Fideuram Asset Management Ireland dac Purchases New Holdings in Bank of America Corporation $BAC

Key Points

• Fideuram Asset Management Ireland dac initiated a new position in Bank of America during the fourth quarter, buying 147,729 shares worth about $8.1 million.
• Bank of America reported better-than-expected quarterly results, with EPS of $1.11 versus estimates of $1.00 and revenue of $30.27 billion, while analysts now expect full-year EPS of 4.45.
• The bank also announced a quarterly dividend of $0.28 per share, equal to an annualized yield of about 2.2%, and several analysts maintained a generally positive stance with a consensus rating of Moderate Buy.

Fideuram Asset Management Ireland dac purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 147,729 shares of the financial services provider's stock, valued at approximately $8,125,000.

Several other large investors have also recently bought and sold shares of the stock. Handelsbanken Fonder AB lifted its position in shares of Bank of America by 53.0% in 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 last quarter. Meridian Wealth Management LLC lifted its position in shares of Bank of America by 54.6% in the third quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider's stock valued at $3,008,000 after buying an additional 20,591 shares during the last quarter. AdvisorShares Investments LLC acquired a new stake in shares of Bank of America in the third quarter valued at approximately $482,000. Mufg Securities Americas Inc. lifted its position in shares of Bank of America by 26.6% in the third quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider's stock valued at $10,262,000 after buying an additional 41,809 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. AG lifted its position in shares of Bank of America by 11.2% in the third quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider's stock valued at $34,974,000 after buying an additional 68,093 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Key Bank of America News

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

• Positive Sentiment: CEO Brian Moynihan said Bank of America expects second-quarter trading revenue to rise about 15% year over year, pointing to continued strength in markets activity and a potential 17th straight quarter of trading growth. Article Title
• Positive Sentiment: Bank of America also signaled solid Q2 support from investment banking and wealth-management fees, which could help offset pressure in other areas and support earnings momentum. Article Title
• Positive Sentiment: Keynova Group ranked Bank of America among the top U.S. credit card issuers for online experience, reinforcing its strong digital banking franchise. Article Title
• Positive Sentiment: Bank of America said its Community Homeownership Commitment has delivered more than $15 billion in affordable home loans and grants, highlighting continued consumer lending and community-banking activity. Article Title

Insider Buying and Selling

In other Bank of America news, insider Thomas M. Scrivener sold 50,000 shares of the firm's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the transaction, the insider owned 227,973 shares in the company, valued at $11,357,614.86. This trade represents a 17.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $4,191,600.00. Following the transaction, the insider owned 307,240 shares in the company, valued at approximately $15,362,000. This trade represents a 21.44% 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 in the last quarter. Insiders own 0.27% of the company's stock.

Bank of America Stock Performance

NYSE:BAC opened at $50.85 on Friday. The stock has a market cap of $360.87 billion, a P/E ratio of 12.59, a PEG ratio of 0.87 and a beta of 1.21. The stock has a 50 day simple moving average of $51.01 and a 200 day simple moving average of $52.32. 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 Corporation has a 1-year low of $43.36 and a 1-year high of $57.55.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results 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. 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 analysts' expectations of $29.72 billion. During the same period last year, the firm posted $0.90 EPS. The firm's revenue for the quarter was up 10.7% compared to the same quarter last year. Research analysts anticipate that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America's dividend payout ratio (DPR) is 27.72%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent analyst reports. Erste Group Bank cut Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 4th. Truist Financial lifted their price target on Bank of America from $57.00 to $61.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Morgan Stanley dropped their price target on Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a report on Tuesday, March 31st. Piper Sandler lifted their price target on Bank of America from $53.00 to $59.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Finally, Wall Street Zen raised Bank of America from a "sell" rating to a "hold" rating in a report on Saturday, February 14th. 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. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $61.06.

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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