Parr Mcknight Wealth Management Group LLC Acquires New Stake in Bank of America Corporation $BAC

Key Points

• Parr Mcknight Wealth Management Group opened a new position in Bank of America during the first quarter, buying 53,216 shares valued at about $2.59 million.
• Institutional interest remains strong: several other hedge funds also increased their BAC stakes, and institutions now own 70.71% of the company’s shares.
• Analysts are broadly bullish on Bank of America, with 21 Buy ratings and a consensus Moderate Buy rating; the average price target is $62.19, above the recent $59.67 share price.

Parr Mcknight Wealth Management Group LLC bought a new position in shares of Bank of America Corporation (NYSE:BAC - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 53,216 shares of the financial services provider's stock, valued at approximately $2,594,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. AMF Tjanstepension AB boosted its position in shares of Bank of America by 2.9% during the first quarter. AMF Tjanstepension AB now owns 9,562,619 shares of the financial services provider's stock worth $466,178,000 after buying an additional 266,030 shares during the period. J. Safra Sarasin Holding AG raised its position in Bank of America by 840.2% in the 1st quarter. J. Safra Sarasin Holding AG now owns 257,772 shares of the financial services provider's stock valued at $12,539,000 after buying an additional 230,354 shares during the last quarter. Navigate Wealth Management LLC acquired a new stake in Bank of America in the 1st quarter valued at approximately $203,000. LGT Fund Management Co Ltd. lifted its stake in Bank of America by 22.7% in the 1st quarter. LGT Fund Management Co Ltd. now owns 183,690 shares of the financial services provider's stock valued at $8,955,000 after acquiring an additional 33,941 shares in the last quarter. Finally, Global Assets Advisory LLC boosted its position in Bank of America by 17.6% during the 1st quarter. Global Assets Advisory LLC now owns 8,037 shares of the financial services provider's stock worth $392,000 after acquiring an additional 1,200 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Insider Activity at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider owned 1,373,397 shares of the company's stock, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Bank of America from $65.00 to $67.00 and gave the stock an "overweight" rating in a research note on Monday, July 6th. The Goldman Sachs Group raised their target price on shares of Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Citigroup boosted their price target on shares of Bank of America from $62.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, June 23rd. Evercore set a $63.00 price objective on shares of Bank of America and gave the stock an "outperform" rating in a research note on Monday, July 6th. Finally, Daiwa Securities Group raised their price objective on Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a report on Tuesday, April 28th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Bank of America has a consensus rating of "Moderate Buy" and an average target price of $62.19.

Bank of America News Summary

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

• Positive Sentiment: Bank of America’s consumer team said its latest report showed spending up 6.3%, the fastest pace in four years, with wage growth broad-based across all income groups. That suggests the U.S. consumer remains resilient, which is supportive for BAC’s lending and fee income outlook. BofA Consumer Chief: Spending Jumps 6.3% With Wage Growth Across “All Income Groups”
• Positive Sentiment: Financial funds saw their biggest inflow since January, according to Bank of America, signaling improved investor appetite for the sector ahead of bank earnings season. That kind of rotation can lift BAC and other large-cap financials. Financial funds steal the spotlight with biggest inflow since January, Bofa says
• Positive Sentiment: Analysts and market coverage continue to frame Bank of America’s upcoming July 14 earnings report as potentially strong, with expectations for healthy net interest income, fee income, and double-digit EPS growth. Strong results could extend the recent move higher in BAC shares. Bank of America Reports Q2 Earnings Next Week. What Investors Should Expect.
• Neutral Sentiment: Bank of America also continues to generate headlines through its analyst research, including bullish views on names like Meta, Nvidia, Micron, Costco, and homebuilders. These reports help reinforce BAC’s influence on Wall Street, but they are only an indirect driver of BAC stock itself. Meta Stock’s AI Chip Ambitions Are Reaching a ‘Positive Inflection,’ Says Bank of America
• Neutral Sentiment: Bank of America, N.A. announced redemptions of $2.6 billion of senior notes due in August 2026. The move is routine balance-sheet management and is not likely to materially affect the stock on its own. Bank of America, N.A. Announces Redemptions of $2,000,000,000 5.526% Senior Bank Notes and $600,000,000 Floating Rate Senior Bank Notes, Due August 2026

Bank of America Stock Up 0.0%

BAC stock opened at $59.67 on Monday. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $60.83. The business's 50 day simple moving average is $54.50 and its 200 day simple moving average is $52.96. 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 firm has a market capitalization of $423.49 billion, a PE ratio of 14.77, a PEG ratio of 1.00 and a beta of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm had revenue of $30.27 billion during the quarter, compared to analysts' expectations of $29.72 billion. During the same period in the previous year, the business posted $0.90 earnings per share. The company's revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America Corporation will post 4.51 EPS for the current year.

Bank of America Announces Dividend

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

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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