Financiere des Professionnels Fonds d investissement inc. Cuts Stock Holdings in Bank of America Corporation $BAC

Key Points

• Financiere des Professionnels Fonds d investissement inc. cut its Bank of America stake by 35.4% in the first quarter, selling 79,805 shares and leaving it with 145,502 shares worth about $7.1 million.
• Bank of America reported better-than-expected quarterly earnings of $1.21 per share, while revenue rose 19.6% year over year; analysts still expect full-year EPS of 4.64.
• The company also maintained a quarterly dividend of $0.28 per share, equal to an annualized yield of 1.8%, and analysts remain generally constructive with a consensus rating of “Moderate Buy.”

Financiere des Professionnels Fonds d investissement inc. reduced its stake in Bank of America Corporation (NYSE:BAC) by 35.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 145,502 shares of the financial services provider's stock after selling 79,805 shares during the quarter. Financiere des Professionnels Fonds d investissement inc.'s holdings in Bank of America were worth $7,093,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Abound Financial LLC bought a new position in shares of Bank of America in the 4th quarter worth $26,000. Legacy Bridge LLC lifted its holdings 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 worth $28,000 after acquiring an additional 330 shares during the last quarter. Wiser Advisor Group LLC purchased a new position in Bank of America in the third quarter worth $27,000. CrossGen Wealth LLC bought a new position in Bank of America in the fourth quarter valued at $30,000. Finally, Joseph Group Capital Management bought a new position in Bank of America in the fourth quarter valued at $32,000. 70.71% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Geoffrey S. Greener sold 126,756 shares of the firm's stock in a transaction dated 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 directly owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. This trade represents a 8.45% 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. 0.27% of the stock is owned by insiders.

Bank of America Stock Down 0.2%

Shares of Bank of America stock opened at $61.48 on Friday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.81 and a current ratio of 0.83. Bank of America Corporation has a 52-week low of $44.75 and a 52-week high of $62.03. The company's 50 day moving average price is $55.11 and its 200-day moving average price is $53.09. The stock has a market capitalization of $436.30 billion, a price-to-earnings ratio of 14.10, a P/E/G ratio of 1.00 and a beta of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating analysts' consensus estimates of $1.13 by $0.08. The company had revenue of $8.08 billion during the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm's revenue was up 19.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.89 EPS. Equities research analysts forecast that Bank of America Corporation will post 4.64 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, June 5th. Bank of America's dividend payout ratio is currently 27.72%.

More Bank of America News

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

• Positive Sentiment: Several firms raised their price targets on BAC after Q2 results, with Barclays, Wells Fargo, KBW, and Truist all seeing further upside on stronger earnings and better growth prospects.
• Positive Sentiment: Bank of America’s earnings call highlighted durable growth drivers including rising net interest income, loan and deposit gains, operating leverage, and AI-enabled productivity, which should support profitability. Bank of America Q2 Earnings Call Points to Durable Growth Drivers
• Positive Sentiment: Coverage following the quarter noted that Bank of America rode market volatility to trading records, while deal activity remained a bright spot, reinforcing the strength of its capital markets businesses. BofA rides market whiplash to trading records, deal activity shines
• Positive Sentiment: Commentary after the Q2 report said Bank of America’s consumer unit earned nearly $3.3 billion as spending held up, suggesting its retail banking franchise remains resilient.
• Neutral Sentiment: CEO Brian Moynihan also warned about AI security risks, but this appears more like an industry-wide caution than a direct business setback for BAC.
• Negative Sentiment: An article questioning whether Bank of America is overvalued could temper some enthusiasm if investors worry the post-earnings rally has already priced in much of the good news. Is Bank of America Corporation (BAC) Overvalued?

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Robert W. Baird lifted their price target on Bank of America from $58.00 to $62.00 and gave the stock a "neutral" rating in a research note on Wednesday. Barclays boosted their target price on Bank of America from $71.00 to $72.00 and gave the stock an "overweight" rating in a research report on Wednesday. Evercore set a $63.00 price target on shares of Bank of America and gave the company an "outperform" rating in a research report on Monday, July 6th. Truist Financial lifted their price target on shares of Bank of America from $64.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Piper Sandler boosted their price objective on shares of Bank of America from $53.00 to $59.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $63.77.

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.

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.