Eurizon SLJ Capital Ltd Acquires New Shares in Bank of America Corporation $BAC

Key Points

• Eurizon SLJ Capital Ltd opened a new position in Bank of America in the fourth quarter, buying 13,514 shares worth about $743,000.
• Bank of America reported better-than-expected quarterly results, with EPS of $1.11 versus the $1.00 estimate and revenue of $30.27 billion, up 10.7% year over year.
• The company announced a quarterly dividend of $0.28 per share, payable June 26, and analysts remain broadly constructive with an average rating of Moderate Buy and a price target of $61.06.

Eurizon SLJ Capital Ltd acquired a new stake in Bank of America Corporation (NYSE:BAC) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 13,514 shares of the financial services provider's stock, valued at approximately $743,000.

Other hedge funds have also recently bought and sold shares of the company. Wiser Advisor Group LLC purchased a new position in Bank of America in the 3rd quarter valued at approximately $27,000. Legacy Bridge LLC increased 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 valued at $28,000 after purchasing an additional 330 shares in the last quarter. Collier Financial purchased a new position in Bank of America in the 3rd quarter valued at approximately $30,000. Joseph Group Capital Management acquired a new stake in Bank of America during the 4th quarter valued at $32,000. Finally, HFM Investment Advisors LLC grew its holdings in 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 valued at $34,000 after buying an additional 532 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

BAC stock opened at $51.56 on Friday. Bank of America Corporation has a 52-week low of $43.36 and a 52-week high of $57.55. The stock's fifty day simple moving average is $51.11 and its 200-day simple moving average is $52.32. 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 capitalization of $365.91 billion, a price-to-earnings ratio of 12.76, a price-to-earnings-growth ratio of 0.86 and a beta of 1.21.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts' expectations of $29.72 billion. During the same quarter last year, the firm earned $0.90 earnings per share. The business's revenue was up 10.7% on a year-over-year basis. Equities research analysts expect that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders 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 2.2%. Bank of America's dividend payout ratio (DPR) is 27.72%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Daiwa Securities Group increased their target price on Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a report on Tuesday, April 28th. Autonomous Res lowered their target price on Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a report on Monday, April 6th. Piper Sandler increased their target price on Bank of America from $53.00 to $59.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. Argus increased their target price on Bank of America from $59.00 to $62.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Finally, Robert W. Baird upped their target price on shares of Bank of America from $56.00 to $58.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $61.06.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America’s strong first-quarter results and guidance for roughly 15% year-over-year trading revenue growth are supporting the case for continued earnings momentum. Bank of America CEO flags massive Wall Street surge
• Positive Sentiment: Several commentators say BAC looks attractively valued after a sideways 2026, suggesting upside if earnings strength persists. Bank of America Could Be a Bargain After Strong Q1 Earnings
• Neutral Sentiment: Bank of America announced new arts funding in Canada and other community initiatives, which are positive for reputation but unlikely to move the stock materially. Bank of America Deepens Support for the Arts in Canada
• Neutral Sentiment: Coverage noting BAC’s recent underperformance versus the Nasdaq and bearish price action reflects the stock’s recent lag, though analysts still sound optimistic. Is Bank of America Stock Underperforming the Nasdaq?

Insiders Place Their Bets

In other news, insider James P. Demare sold 83,832 shares of the firm's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the sale, the insider owned 307,240 shares in the company, valued at $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Geoffrey S. Greener sold 126,756 shares of the firm's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the sale, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. This trade represents a 8.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 354,588 shares of company stock worth $17,814,296 over the last ninety days. Company insiders own 0.27% of the company's stock.

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.