Orange Investment Advisors Inc. Sells 10,977 Shares of Bank of America Corporation $BAC

Key Points

• Orange Investment Advisors cut its Bank of America stake by 17.8% in the first quarter, selling 10,977 shares and leaving it with 50,637 shares valued at about $2.47 million.
• Bank of America posted better-than-expected quarterly results, with EPS of $1.11 versus $1.00 expected and revenue of $30.27 billion, while revenue rose 10.7% year over year.
• Analyst sentiment remains constructive: several firms raised or reiterated bullish views, and the stock currently has a Moderate Buy consensus with an average target price of $61.35.

Orange Investment Advisors Inc. decreased its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 17.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 50,637 shares of the financial services provider's stock after selling 10,977 shares during the period. Orange Investment Advisors Inc.'s holdings in Bank of America were worth $2,469,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Abound Financial LLC bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $26,000. Wiser Advisor Group LLC bought a new position in Bank of America in the third quarter worth approximately $27,000. Legacy Bridge LLC grew its stake in Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after purchasing an additional 330 shares in the last quarter. CrossGen Wealth LLC purchased a new position in Bank of America during the 4th quarter worth $30,000. Finally, Joseph Group Capital Management purchased a new position in Bank of America during the 4th quarter worth $32,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Up 0.1%

Shares of NYSE BAC opened at $57.92 on Monday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $411.06 billion, a PE ratio of 14.34, a price-to-earnings-growth ratio of 0.98 and a beta of 1.19. The stock's fifty day simple moving average is $53.36 and its two-hundred day simple moving average is $52.67. Bank of America Corporation has a 12-month low of $44.75 and a 12-month high of $59.19.

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 for the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business's revenue was up 10.7% compared to the same quarter last year. During the same period last year, the business posted $0.90 EPS. As a group, analysts expect that Bank of America Corporation will post 4.47 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, June 5th. Bank of America's payout ratio is 27.72%.

Analyst Ratings Changes

Several equities research analysts have weighed in on BAC shares. Royal Bank Of Canada reiterated an "outperform" rating and issued a $59.00 target price on shares of Bank of America in a report on Thursday, April 16th. UBS Group raised their price target on Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Morgan Stanley decreased their price objective on Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a report on Tuesday, March 31st. Evercore lowered their price objective on shares of Bank of America from $70.00 to $61.00 and set an "outperform" rating for the company in a research note on Friday, May 15th. Finally, Piper Sandler increased their target price on shares of Bank of America from $53.00 to $59.00 and gave the stock a "neutral" rating in a report 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 company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $61.35.

Bank of America News Summary

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

• Positive Sentiment: Citi raised its price target on Bank of America and kept a Buy rating, citing expectations for strong second-quarter results and reinforcing the view that BAC can deliver solid earnings growth. Bank of America (BAC) – Among the Top 10 Blue Chip Stocks with Growing Dividends
• Positive Sentiment: Barclays reaffirmed its Buy rating on BAC, adding to the bullish analyst backdrop and suggesting Wall Street still sees room for upside. Barclays Reaffirms Their Buy Rating on Bank of America (BAC)
• Positive Sentiment: Bank of America’s own research highlighted AI-driven semiconductor demand, projecting an additional $1 trillion in chip sales over five years, which supports a more constructive macro outlook for markets tied to technology spending and capital formation. BofA Sees AI Driving the Next $1 Trillion in Semiconductor Revenue
• Positive Sentiment: Reports that major banks passed the Fed stress test again and showed capital resilience may lift sentiment toward large money-center banks like BAC by reinforcing dividend and buyback flexibility. Fed Stress Test: JPM & Other Big Banks Pass Again, Show Resilience
• Neutral Sentiment: Other BofA commentary focused on housing trends, small- and mid-cap preferences, and wealthy-investor behavior, but these items are more market-color than direct catalysts for BAC shares. Bank of America sees major housing shift despite high mortgage rates
• Negative Sentiment: Bank of America also warned that the risk of a market correction is rising, a cautious tone that can temper enthusiasm for financial stocks even when fundamentals remain solid. Bank of America (BAC) Says Risks of a Market Correction Are Rising

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 shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.27% of the company's stock.

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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