Intrust Bank NA Reduces Stock Holdings in Bank of America Corporation $BAC

Key Points

• Intrust Bank NA cut its Bank of America stake by 48.3% in the fourth quarter, selling 87,868 shares and leaving it with 94,162 shares worth about $5.18 million.
• Several insiders sold shares recently, including Bernard A. Mensah and James P. Demare, and insiders sold a combined 354,588 shares over the last 90 days. Company insiders now own just 0.27% of the stock.
• Analysts remain mixed but mostly constructive: Bank of America has a Moderate Buy consensus, though CFRA recently downgraded the stock to Hold. The company also reported stronger-than-expected Q1 earnings and declared a $0.28 quarterly dividend.

Intrust Bank NA decreased its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 48.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 94,162 shares of the financial services provider's stock after selling 87,868 shares during the quarter. Intrust Bank NA's holdings in Bank of America were worth $5,179,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. DecisionMap Wealth Management LLC lifted its stake in Bank of America by 4.7% in the fourth quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider's stock worth $223,000 after acquiring an additional 182 shares during the period. Money Concepts Capital Corp lifted its stake in Bank of America by 3.8% in the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock worth $273,000 after acquiring an additional 182 shares during the period. Holistic Financial Partners lifted its stake in Bank of America by 2.4% in the fourth quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider's stock worth $434,000 after acquiring an additional 183 shares during the period. Asahi Life Asset Management CO. LTD. lifted its stake in Bank of America by 1.0% in the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider's stock worth $1,092,000 after acquiring an additional 187 shares during the period. Finally, Riverview Capital Advisers LLC lifted its stake in Bank of America by 4.2% in the third quarter. Riverview Capital Advisers LLC now owns 4,686 shares of the financial services provider's stock worth $242,000 after acquiring an additional 188 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Insider Buying and Selling

In other news, insider Bernard A. Mensah sold 94,000 shares of Bank of America stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $46.94, for a total value of $4,412,360.00. Following the completion of the transaction, the insider owned 170,184 shares of the company's stock, valued at $7,988,436.96. The trade was a 35.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James P. Demare sold 83,832 shares of Bank of America stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total value of $4,191,600.00. Following the completion of the transaction, the insider directly owned 307,240 shares of the company's stock, valued at approximately $15,362,000. This represents a 21.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 354,588 shares of company stock worth $17,814,296 in the last 90 days. 0.27% of the stock is owned by company insiders.

Key Bank of America News

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

Analyst Ratings Changes

A number of analysts recently commented on the company. JPMorgan Chase & Co. dropped their price target on Bank of America from $61.50 to $57.50 and set an "overweight" rating for the company in a research note on Tuesday, April 7th. UBS Group raised their price objective on Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Morgan Stanley lowered their price objective on Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a research report on Tuesday, March 31st. Keefe, Bruyette & Woods raised their price objective on Bank of America from $63.00 to $64.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. Finally, Autonomous Res lowered their price objective on 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. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and an average target price of $61.06.

Bank of America Price Performance

BAC opened at $50.67 on Wednesday. The stock has a 50-day moving average price of $50.46 and a 200-day moving average price of $52.41. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market cap of $359.59 billion, a PE ratio of 12.54, a P/E/G ratio of 0.86 and a beta of 1.21. Bank of America Corporation has a 1 year low of $42.35 and a 1 year high of $57.55.

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 (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.11. The firm had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.Bank of America's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 EPS. Sell-side analysts predict that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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

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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