Gibbs Wealth Management Increases Stake in Bank of America Corporation $BAC

Key Points

• Gibbs Wealth Management boosted its Bank of America stake by 124.6% in the first quarter, ending with 48,399 shares valued at about $2.36 million.
• Bank of America recently reported Q2 earnings of $1.21 per share, beating analyst expectations of $1.13, while revenue rose 19.6% year over year.
• Analysts remain generally constructive on BAC, with multiple price-target hikes and an overall Moderate Buy consensus; the average target price is about $63.77.

Gibbs Wealth Management increased its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 124.6% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 48,399 shares of the financial services provider's stock after acquiring an additional 26,849 shares during the quarter. Gibbs Wealth Management's holdings in Bank of America were worth $2,359,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Abound Financial LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at about $26,000. Legacy Bridge LLC increased its position 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 purchasing an additional 330 shares during the last quarter. Wiser Advisor Group LLC bought a new position in shares of Bank of America during the 3rd quarter valued at approximately $27,000. CrossGen Wealth LLC purchased a new stake in Bank of America during the 4th quarter valued at $30,000. Finally, Joseph Group Capital Management purchased a new stake in Bank of America during the 4th quarter valued at $32,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of Bank of America stock opened at $61.30 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. The stock's fifty day moving average price is $56.17 and its 200-day moving average price is $53.29. The firm has a market cap of $435.02 billion, a P/E ratio of 14.06, a P/E/G ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a 12 month low of $44.75 and a 12 month high of $62.12.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping 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 return on equity of 12.20% and a net margin of 17.56%.Bank of America's revenue was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.89 earnings per share. On average, equities research analysts expect that Bank of America Corporation will post 4.65 earnings per share for the current fiscal year.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America’s own analysts said Alphabet’s post-earnings selloff looks like a buying opportunity, reinforcing BAC’s credibility as a market-moving research franchise and highlighting the firm’s influence in large-cap tech coverage. 4 Reasons to Buy Alphabet Stock After the CAPEX Shock: Bank of America
• Positive Sentiment: Bank of America extended the naming-rights deal for Bank of America Stadium with the Carolina Panthers, reinforcing a long-term brand partnership and its visibility in Charlotte and the Carolinas. Bank of America and Carolina Panthers Extend Naming Rights for Bank of America Stadium
• Positive Sentiment: The launch of new hybrid public-private investment funds by Wellington, Vanguard, and Blackstone through Merrill and Bank of America’s private bank could help drive more client assets and deepen wealth-management relationships. Global Market: Wellington, Vanguard, Blackstone launch hybrid public-private investment funds for wealthy clients
• Positive Sentiment: Bank of America’s preferred dividend confirmation and recent earnings backdrop underscore ongoing capital returns and support the valuation case for BAC shares. Bank of America (BAC) Preferred Dividend Update Keeps Valuation In Focus
• Neutral Sentiment: Several articles highlight BAC’s broader market influence, including comments on bank earnings, rate policy, and consumer health, but they do not appear to directly change Bank of America’s near-term earnings outlook. What Bank Earnings Just Revealed About the Health of the American Consumer
• Neutral Sentiment: Coverage of Bank of America’s consumer-service AI rollout and finance-leadership messaging is strategically positive, but likely a longer-term operational story rather than an immediate stock catalyst. Bank of America Equips Customer Service Reps With Gen AI
• Negative Sentiment: CEO commentary warning that inflation could force the Fed into a corner suggests a tougher macro backdrop, which could pressure loan demand, credit costs, and the banking sector broadly if rates stay restrictive. Bank of America CEO warns inflation will back Fed into a corner

Insiders Place Their Bets

In other news, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction 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. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.27% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on BAC shares. Morgan Stanley upped their price target on shares of Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a report on Monday, June 29th. Argus set a $70.00 target price on Bank of America in a research report on Wednesday, July 15th. Jefferies Financial Group reaffirmed a "buy" rating and set a $75.00 target price on shares of Bank of America in a research note on Tuesday, July 14th. JPMorgan Chase & Co. raised their price target on Bank of America from $57.50 to $62.50 and gave the stock an "overweight" rating in a research note on Monday, July 6th. Finally, Oppenheimer cut Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Twenty-one 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, the company presently has an average rating of "Moderate Buy" and an average target price of $63.77.

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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