Marble Wealth LLC Purchases New Shares in Bank of America Corporation $BAC

Key Points

• Marble Wealth LLC opened a new position in Bank of America, buying 41,985 shares valued at about $2.31 million in the fourth quarter.
• Institutional ownership remains high, with hedge funds and other investors holding 70.71% of Bank of America’s stock. Several other firms also increased their stakes during the same period.
• Bank of America reported better-than-expected quarterly results, with EPS of $1.11 versus the $1.00 estimate and revenue of $30.27 billion topping expectations. The company also declared a quarterly dividend of $0.28 per share, implying a 2.1% annual yield.

Marble Wealth LLC purchased a new stake in Bank of America Corporation (NYSE:BAC - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 41,985 shares of the financial services provider's stock, valued at approximately $2,309,000.

A number of other large investors also recently bought and sold shares of the company. Mccarter Private Wealth Services LLC raised its position in Bank of America by 4.2% during the 4th quarter. Mccarter Private Wealth Services LLC now owns 19,976 shares of the financial services provider's stock worth $1,099,000 after buying an additional 805 shares during the last quarter. Spectrum Planning & Advisory Services Inc. purchased a new position in Bank of America during the 4th quarter worth $205,000. Bank of New York Mellon Corp raised its position in Bank of America by 5.4% during the 4th quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider's stock worth $3,169,062,000 after buying an additional 2,929,779 shares during the last quarter. Rice Partnership LLC raised its position in Bank of America by 72.2% during the 4th quarter. Rice Partnership LLC now owns 13,807 shares of the financial services provider's stock worth $759,000 after buying an additional 5,788 shares during the last quarter. Finally, Moment Partners LLC purchased a new position in Bank of America during the 4th quarter worth $210,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BAC. HSBC upped their price objective on shares of Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Oppenheimer upped their price objective on shares of Bank of America from $58.00 to $61.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. Autonomous Res cut 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. Robert W. Baird upped their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a "neutral" rating in a research report on Thursday, April 16th. Finally, Wall Street Zen upgraded shares of Bank of America from a "sell" rating to a "hold" rating in a research report on Saturday, February 14th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and a consensus target price of $61.06.

Insider Activity

In related news, insider Bernard A. Mensah sold 94,000 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $46.94, for a total value of $4,412,360.00. Following the sale, the insider directly owned 170,184 shares of the company's stock, valued at approximately $7,988,436.96. This represents a 35.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thomas M. Scrivener sold 50,000 shares of the stock in a transaction dated 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 completion of the sale, the insider directly owned 227,973 shares in the company, valued at approximately $11,357,614.86. The trade was a 17.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 270,756 shares of company stock worth $13,622,696 in the last 90 days. 0.27% of the stock is currently owned by corporate insiders.

Bank of America News Roundup

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

• Positive Sentiment: Investors are being reminded of Bank of America’s strong deposit franchise, a key structural advantage that can support net interest income and long-term earnings stability. Bank of America's Deposit Franchise Is the Hidden Asset Investors Keep Missing
• Positive Sentiment: A Seeking Alpha piece frames BAC as an attractive banking name for capital deployment, reinforcing the view that the stock still offers value for investors seeking exposure to a large, profitable lender. Bank of America: Let The Capital Flow To Your Portfolio With This Banking Powerhouse
• Neutral Sentiment: A note about Bank of America’s latest analyst update said the price target was left unchanged, which suggests a wait-and-see stance rather than a major shift in the investment case. How A Flat Price Target Is Shaping The Story For Bank Of America (BAC)
• Neutral Sentiment: One reported item says former Epstein banker Paul Morris left Bank of America’s Merrill unit, but the article does not indicate a material business impact on BAC. Former Epstein banker Paul Morris leaves Bank of America's Merrill unit - report
• Negative Sentiment: Broader market coverage shows Wall Street analysts growing more skeptical after the recent rally, which could temper enthusiasm for financial stocks like BAC if sentiment rotates away from stretched valuations. Wall Street Analysts Turn Skeptical After Two-Month Stocks Rally

Bank of America Stock Performance

Shares of BAC opened at $52.50 on Wednesday. The company has a 50-day simple moving average of $51.20 and a 200-day simple moving average of $52.30. 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 company has a market capitalization of $372.55 billion, a PE ratio of 12.99, a P/E/G ratio of 0.87 and a beta of 1.18. Bank of America Corporation has a 52-week low of $43.66 and a 52-week high of $57.55.

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 analysts' consensus estimates of $1.00 by $0.11. The business had revenue of $30.27 billion during 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 business's revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.90 EPS. Equities research analysts predict that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

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 issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, June 5th. Bank of America's dividend payout ratio (DPR) is currently 27.72%.

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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