Kepler Cheuvreux Suisse SA Takes $3.12 Million Position in Bank of America Corporation $BAC

Key Points

• Kepler Cheuvreux Suisse SA disclosed a new position in Bank of America, buying 56,678 shares valued at about $3.12 million in the fourth quarter.
• Wall Street remains broadly constructive on BAC, with analysts issuing 22 Buy ratings and 5 Hold ratings, and a consensus price target of $61.06. Recent updates also included target hikes from HSBC and UBS.
• Bank of America reported strong quarterly results, beating EPS and revenue estimates, and also announced a quarterly dividend of $0.28 per share payable June 26, for an annualized yield of about 2.2%.

Kepler Cheuvreux Suisse SA acquired a new position in Bank of America Corporation (NYSE:BAC) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 56,678 shares of the financial services provider's stock, valued at approximately $3,117,000.

Other hedge funds also recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Bank of America by 640.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock valued at $2,399,798,000 after acquiring an additional 40,235,201 shares during the period. Vanguard Group Inc. lifted its holdings in Bank of America by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock valued at $35,809,225,000 after acquiring an additional 23,351,183 shares during the period. Capital World Investors lifted its holdings in Bank of America by 11.0% in the third quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider's stock valued at $7,448,816,000 after acquiring an additional 14,275,810 shares during the period. American Assets Investment Management LLC lifted its holdings in Bank of America by 1,248.5% in the fourth quarter. American Assets Investment Management LLC now owns 15,224,325 shares of the financial services provider's stock valued at $837,338,000 after acquiring an additional 14,095,375 shares during the period. Finally, Danske Bank A S bought a new position in Bank of America in the third quarter valued at about $224,863,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. HSBC increased their target price on Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a report on Thursday, April 16th. UBS Group increased their price target on shares of Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Morgan Stanley decreased their price target on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 31st. Truist Financial increased their price target on shares of Bank of America from $57.00 to $61.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Finally, Erste Group Bank downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 4th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Bank of America currently has a consensus 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:

• Positive Sentiment: UBS raised its price target on Bank of America to $63 from $62, reinforcing a constructive Wall Street view and suggesting further upside from current levels. UBS Raises PT
• Positive Sentiment: Bank of America expanded its defense financing role and is helping support drone and robotics production, which could translate into more lending, fee income, and long-term client relationships. Defense Financing
• Positive Sentiment: The bank acted as lead lender on a $1.8 billion refinance of 9 West 57th Street, highlighting continued strength in commercial real estate financing activity. 9 West 57th Refinance
• Neutral Sentiment: Bank of America shareholders backed the current leadership and governance structure at the annual meeting, reducing governance uncertainty but not likely driving a major near-term stock reaction. Shareholder Vote
• Neutral Sentiment: Reuters reported the hiring of tech dealmaker Richard Hardegree as vice chair of M&A, a sign of continued investment banking leadership buildup, though the stock impact is likely limited for now. M&A Hiring
• Neutral Sentiment: Bank of America’s commentary on card spending pointed to a sudden slowdown in U.S. consumer activity, but the bank said it is not yet sure of the cause. Spending Slump
• Negative Sentiment: High-profile insider selling by Geoffrey Greener, who sold about $6.7 million of BAC shares, is weighing on sentiment and can signal caution to investors. Insider Sale
• Negative Sentiment: Reports that Berkshire-related holder Greg Abel continued trimming BAC for a seventh straight quarter add to concerns about reduced conviction from a major long-term investor. Greg Abel Sells

Insider Activity

In other news, insider Thomas M. Scrivener sold 50,000 shares of the firm'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 sale, the insider directly owned 227,973 shares in the company, valued at $11,357,614.86. This trade represents a 17.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Geoffrey S. Greener sold 126,756 shares of the firm's 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 sale, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 354,588 shares of company stock valued at $17,814,296 over the last 90 days. Company insiders own 0.27% of the company's stock.

Bank of America Stock Down 0.1%

Shares of BAC stock opened at $51.26 on Monday. The company has a market capitalization of $363.79 billion, a price-to-earnings ratio of 12.69, a PEG ratio of 0.87 and a beta of 1.21. Bank of America Corporation has a one year low of $41.69 and a one year high of $57.55. The company's fifty day moving average price is $50.44 and its 200-day moving average price is $52.51. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating the consensus estimate of $1.00 by $0.11. The firm had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company's revenue was up 10.7% on a year-over-year basis. During the same period last year, the firm earned $0.90 EPS. Sell-side analysts expect that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Announces Dividend

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. 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 dividend payout ratio (DPR) is presently 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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