Ilmarinen Mutual Pension Insurance Co Sells 37,000 Shares of Bank of America Corporation $BAC

Key Points

• Ilmarinen Mutual Pension Insurance Co cut its Bank of America stake by 2.8% in the fourth quarter, selling 37,000 shares and leaving it with 1,268,620 shares valued at about $69.8 million.
• Bank of America reported better-than-expected first-quarter results, with earnings per share of $1.11 versus the $1.00 estimate and revenue of $30.27 billion, up 10.7% year over year.
• The company also declared a quarterly dividend of $0.28 per share, implying an annualized yield of about 2.2%, while analysts remain generally constructive with a consensus rating of Moderate Buy.

Ilmarinen Mutual Pension Insurance Co trimmed its stake in shares of Bank of America Corporation (NYSE:BAC) by 2.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,268,620 shares of the financial services provider's stock after selling 37,000 shares during the period. Bank of America comprises about 0.6% of Ilmarinen Mutual Pension Insurance Co's portfolio, making the stock its 23rd largest position. Ilmarinen Mutual Pension Insurance Co's holdings in Bank of America were worth $69,774,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Legacy Bridge LLC lifted its holdings in shares of 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 purchasing an additional 330 shares in the last quarter. Wiser Advisor Group LLC bought a new position in shares of Bank of America during the third quarter worth about $27,000. Collier Financial acquired a new stake in Bank of America in the 3rd quarter valued at approximately $30,000. 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 boosted 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 acquiring an additional 532 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Down 0.5%

BAC opened at $50.85 on Friday. Bank of America Corporation has a 1-year low of $43.36 and a 1-year high of $57.55. The stock's fifty day simple moving average is $51.01 and its 200 day simple moving average is $52.32. 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 stock has a market cap of $360.87 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business had revenue of $30.27 billion for the quarter, compared to analysts' expectations of $29.72 billion. During the same quarter in the prior year, the business earned $0.90 EPS. The firm's revenue for the quarter was up 10.7% on a year-over-year basis. As a group, research analysts expect that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America's dividend payout ratio is 27.72%.

More Bank of America News

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

• Positive Sentiment: CEO Brian Moynihan said Bank of America expects second-quarter trading revenue to rise about 15% year over year, pointing to continued strength in markets activity and a potential 17th straight quarter of trading growth. Article Title
• Positive Sentiment: Bank of America also signaled solid Q2 support from investment banking and wealth-management fees, which could help offset pressure in other areas and support earnings momentum. Article Title
• Positive Sentiment: Keynova Group ranked Bank of America among the top U.S. credit card issuers for online experience, reinforcing its strong digital banking franchise. Article Title
• Positive Sentiment: Bank of America said its Community Homeownership Commitment has delivered more than $15 billion in affordable home loans and grants, highlighting continued consumer lending and community-banking activity. Article Title

Insiders Place Their Bets

In related news, insider Thomas M. Scrivener sold 50,000 shares of the stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total value of $2,491,000.00. Following the sale, the insider owned 227,973 shares in the company, valued at approximately $11,357,614.86. This represents a 17.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 354,588 shares of company stock worth $17,814,296 in the last quarter. Insiders own 0.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on BAC shares. Erste Group Bank downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 4th. JPMorgan Chase & Co. dropped their price objective on Bank of America from $61.50 to $57.50 and set an "overweight" rating on the stock in a research note on Tuesday, April 7th. Piper Sandler upped their price objective on Bank of America from $53.00 to $59.00 and gave the stock a "neutral" rating in a research note on Thursday, April 16th. Evercore dropped their price objective on Bank of America from $70.00 to $61.00 and set an "outperform" rating on the stock in a research note on Friday, May 15th. Finally, Truist Financial upped their price objective on Bank of America from $57.00 to $61.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company 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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