IHT Wealth Management LLC Has $7.08 Million Stock Holdings in Bank of America Corporation $BAC

Key Points

• IHT Wealth Management LLC boosted its Bank of America stake by 9.1% in the fourth quarter, ending with 128,781 shares worth about $7.08 million.
• Bank of America reported strong quarterly results, with earnings of $1.11 per share and revenue of $30.27 billion, both ahead of expectations. Revenue rose 10.7% year over year, and analysts now expect full-year EPS of 4.45.
• The bank also announced a quarterly dividend of $0.28 per share, payable June 26, implying a 2.0% yield. Meanwhile, analyst sentiment remains generally positive, with 22 Buy ratings and a consensus price target of $61.06.

IHT Wealth Management LLC increased its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 9.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 128,781 shares of the financial services provider's stock after purchasing an additional 10,790 shares during the quarter. IHT Wealth Management LLC's holdings in Bank of America were worth $7,083,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Abound Financial LLC acquired a new position in Bank of America during the 4th quarter worth approximately $26,000. Legacy Bridge LLC increased its position in Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after purchasing an additional 330 shares in the last quarter. Wiser Advisor Group LLC acquired a new position in Bank of America during the 3rd quarter worth approximately $27,000. Joseph Group Capital Management acquired a new position in Bank of America during the 4th quarter worth approximately $32,000. Finally, HFM Investment Advisors LLC increased its position in Bank of America by 566.0% during the 4th quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock worth $34,000 after purchasing an additional 532 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the 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 $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.27% of the stock is currently owned by company insiders.

Bank of America Trading Down 0.5%

Shares of NYSE BAC opened at $56.55 on Thursday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. Bank of America Corporation has a 52-week low of $44.21 and a 52-week high of $57.98. The firm has a 50 day moving average price of $52.70 and a two-hundred day moving average price of $52.49. The stock has a market cap of $401.28 billion, a P/E ratio of 14.00, a price-to-earnings-growth ratio of 0.96 and a beta of 1.18.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $30.27 billion during the quarter, compared to analysts' expectations of $29.72 billion. During the same period in the prior year, the company posted $0.90 EPS. The company's revenue was up 10.7% on a year-over-year basis. As a group, equities analysts forecast that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. Bank of America's dividend payout ratio is 27.72%.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America was added to the Investor’s Business Daily Breakout Stocks Index and moved into a new buy zone, with the stock showing clear signs of investor demand. AI Strategy, Double-Digit Growth Put BofA Stock In Focus
• Positive Sentiment: Analysts and market coverage are highlighting BAC’s strong multi-year gains and continued appeal as a reasonably valued financial stock, which may be supporting sentiment despite the run-up in the share price. Bank of America (BAC) Stock After Strong Multi‑Year Gains Still Reasonably Priced?
• Positive Sentiment: Bank of America executives said AI could expand its dominance in municipal underwriting, reinforcing the bank’s technology-driven growth narrative and potential for higher fee income. BofA Exec Sees AI Expanding Its Domination of Muni Underwriting
• Positive Sentiment: A new Bank of America study found wealthy clients are facing more complex financial planning needs due to longer lifespans and faster wealth transfer, which could support demand for the bank’s private banking and wealth management services. BofA Study Finds Longevity and Accelerating Wealth Transfer Are Making Family Finances More Complex
• Neutral Sentiment: Bank of America’s latest investor survey pointed to resilient economic conditions and a higher equity overweight among fund managers, but this is more a read on market positioning than a direct earnings catalyst. Bank of America takes firm position on inflation, economy
• Neutral Sentiment: The company also renewed its partnership with the Kansas City Current, a positive branding move but not likely to have a material near-term impact on BAC shares. Kansas City Current, BofA Announces Multi-Year Partnership Renewal Featuring Enhanced Community Efforts
• Negative Sentiment: Analyst price-target moves were mixed, with some firms cutting estimates, suggesting the market still has some concerns about BAC’s valuation and earnings outlook after a strong rally. Bank of America (BAC) Stock Draws Fresh Price Target Split After Mixed Analyst Revisions

Wall Street Analyst Weigh In

BAC has been the subject of a number of research analyst reports. Evercore lowered their price objective on shares of Bank of America from $70.00 to $61.00 and set an "outperform" rating for the company in a research report on Friday, May 15th. UBS Group upped their price objective on shares of Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Autonomous Res lowered their price objective on shares of Bank of America from $62.00 to $54.00 and set a "neutral" rating for the company in a research report on Monday, April 6th. Piper Sandler upped their price objective on shares of Bank of America from $53.00 to $59.00 and gave the stock a "neutral" rating in a research report on Thursday, April 16th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Bank of America from $61.50 to $57.50 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $61.06.

Bank of America Company 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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