M&T Bank Corp Sells 3,158,609 Shares of Bank of America Corporation $BAC

Key Points

• M&T Bank Corp cut its stake in Bank of America by 98.1%, selling 3,158,609 shares in Q4 and retaining 60,583 shares valued at $3.332 million.
• Company insiders sold a combined 227,832 shares (~$11.1 million) over the past three months — including 50,000 by Thomas M. Scrivener and 94,000 by Bernard A. Mensah — leaving insiders with just 0.27% ownership.
• Bank of America beat Q1 expectations with $1.11 EPS (vs. $1.00 est.) and $30.27B revenue (up 10.7%), and declared a quarterly dividend of $0.28 per share (≈2.1% yield).

M&T Bank Corp lessened its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 98.1% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 60,583 shares of the financial services provider's stock after selling 3,158,609 shares during the period. M&T Bank Corp's holdings in Bank of America were worth $3,332,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of BAC. Wiser Advisor Group LLC bought a new stake in Bank of America during the third quarter valued at about $27,000. Legacy Bridge LLC grew its holdings in Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 330 shares during the period. Marquette Asset Management LLC bought a new stake in Bank of America during the third quarter valued at about $30,000. Collier Financial bought a new position in shares of Bank of America in the third quarter worth about $30,000. Finally, Mountain Hill Investment Partners Corp. bought a new position in shares of Bank of America in the third quarter worth about $31,000. Institutional investors own 70.71% of the company's stock.

Insider Activity at Bank of America

In related news, insider Thomas M. Scrivener sold 50,000 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the transaction, the insider directly owned 227,973 shares of the company's stock, valued at approximately $11,357,614.86. This represents a 17.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bernard A. Mensah sold 94,000 shares of the stock in a transaction that occurred on 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 transaction, the insider directly owned 170,184 shares of the company's stock, valued at approximately $7,988,436.96. The trade was a 35.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 227,832 shares of company stock valued at $11,094,960. Insiders own 0.27% of the company's stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $52.68 on Tuesday. The stock has a 50 day moving average of $50.33 and a 200 day moving average of $52.38. Bank of America Corporation has a 12 month low of $38.81 and a 12 month high of $57.55. The firm has a market cap of $376.40 billion, a PE ratio of 13.04, a PEG ratio of 0.88 and a beta of 1.23. 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 announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. During the same period in the prior year, the company earned $0.90 earnings per share. The firm's revenue was up 10.7% on a year-over-year basis. On average, research analysts expect that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be paid 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 2.1%. Bank of America's dividend payout ratio is presently 27.72%.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Analysts highlight BAC's strong Q1 and favorable outlook, positioning it with other large banks as a buy after solid earnings and capital-markets strength — supports earnings momentum and investor confidence. Buy These 3 Investment Bank Giants After Solid Q1 Earnings and Outlook
• Positive Sentiment: Coverage highlighting Bank of America’s “sleep like a baby” portfolio having its best year since 1933 boosts sentiment around BofA’s asset-management and client-investment franchises, a tailwind for fee income perception. Bank of America's 'sleep like a baby' portfolio is having its best year since 1933: Chart of the Day
• Neutral Sentiment: Street research activity from BofA analysts remains high across sectors (target changes and sector calls on names like Lockheed, Hims & Hers, Consolidated Edison and others); this underscores BofA’s influence on flows but is indirect for BAC’s fundamentals. Bank of America sends strong message on Lockheed Martin stock
• Neutral Sentiment: Research pieces and trade ideas (e.g., preferreds pair trade) reference BofA-originated strategies and market positioning; useful for fixed-income or dividend-focused investors but only indirectly impacts BAC common equity. Bank of America Preferreds Pair Trade Idea
• Negative Sentiment: Report that Greg Abel (Berkshire Hathaway’s new CEO) has reduced or sold a former top holding — widely reported as a trimming of BAC exposure — creates headline risk and can pressure shares despite firm fundamentals. Signs Point to Warren Buffett's Successor, Greg Abel, Dumping the Oracle of Omaha's Former No. 2 Holding at Berkshire Hathaway

Analyst Ratings Changes

A number of research firms have recently weighed in on BAC. CICC Research began coverage on Bank of America in a research note on Wednesday, January 14th. They issued an "outperform" rating and a $62.00 price objective for the company. Wall Street Zen raised Bank of America from a "sell" rating to a "hold" rating in a research note on Saturday, February 14th. Autonomous Res dropped their price objective on Bank of America from $62.00 to $54.00 and set a "neutral" rating for the company in a research note on Monday, April 6th. Truist Financial upped their price objective on Bank of America from $57.00 to $61.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Finally, Piper Sandler upped their price objective on Bank of America from $53.00 to $59.00 and gave the stock 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 given a Hold rating to the company's stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and a consensus target price of $60.90.

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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