Phoenix Financial Ltd. Has $12.58 Million Position in Bank of America Corporation $BAC

Key Points

• Phoenix Financial Ltd. cut its Bank of America stake by 16.5% in the fourth quarter, selling 44,944 shares and leaving it with 226,814 shares valued at about $12.58 million.
• Bank of America beat quarterly earnings expectations, reporting $1.11 EPS versus $1.00 expected and revenue of $30.27 billion, up 10.7% year over year. Analysts now expect the company to earn 4.46 EPS for the full year.
• The company also announced a quarterly dividend of $0.28 per share, payable June 26, and analysts remain broadly positive, with 22 Buy ratings and a consensus target price of $61.06.

Phoenix Financial Ltd. decreased its position in shares of Bank of America Corporation (NYSE:BAC) by 16.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 226,814 shares of the financial services provider's stock after selling 44,944 shares during the quarter. Phoenix Financial Ltd.'s holdings in Bank of America were worth $12,577,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of BAC. Meridian Wealth Management LLC lifted its position in Bank of America by 54.6% during the 3rd quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider's stock valued at $3,008,000 after purchasing an additional 20,591 shares during the period. Lockheed Martin Investment Management Co. grew its position in shares of Bank of America by 15.9% during the 3rd quarter. Lockheed Martin Investment Management Co. now owns 629,610 shares of the financial services provider's stock worth $32,482,000 after buying an additional 86,290 shares during the period. AdvisorShares Investments LLC acquired a new stake in shares of Bank of America during the 3rd quarter worth approximately $482,000. Mufg Securities Americas Inc. raised its stake in shares of Bank of America by 26.6% during the third quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider's stock worth $10,262,000 after buying an additional 41,809 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. AG lifted its holdings in Bank of America by 11.2% in the third quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider's stock valued at $34,974,000 after buying an additional 68,093 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America and other major banks are seen as potential winners if rates stay elevated longer, since higher rates can support net interest income and keep banking margins healthier. Higher-for-longer rate outlook puts bank stocks back on watch
• Positive Sentiment: Bank of America’s analyst calls on semiconductors, including upgraded price targets for Nvidia and Micron, reinforce BAC’s role as a leading Wall Street research franchise and may support investor sentiment around its markets and advisory businesses. BofA Hikes Nvidia Price Target to $320 -- Calls It Top Sector Pick
• Positive Sentiment: Bank of America remains well-regarded for digital banking, tying U.S. Bank for first place in a competitive retail digital experience ranking, which supports its long-term consumer franchise. Banks Give Customers Online Controls for Privacy & Marketing Preferences
• Positive Sentiment: BofA added to its AI and electronic trading push by joining LTX as a liquidity provider on an AI-powered corporate bond platform, highlighting continued investment in technology-driven fixed income trading. Bank Of America Deepens AI Bond Trading Role With LTX Partnership
• Neutral Sentiment: Several articles focus on BofA’s analyst coverage of other stocks, which mostly reflects the firm’s market influence rather than a direct change in BAC fundamentals. Bank of America massively resets Micron stock price target after surge
• Neutral Sentiment: Qiagen disclosed Bank of America as a voting stakeholder, but the filing appears to be a routine ownership update and is unlikely to move BAC shares by itself. Bank of America Discloses 3.11% Voting Stake in Qiagen

Bank of America Trading Up 0.1%

BAC opened at $49.89 on Friday. The firm's fifty day moving average is $50.42 and its two-hundred day moving average is $52.46. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $354.05 billion, a PE ratio of 12.35, a price-to-earnings-growth ratio of 0.84 and a beta of 1.21. Bank of America Corporation has a twelve month low of $42.35 and a twelve month high of $57.55.

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 the consensus estimate 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 company had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. During the same quarter in the previous year, the business earned $0.90 EPS. The firm's revenue was up 10.7% on a year-over-year basis. Equities research analysts anticipate that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's payout ratio is presently 27.72%.

Insiders Place Their Bets

In other news, insider Geoffrey S. Greener sold 126,756 shares of the firm'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 of the company's stock, valued at $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Thomas M. Scrivener sold 50,000 shares of Bank of America stock in a transaction dated 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 transaction, the insider owned 227,973 shares in the company, valued at $11,357,614.86. This trade represents a 17.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 354,588 shares of company stock valued at $17,814,296 over the last ninety days. 0.27% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on BAC shares. UBS Group raised their price objective on shares of Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Daiwa Securities Group increased their price target on Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research note on Tuesday, April 28th. Keefe, Bruyette & Woods raised their price target on Bank of America from $63.00 to $64.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. 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 research note on Tuesday, March 31st. Finally, JPMorgan Chase & Co. dropped their price objective on Bank of America from $61.50 to $57.50 and set an "overweight" rating for the company in a report on Tuesday, April 7th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $61.06.

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.

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