Fideuram Intesa Sanpaolo Private Banking S.P.A. Takes $33.03 Million Position in Bank of America Corporation $BAC

Key Points

• Fideuram Intesa Sanpaolo Private Banking S.P.A. disclosed a new fourth-quarter stake in Bank of America, buying 600,623 shares valued at about $33.03 million. The position makes BAC its 16th-largest holding and represents about 1.2% of its portfolio.
• Bank of America recently reported better-than-expected quarterly earnings, posting $1.11 EPS versus estimates of $1.00 and revenue of $30.27 billion, up 10.7% year over year. The company also announced a quarterly dividend of $0.28 per share, or $1.12 annually, for a 2.2% yield.
• Analyst sentiment remains mixed but generally constructive: the stock carries a Moderate Buy consensus with an average price target of $61.06. However, CFRA recently cut BAC to Hold, and broader financial-sector weakness is adding near-term pressure.

Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 600,623 shares of the financial services provider's stock, valued at approximately $33,034,000. Bank of America accounts for approximately 1.2% of Fideuram Intesa Sanpaolo Private Banking S.P.A.'s holdings, making the stock its 16th largest holding.

Several other institutional investors also recently made changes to their positions in BAC. Wiser Advisor Group LLC purchased a new stake in shares of Bank of America during the 3rd quarter valued at $27,000. Legacy Bridge LLC grew its stake in shares of Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock valued at $28,000 after buying an additional 330 shares during the period. Collier Financial purchased a new stake in shares of Bank of America during the 3rd quarter valued at $30,000. Joseph Group Capital Management purchased a new stake in shares of Bank of America during the 4th quarter valued at $32,000. Finally, HFM Investment Advisors LLC grew its stake in shares of 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 period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BAC has been the subject of several research reports. Piper Sandler boosted their price objective on shares of Bank of America from $53.00 to $59.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Wall Street Zen upgraded shares of Bank of America from a "sell" rating to a "hold" rating in a report on Saturday, February 14th. Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a report on Friday, April 24th. Morgan Stanley reduced their target price 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. Finally, Erste Group Bank lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Wednesday, March 4th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $61.06.

Bank of America News Summary

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

• Negative Sentiment: CFRA cut Bank of America (BAC) to Hold, suggesting limited near-term upside after the recent run in large bank stocks and weighing on sentiment toward the shares. Bank of America Cut to Hold by CFRA: Is the Big Bank Trade Running Out of Gas?
• Neutral Sentiment: Bank of America released a Better Money Habits study showing Gen Z is increasingly managing expenses on its own, but the report is mainly a consumer insight update and does not directly change earnings expectations. BofA Study Finds Fewer Gen Z Rely on Family for Financial Assistance, Even With 42% Living Paycheck to Paycheck
• Neutral Sentiment: Financial stocks were weaker ahead of the open, pointing to broader sector pressure that can spill over into BAC even without company-specific news. Sector Update: Financial Stocks Fall Pre-Bell Tuesday

Bank of America Stock Performance

NYSE:BAC opened at $50.67 on Wednesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The firm has a market capitalization of $359.59 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 0.86 and a beta of 1.21. The firm's fifty day simple moving average is $50.46 and its 200 day simple moving average is $52.41. Bank of America Corporation has a twelve month low of $42.35 and a twelve month high of $57.55.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping 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 firm had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same quarter in the previous year, the business posted $0.90 EPS. The firm's revenue was up 10.7% compared to the same quarter last year. As a group, equities research analysts expect that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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

Insider Activity

In other Bank of America news, insider Thomas M. Scrivener sold 50,000 shares of the business's stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the transaction, the insider owned 227,973 shares in the company, valued at $11,357,614.86. The trade was a 17.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction on 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 in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 354,588 shares of company stock worth $17,814,296. 0.27% of the stock is owned by corporate insiders.

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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