Mishpacha Holdings Corp Acquires New Holdings in Bank of America Corporation $BAC

Key Points

• Mishpacha Holdings Corp bought 166,834 shares of Bank of America in the fourth quarter, worth about $9.18 million. The position now makes BAC about 7.7% of the fund’s portfolio and its fourth-largest holding.
• Institutional interest in Bank of America remains strong, with several large investors adding to their stakes and 70.71% of the stock now held by institutions. Vanguard, Capital World Investors, and Norges Bank were among the notable buyers.
• Bank of America recently beat quarterly earnings expectations, and analysts currently rate the stock a Moderate Buy with an average price target of $61.06. The company also announced a quarterly dividend of $0.28 per share, yielding about 2.0%.

Mishpacha Holdings Corp bought a new stake in Bank of America Corporation (NYSE:BAC - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 166,834 shares of the financial services provider's stock, valued at approximately $9,176,000. Bank of America comprises about 7.7% of Mishpacha Holdings Corp's investment portfolio, making the stock its 4th largest holding.

A number of other large investors have also added to or reduced their stakes in BAC. Vanguard Group Inc. boosted its holdings in shares of Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock valued at $35,809,225,000 after buying an additional 23,351,183 shares in the last quarter. Capital World Investors raised its stake in shares of Bank of America by 11.0% during the 3rd quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider's stock worth $7,448,816,000 after acquiring an additional 14,275,810 shares in the last quarter. Norges Bank bought a new position in shares of Bank of America during the 4th quarter worth approximately $4,774,210,000. Bank of New York Mellon Corp lifted its position in Bank of America by 5.4% during the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider's stock valued at $3,169,062,000 after acquiring an additional 2,929,779 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its stake in Bank of America by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider's stock valued at $2,958,110,000 after acquiring an additional 1,105,833 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America’s internal research is being cited as bullish for the bank sector, with commentary that higher rates can still support net interest income even as the Fed holds rates steady, which could help BAC’s earnings outlook. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Positive Sentiment: Bank of America also drew attention for its view that lower-income households may be stabilizing, suggesting the consumer backdrop could be improving and reducing recession fears that would hurt loan growth and credit quality. Miserable K-shaped economy might actually be fading, as lower-income families bounce back, says Bank of America
• Neutral Sentiment: Bank of America revealed a roughly 3% indirect stake in Qiagen and reported similar holdings disclosures for Umicore; these are portfolio/ownership updates and are unlikely to have a direct impact on BAC’s core banking results. Bank of America Reveals 3.01% Indirect Stake in Qiagen Umicore - Transparency notifications by Bank of America Corporation
• Neutral Sentiment: Reports that a Fed official spoke at a private Bank of America client dinner may attract headlines, but it appears more like a reputational/regulatory talking point than a direct earnings driver. The Fed's vice chair of supervision spoke at a private dinner Bank of America hosted for clients hours after the central bank announced its latest policy decision
• Negative Sentiment: Bank of America is facing fresh scrutiny tied to regulators’ upcoming “debanking” findings, which could create policy and compliance concerns for large banks like BAC. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings

Analyst Ratings Changes

Several equities analysts have issued reports on BAC shares. Daiwa Securities Group lifted their price target on shares of Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a report on Tuesday, April 28th. Piper Sandler increased their price objective on Bank of America from $53.00 to $59.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. JPMorgan Chase & Co. lowered their price objective on Bank of America from $61.50 to $57.50 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. Keefe, Bruyette & Woods boosted their target price on Bank of America from $63.00 to $64.00 and gave the stock an "outperform" rating in a research note on Thursday, April 16th. Finally, Robert W. Baird increased their price target 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. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and an average price target of $61.06.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction dated Tuesday, May 5th. The stock was 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 approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.27% of the company's stock.

Bank of America Trading Up 0.1%

Shares of Bank of America stock opened at $56.26 on Friday. The firm's 50 day simple moving average is $52.91 and its two-hundred day simple moving average is $52.54. The firm has a market capitalization of $399.27 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 0.95 and a beta of 1.18. Bank of America Corporation has a 12-month low of $44.75 and a 12-month high of $57.98. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate 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 for the quarter was up 10.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.90 earnings per share. Analysts predict that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. Bank of America's payout ratio is currently 27.72%.

About Bank of America

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.