Orange Investment Advisors Inc. Trims Position in Bank of America Corporation $BAC

Key Points

• Orange Investment Advisors Inc. cut its Bank of America stake by 24% in the fourth quarter, selling 19,464 shares and leaving it with 61,614 shares valued at about $3.39 million.
• Bank of America reported better-than-expected quarterly results, posting $1.11 EPS versus the $1.00 estimate and revenue of $30.27 billion, up 10.7% year over year.
• The company declared a quarterly dividend of $0.28 per share, implying a 2.2% annualized yield, while analysts overall still rate the stock a Moderate Buy with an average target price of $61.06.

Orange Investment Advisors Inc. decreased its position in shares of Bank of America Corporation (NYSE:BAC) by 24.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 61,614 shares of the financial services provider's stock after selling 19,464 shares during the quarter. Orange Investment Advisors Inc.'s holdings in Bank of America were worth $3,389,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Legacy Bridge LLC lifted its holdings in Bank of America by 182.3% in the 4th 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. Wiser Advisor Group LLC purchased a new position in shares of Bank of America in the third quarter worth $27,000. Collier Financial purchased a new position in Bank of America during the third quarter valued at $30,000. Joseph Group Capital Management bought a new stake in Bank of America in the 4th quarter valued at $32,000. Finally, HFM Investment Advisors LLC boosted its holdings in shares of Bank of America by 566.0% during the 4th quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 532 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Price Performance

Shares of BAC opened at $51.46 on Friday. The company has a 50 day moving average of $50.59 and a two-hundred day moving average of $52.38. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a twelve month low of $42.35 and a twelve month high of $57.55. The company has a market cap of $365.16 billion, a price-to-earnings ratio of 12.74, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21.

Bank of America (NYSE:BAC - Get Free Report) last issued 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. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. During the same quarter in the prior year, the business posted $0.90 EPS. The business's revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, analysts predict that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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 paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America's 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: Bank of America published an outlook highlighting renewed opportunities in commercial real estate, farmland, timberland, and energy, which suggests its research team sees improving fundamentals in real assets and could support fee-generating client activity. Bank of America Outlook Sees Renewed Opportunity Across Commercial Real Estate, Farmland, Timberland and Energy
• Positive Sentiment: Bank of America remained active on the research front, reiterating a Buy rating on Alphabet and reinstating coverage on ServiceNow with a Buy call, reinforcing its influence in market-moving stock research and signaling a constructive view on risk assets.
• Neutral Sentiment: Bank of America’s disclosure of indirect crypto ETF exposure and research on Gen Z money habits is more informative than market-moving, but it underscores the bank’s participation in digital-asset-linked products and its focus on younger customers.
• Negative Sentiment: CFRA downgraded Bank of America (BAC) to Hold, which can weigh on sentiment by suggesting less upside from current valuation levels. CFRA downgrades Bank of America (BAC) to a Hold
• Negative Sentiment: News that Bank of America will pay a settlement over duplicate 7-Eleven ATM fees may add to concerns about litigation and operating risks, though the financial impact appears limited. Bank of America will pay settlement over duplicate 7-Eleven ATM fees

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BAC. Royal Bank Of Canada reissued an "outperform" rating and issued a $59.00 target price on shares of Bank of America in a report on Thursday, April 16th. Oppenheimer boosted their price objective on Bank of America from $58.00 to $61.00 and gave the company an "outperform" rating in a report on Thursday, April 16th. JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $61.50 to $57.50 and set an "overweight" rating on the stock in a research note on Tuesday, April 7th. Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a research note on Friday, April 24th. Finally, Wall Street Zen raised shares of Bank of America from a "sell" rating to a "hold" rating in a research note on Saturday, February 14th. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and an average target price of $61.06.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 83,832 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the transaction, the insider owned 307,240 shares in the company, valued at approximately $15,362,000. This represents a 21.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Thomas M. Scrivener sold 50,000 shares of the firm's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 354,588 shares of company stock valued at $17,814,296 over the last three months. Company 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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