Qiagen Umicore - Transparency notifications by Bank of America Corporation
• Neutral Sentiment: Reports that a Fed official spoke at a private Bank of America client dinner may attract headlines, but it appears more like a reputational/regulatory talking point than a direct earnings driver. The Fed's vice chair of supervision spoke at a private dinner Bank of America hosted for clients hours after the central bank announced its latest policy decision
• Negative Sentiment: Bank of America is facing fresh scrutiny tied to regulators’ upcoming “debanking” findings, which could create policy and compliance concerns for large banks like BAC. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings

Insider Transactions at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction dated 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 sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.27% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently commented on BAC. Jefferies Financial Group upped their price objective on shares of Bank of America from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Oppenheimer raised their target price on Bank of America from $58.00 to $61.00 and gave the stock an "outperform" rating in a research note on Thursday, April 16th. Morgan Stanley reduced their price target on Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. Keefe, Bruyette & Woods upped their price target on Bank of America from $63.00 to $64.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. Finally, Argus increased their price objective on Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and a consensus price target of $61.06.

Bank of America Price Performance

Shares of BAC stock opened at $56.26 on Friday. The business's fifty day moving average is $52.91 and its 200 day moving average is $52.54. 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 stock has a market cap of $399.27 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 0.95 and a beta of 1.18. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $57.98.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating the consensus estimate of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. During the same quarter last year, the firm posted $0.90 earnings per share. The company's revenue for the quarter was up 10.7% on a year-over-year basis. Research analysts expect that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's dividend payout ratio (DPR) is 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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