Harvest Portfolios Group Inc. Cuts Holdings in Bank of America Corporation $BAC

Key Points

• Harvest Portfolios Group Inc. reduced its Bank of America position by 12.7% in the fourth quarter, selling 16,367 shares and leaving it with 112,549 shares valued at about $6.19 million.
• Bank of America reported better-than-expected Q1 earnings, with EPS of $1.11 versus the $1.00 estimate and revenue of $30.27 billion, up 10.7% year over year.
• The company also announced a quarterly dividend of $0.28 per share, payable June 26, which annualizes to $1.12 per share and a yield of about 2.2%.

Harvest Portfolios Group Inc. trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 12.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 112,549 shares of the financial services provider's stock after selling 16,367 shares during the quarter. Harvest Portfolios Group Inc.'s holdings in Bank of America were worth $6,190,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Wiser Advisor Group LLC acquired a new stake in Bank of America in the third quarter valued at approximately $27,000. Legacy Bridge LLC boosted its stake in Bank of America by 182.3% in 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. Collier Financial acquired a new stake in Bank of America in the third quarter valued at approximately $30,000. Joseph Group Capital Management acquired a new stake in Bank of America in the fourth quarter valued at approximately $32,000. Finally, HFM Investment Advisors LLC boosted its stake in Bank of America by 566.0% in the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 532 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America 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 completion of the sale, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Thomas M. Scrivener sold 50,000 shares of the company's stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the sale, the insider directly owned 227,973 shares in the company, valued at approximately $11,357,614.86. The trade was a 17.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 354,588 shares of company stock valued at $17,814,296. 0.27% of the stock is currently owned by corporate insiders.

Bank of America Trading Down 0.0%

NYSE:BAC opened at $50.67 on Wednesday. Bank of America Corporation has a 12 month low of $42.35 and a 12 month high of $57.55. The firm has a fifty day simple moving average of $50.46 and a 200-day simple moving average of $52.41. 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 has a market capitalization of $359.59 billion, a P/E ratio of 12.54, a PEG ratio of 0.86 and a beta of 1.21.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. 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 previous year, the firm posted $0.90 earnings per share. The business's revenue for the quarter was up 10.7% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of America Corporation will post 4.46 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America's payout ratio is presently 27.72%.

Analyst Ratings Changes

BAC has been the subject of several recent analyst reports. Daiwa Securities Group raised their target price on shares of Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research note on Tuesday, April 28th. Argus raised their target price on shares of Bank of America from $59.00 to $62.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Jefferies Financial Group raised their target price on shares of Bank of America from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Piper Sandler raised their target price on shares of Bank of America from $53.00 to $59.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Finally, HSBC raised their target price on shares of Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $61.06.

Bank of America News Summary

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

• Negative Sentiment: CFRA cut Bank of America (BAC) to Hold, suggesting limited near-term upside after the recent run in large bank stocks and weighing on sentiment toward the shares. Bank of America Cut to Hold by CFRA: Is the Big Bank Trade Running Out of Gas?
• Neutral Sentiment: Bank of America released a Better Money Habits study showing Gen Z is increasingly managing expenses on its own, but the report is mainly a consumer insight update and does not directly change earnings expectations. BofA Study Finds Fewer Gen Z Rely on Family for Financial Assistance, Even With 42% Living Paycheck to Paycheck
• Neutral Sentiment: Financial stocks were weaker ahead of the open, pointing to broader sector pressure that can spill over into BAC even without company-specific news. Sector Update: Financial Stocks Fall Pre-Bell Tuesday

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.

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.