Investment Management Corp of Ontario Purchases 162,297 Shares of Bank of America Corporation $BAC

Key Points

• Investment Management Corp of Ontario increased its Bank of America stake by 34.4% in the fourth quarter, buying 162,297 additional shares and bringing its total holding to 634,088 shares valued at about $34.9 million.
• Bank of America’s latest quarterly results beat expectations, with EPS of $1.11 versus the $1.00 consensus and revenue of $30.27 billion, up 10.7% year over year.
• Analyst sentiment remains generally constructive: BAC has a Moderate Buy consensus rating with a target price around $61.06, while the company also declared a quarterly dividend of $0.28 per share.

Investment Management Corp of Ontario raised its position in Bank of America Corporation (NYSE:BAC - Free Report) by 34.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 634,088 shares of the financial services provider's stock after buying an additional 162,297 shares during the quarter. Investment Management Corp of Ontario's holdings in Bank of America were worth $34,875,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Abound Financial LLC bought a new stake in shares of Bank of America in the fourth quarter valued at $26,000. Legacy Bridge LLC raised its stake 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 buying an additional 330 shares during the period. Wiser Advisor Group LLC bought a new stake in shares of Bank of America in the third quarter valued at $27,000. Joseph Group Capital Management bought a new stake in shares of Bank of America in the fourth quarter valued at $32,000. Finally, HFM Investment Advisors LLC raised its stake in shares of 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 buying an additional 532 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BAC has been the topic of several research reports. Piper Sandler boosted their target price on Bank of America from $53.00 to $59.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Robert W. Baird boosted their target price on Bank of America from $56.00 to $58.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Argus lifted their price target on Bank of America from $59.00 to $62.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. The Goldman Sachs Group lifted their price target on Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Finally, Morgan Stanley reduced their price target 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. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.06.

Bank of America Price Performance

Shares of NYSE BAC opened at $56.55 on Thursday. The firm has a market capitalization of $401.28 billion, a P/E ratio of 14.00, a P/E/G ratio of 0.96 and a beta of 1.18. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The stock's 50-day simple moving average is $52.70 and its two-hundred day simple moving average is $52.49. Bank of America Corporation has a twelve month low of $44.21 and a twelve month high of $57.98.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. The business had revenue of $30.27 billion for 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%.The company's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.90 EPS. As a group, equities analysts anticipate that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders 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 2.0%. The ex-dividend date is Friday, June 5th. Bank of America's dividend payout ratio is currently 27.72%.

Trending Headlines about 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

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company's stock in a transaction dated 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 transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.27% of the stock is owned by corporate insiders.

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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