Geneos Wealth Management Inc. Sells 12,023 Shares of Bank of America Corporation $BAC

Key Points

• Geneos Wealth Management cut its Bank of America stake by 30.4% in the first quarter, selling 12,023 shares and leaving it with 27,508 shares worth about $1.34 million.
• Bank of America reported Q2 earnings of $1.21 per share, beating analyst expectations, and its quarterly revenue rose 19.6% year over year. The company also paid a quarterly dividend of $0.28, equal to a 1.8% annualized yield.
• Wall Street sentiment remains mostly positive, with 21 Buy ratings and 6 Hold ratings and an average price target of $63.77. However, one notable downgrade came from Oppenheimer, which cut its rating to “market perform.”

Geneos Wealth Management Inc. decreased its position in shares of Bank of America Corporation (NYSE:BAC) by 30.4% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 27,508 shares of the financial services provider's stock after selling 12,023 shares during the quarter. Geneos Wealth Management Inc.'s holdings in Bank of America were worth $1,341,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Abound Financial LLC bought a new position in Bank of America in the 4th quarter worth approximately $26,000. Wiser Advisor Group LLC purchased a new position in shares of Bank of America in the third quarter worth $27,000. Legacy Bridge LLC grew its stake in Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 330 shares in the last quarter. CrossGen Wealth LLC bought a new stake in Bank of America in the 4th quarter valued at $30,000. Finally, Joseph Group Capital Management bought a new position in shares of Bank of America during the 4th quarter valued at about $32,000. Institutional investors own 70.71% of the company's stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $61.18 on Friday. The stock has a market cap of $434.16 billion, a price-to-earnings ratio of 14.03, a price-to-earnings-growth ratio of 0.98 and a beta of 1.17. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.81 and a current ratio of 0.83. The stock has a 50 day moving average price of $55.30 and a 200-day moving average price of $53.15. Bank of America Corporation has a one year low of $44.75 and a one year high of $62.12.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.08. The company had revenue of $8.08 billion for the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.Bank of America's quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.89 EPS. Equities analysts expect 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 paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 1.8%. Bank of America's dividend payout ratio is currently 25.69%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BAC. Oppenheimer lowered Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Barclays lifted their price objective on Bank of America from $71.00 to $72.00 and gave the stock an "overweight" rating in a research note on Wednesday. Evercore set a $63.00 target price on Bank of America and gave the company an "outperform" rating in a research report on Monday, July 6th. Morgan Stanley boosted their price target on shares of Bank of America from $61.00 to $67.00 and gave the stock an "overweight" rating in a research report on Monday, June 29th. Finally, Piper Sandler increased 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 report on Thursday, April 16th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average price target of $63.77.

Insider Buying and Selling at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the firm's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the sale, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate 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 declared regular cash dividends on multiple preferred stock series, reinforcing its continued capital return to shareholders. Bank of America Declares Preferred Stock Dividends Payable in August and September 2026
• Positive Sentiment: Multiple firms lifted their outlooks on BAC, including higher earnings estimates for FY2026 and FY2027, suggesting improving expectations for profitability. Bank of America stock page
• Positive Sentiment: Bank of America’s recent Q2 results were broadly strong, with the company topping estimates and benefiting from robust trading and deal activity, which has helped support investor confidence in the stock. BofA rides market whiplash to trading records, deal activity shines
• Neutral Sentiment: Bank of America also announced internal AI leadership appointments to accelerate AI adoption in its global markets business, a strategic move that could improve efficiency over time but is not an immediate earnings driver. BofA names senior executives to drive AI adoption in global markets-memo

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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