Rayburn West Financial Services LLC Takes $5.02 Million Position in Bank of America Corporation $BAC

Key Points

• Rayburn West Financial Services opened a new position in Bank of America during the fourth quarter, buying 91,223 shares worth about $5.02 million. The stock now makes up 3.1% of its portfolio and is its 7th largest holding.
• Institutional ownership remains high, with hedge funds and other large investors owning 70.71% of Bank of America shares. Several major firms, including Vanguard and UBS AM, also increased their stakes recently.
• Bank of America’s latest quarterly results topped expectations, reporting $1.11 EPS on revenue of $30.27 billion, both ahead of estimates. The company also declared a quarterly dividend of $0.28 per share, implying a 2.2% yield.

Rayburn West Financial Services LLC purchased a new position in shares of Bank of America Corporation (NYSE:BAC - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 91,223 shares of the financial services provider's stock, valued at approximately $5,017,000. Bank of America accounts for 3.1% of Rayburn West Financial Services LLC's investment portfolio, making the stock its 7th largest holding.

A number of other large investors have also recently bought and sold shares of BAC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Bank of America by 640.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock worth $2,399,798,000 after purchasing an additional 40,235,201 shares during the period. Vanguard Group Inc. raised its position in Bank of America by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock worth $35,809,225,000 after buying an additional 23,351,183 shares during the last quarter. Capital World Investors raised its position in Bank of America by 11.0% during the 3rd quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider's stock worth $7,448,816,000 after buying an additional 14,275,810 shares during the last quarter. American Assets Investment Management LLC raised its position in Bank of America by 1,248.5% during the 4th quarter. American Assets Investment Management LLC now owns 15,224,325 shares of the financial services provider's stock worth $837,338,000 after buying an additional 14,095,375 shares during the last quarter. Finally, Danske Bank A S purchased a new position in Bank of America during the 3rd quarter worth $224,863,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Insider Activity

In other Bank of America news, insider Thomas M. Scrivener sold 50,000 shares of the firm's stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the sale, the insider directly owned 227,973 shares of the company's stock, valued at $11,357,614.86. This trade represents a 17.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 354,588 shares of company stock valued at $17,814,296 over the last quarter. 0.27% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on BAC shares. Morgan Stanley cut their price objective on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a research report on Tuesday, March 31st. Erste Group Bank downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 4th. Autonomous Res cut their price target on shares of Bank of America from $62.00 to $54.00 and set a "neutral" rating for the company in a report on Monday, April 6th. CICC Research started coverage on shares of Bank of America in a report on Wednesday, January 14th. They issued an "outperform" rating and a $62.00 price target for the company. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $59.00 price target on shares of Bank of America in a report on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Bank of America has a consensus rating of "Moderate Buy" and a consensus target price of $61.06.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America’s own analysts upgraded Akamai Technologies to Buy, highlighting a broader shift toward viewing network and infrastructure names as AI beneficiaries; that reinforces BofA’s role as an active and influential deal/rating house in AI-linked stocks. Akamai Technologies upgraded by Bank of America on AI infrastructure shift
• Positive Sentiment: Bank of America is also being portrayed as an AI-era winner itself, with coverage noting branch expansion plus AI tools could help deepen customer relationships, support deposit growth, and strengthen its hybrid banking model. Can Branch Expansion Give Bank of America an Edge in the AI Era?
• Positive Sentiment: News that Bank of America joined LTX as a fully integrated liquidity provider on an AI-powered corporate bond trading platform highlights continued investment in electronic trading and fixed-income technology, which could improve efficiency and market share over time. Bank Of America Deepens AI Bond Trading Role With LTX Partnership
• Positive Sentiment: Industry data showed large U.S. banks, including Bank of America, led record share repurchases in the first quarter, which supports per-share earnings and signals strong capital generation. Bank Stock Buybacks Hit a Record in First Quarter. Citi, BofA, and Goldman Were Leaders.
• Neutral Sentiment: Seeking Alpha’s “Undercovered Dozen” piece included Bank of America among lesser-covered stocks, but it does not appear to introduce a major new catalyst by itself. Undercovered Dozen: Bank Of America, Plug Power, Dycom And More
• Negative Sentiment: BofA Securities settled an insider-trading-related case with India’s Sebi, a headline that may create some reputational noise, though the financial penalty was relatively small. BofA Securities settles insider trading case with Sebi

Bank of America Price Performance

Shares of NYSE BAC opened at $49.83 on Thursday. The stock has a market cap of $353.65 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 0.86 and a beta of 1.21. Bank of America Corporation has a 52 week low of $42.35 and a 52 week high of $57.55. The company's 50-day moving average price is $50.42 and its 200 day moving average price is $52.48. 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 issued its quarterly earnings data 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. The firm had revenue of $30.27 billion for the quarter, compared to analysts' expectations of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm's revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.90 EPS. As a group, research analysts forecast 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 dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's dividend payout ratio (DPR) is currently 27.72%.

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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