Flputnam Investment Management Co. Has $40.69 Million Stock Holdings in Bank of America Corporation $BAC

Key Points

• Flputnam Investment Management boosted its Bank of America stake by 78% in the fourth quarter, ending with 739,736 shares valued at about $40.7 million.
• Bank of America recently reported better-than-expected quarterly results, posting EPS of $1.11 versus the $1.00 estimate and revenue of $30.27 billion, up 10.7% year over year.
• The company declared a quarterly dividend of $0.28 per share, and analysts remain generally constructive with a consensus rating of Moderate Buy and an average target price of $61.06.

Flputnam Investment Management Co. lifted its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 78.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 739,736 shares of the financial services provider's stock after purchasing an additional 324,139 shares during the quarter. Flputnam Investment Management Co.'s holdings in Bank of America were worth $40,685,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of BAC. Handelsbanken Fonder AB increased its holdings in shares of Bank of America by 53.0% during the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider's stock worth $254,625,000 after acquiring an additional 1,603,080 shares during the last quarter. Meridian Wealth Management LLC grew its holdings in Bank of America by 54.6% in the 3rd 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 in the last quarter. AdvisorShares Investments LLC acquired a new position in Bank of America in the 3rd quarter valued at $482,000. Mufg Securities Americas Inc. grew its holdings in Bank of America by 26.6% in the 3rd 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 in the last quarter. Finally, B. Metzler seel. Sohn & Co. AG grew its holdings in Bank of America by 11.2% in the 3rd 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 in the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Price Performance

Shares of BAC stock opened at $52.25 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a twelve month low of $43.29 and a twelve month high of $57.55. The company has a market cap of $370.80 billion, a P/E ratio of 12.93, a P/E/G ratio of 0.88 and a beta of 1.21. The business has a fifty day simple moving average of $50.86 and a 200 day simple moving average of $52.36.

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 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 the consensus estimate of $29.72 billion. During the same period in the prior year, the company earned $0.90 EPS. Bank of America's revenue for the quarter was up 10.7% on a year-over-year basis. On average, sell-side analysts forecast that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed 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 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, June 5th. Bank of America's dividend payout ratio is currently 27.72%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on BAC shares. JPMorgan Chase & Co. decreased their price objective on Bank of America from $61.50 to $57.50 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. Truist Financial upped their price objective on Bank of America from $57.00 to $61.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of America in a report on Friday, April 24th. The Goldman Sachs Group upped their price objective on Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Finally, Robert W. Baird upped their price objective on 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 equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $61.06.

Insider Transactions at Bank of America

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the 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 completion of the transaction, the insider directly owned 1,373,397 shares in the company, valued at approximately $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 can be accessed through this link. Also, insider Bernard A. Mensah sold 94,000 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $46.94, for a total value of $4,412,360.00. Following the completion of the transaction, the insider owned 170,184 shares of the company's stock, valued at $7,988,436.96. This represents a 35.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 354,588 shares of company stock valued at $17,814,296 over the last three months. Company insiders own 0.27% 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 said it expects a wave of Brazilian IPOs in 2027, with at least 10 listings likely after a five-year drought. That could mean more underwriting and advisory fees for BAC’s investment banking unit. Bank of America Expects Surge of Brazilian IPOs After 5-Year Drought
• Positive Sentiment: Reports said Bank of America cleared a derivatives-related hurdle in its federal “living will,” easing a regulatory overhang and reinforcing confidence in the bank’s risk-management profile. Bank of America clears derivatives hurdle flagged by federal regulators in 2023 'living will'
• Positive Sentiment: Bank of America also received a “Moderate Buy” consensus from brokerages, suggesting Wall Street remains generally constructive on BAC. Bank of America Corporation NYSE: BAC Receives Consensus Recommendation of "Moderate Buy" from Brokerages
• Neutral Sentiment: Several articles mainly referenced Bank of America as a conference host, research provider, or counterparty in other companies’ announcements, which is not likely to have a direct material impact on BAC’s stock.
• Negative Sentiment: One article highlighted a cautious view on BAC’s valuation despite its digital progress, signaling that some investors still see limited upside after the recent run. Bank of America (BAC) Has Become a Digital Leader. I’m Still Cautious on the Stock

About Bank of America

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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