Harbor Investment Advisory LLC Purchases 10,674 Shares of Bank of America Corporation $BAC

Key Points

• Harbor Investment Advisory LLC increased its Bank of America stake by 9.7% in the first quarter, buying 10,674 additional shares and bringing its total holdings to 120,986 shares valued at about $5.9 million.
• Institutional interest in BAC remains strong, with firms like Vanguard, Capital World Investors, and Norges Bank also adding or establishing large positions; institutions now own 70.71% of the stock.
• Bank of America reported solid quarterly results, beating EPS and revenue estimates, while analysts remain broadly constructive with an average Moderate Buy rating and a consensus price target of $61.60.

Harbor Investment Advisory LLC lifted its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 9.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 120,986 shares of the financial services provider's stock after purchasing an additional 10,674 shares during the quarter. Harbor Investment Advisory LLC's holdings in Bank of America were worth $5,898,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of BAC. Vanguard Group Inc. increased its holdings in Bank of America by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock worth $35,809,225,000 after purchasing an additional 23,351,183 shares in the last quarter. Capital World Investors raised its stake in shares of Bank of America by 11.0% in the 3rd quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider's stock valued at $7,448,816,000 after purchasing an additional 14,275,810 shares during the period. Norges Bank bought a new stake in shares of Bank of America in the fourth quarter valued at about $4,774,210,000. Bank of New York Mellon Corp boosted its position in shares of Bank of America by 5.4% during the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider's stock worth $3,169,062,000 after buying an additional 2,929,779 shares during the period. Finally, Fisher Asset Management LLC boosted its position in shares of Bank of America by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider's stock worth $2,958,110,000 after buying an additional 1,105,833 shares during the period. Institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

BAC has been the topic of a number of recent research reports. Morgan Stanley lifted their target price on Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a research report on Monday. Keefe, Bruyette & Woods upped their price target on Bank of America from $63.00 to $64.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. Erste Group Bank cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 4th. HSBC lifted their price objective on shares of Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Finally, Citigroup increased their target price on shares of Bank of America from $62.00 to $66.00 and gave the stock a "buy" rating in a report on Tuesday, June 23rd. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and an average price target of $61.60.

Bank of America Price Performance

Shares of BAC opened at $56.97 on Wednesday. The company has a market cap of $404.31 billion, a price-to-earnings ratio of 14.10, a PEG ratio of 0.97 and a beta of 1.18. 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 company's fifty day simple moving average is $53.51 and its 200 day simple moving average is $52.73. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $59.19.

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 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.11. The company had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company's quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.90 EPS. On average, research analysts forecast that Bank of America Corporation will post 4.48 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were paid a $0.28 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 2.0%. 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: Morgan Stanley raised its price target on Bank of America to $67 from $61 and kept an Overweight rating, reinforcing a bullish Wall Street view of BAC’s earnings power and valuation upside. Morgan Stanley raises price target on Bank of America
• Positive Sentiment: Separate coverage continued to point to Bank of America as a long-term holding and highlighted favorable positioning versus other megabanks, which can support investor sentiment around the stock. Bank Of America Corp (BAC) Is A Long Time Berkshire Hathaway Holding
• Positive Sentiment: Bank of America also received coverage tied to a constructive view on markets and chip-sector demand, signaling that its research franchise is still producing influential calls that can bolster the company’s market profile. Bank of America Details How ‘Micron/Anthropic Partnership’ Locks In ‘Greater Confidence in 2-3-Year Supply/Demand/Pricing Visibility’

Insider Transactions at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the firm's stock in a transaction that occurred on 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 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 filing with the SEC, which is available at this link. 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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