SG Trading Solutions LLC Makes New Investment in Bank of America Corporation $BAC

Key Points

• SG Trading Solutions LLC opened a new position in Bank of America in Q4, buying 51,322 shares valued at about $2.82 million. The stake makes BAC its 29th-largest holding and about 0.7% of its portfolio.
• Several other institutional investors also added to or started positions in Bank of America, and hedge funds/institutions now own 70.71% of the stock. Meanwhile, insider Geoffrey S. Greener sold 126,756 shares in May, trimming his stake by 8.45%.
• Analysts remain constructive on BAC, with 22 Buy ratings and five Hold ratings, and a consensus price target of $61.06. The stock also beat quarterly earnings expectations and pays a quarterly dividend of $0.28, equal to a 2.0% annualized yield.

SG Trading Solutions LLC purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 51,322 shares of the financial services provider's stock, valued at approximately $2,823,000. Bank of America comprises about 0.7% of SG Trading Solutions LLC's investment portfolio, making the stock its 29th biggest holding.

Other hedge funds and other institutional investors have also modified their holdings of the company. Abound Financial LLC acquired a new position in Bank of America during the 4th quarter worth $26,000. Wiser Advisor Group LLC bought a new position in Bank of America in the 3rd quarter valued at $27,000. Legacy Bridge LLC increased its stake in shares of Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock valued at $28,000 after buying an additional 330 shares during the period. CrossGen Wealth LLC bought a new stake in shares of Bank of America during the fourth quarter worth $30,000. Finally, Joseph Group Capital Management bought a new stake in shares of Bank of America during the fourth quarter worth $32,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Insider Buying and Selling at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred on 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 transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.27% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Daiwa Securities Group raised their price target on Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a report on Tuesday, April 28th. UBS Group boosted their price objective on Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. The Goldman Sachs Group upped 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. Truist Financial lifted their price target on shares of Bank of America from $57.00 to $61.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Finally, Argus boosted their price target on shares of Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. 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 MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $61.06.

Bank of America Stock Down 0.5%

Shares of Bank of America stock opened at $56.26 on Friday. The business has a fifty day simple moving average of $52.82 and a 200 day simple moving average of $52.51. The stock has a market cap of $399.27 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 0.96 and a beta of 1.18. 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 12 month low of $44.75 and a 12 month high of $57.98.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share 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 for the quarter, compared to analyst estimates of $29.72 billion. During the same quarter in the prior year, the firm posted $0.90 earnings per share. The company's quarterly revenue was up 10.7% on a year-over-year basis. Research analysts predict that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of America's dividend payout ratio is 27.72%.

Key Bank of America News

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

• Positive Sentiment: Bank of America is leaning further into AI to strengthen its dominant muni underwriting franchise, which could help defend and expand a business line that already leads the market. Bank of America Eyes AI to Defend $46 Billion Muni Lead
• Positive Sentiment: The bank reportedly scored an early win in a dispute over First Brands’ inventory proceeds, which may improve its recovery prospects and reduce legal uncertainty. Bank of America gets early win in dispute over First Brands' inventory proceeds - report
• Positive Sentiment: Several recent pieces highlight supportive themes for BAC, including high cash flow, strong dividend appeal, and investor interest in the stock after its multi-year run. Bank of America (BAC) – Among the 12 Stocks From Companies Generating High Cash Flow
• Neutral Sentiment: Analysts and strategists are broadly focused on the Fed’s “higher-for-longer” setup: that can support net interest income for banks like BAC, but it also raises funding-cost, credit, and securities-market risks. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Neutral Sentiment: Bank of America’s own rates team warned that a new Fed chair could bring bond-market volatility, which is more of a market backdrop issue than a direct fundamental hit to BAC. BofA Rates Strategist: New Fed Chair Warsh Is a Bond Market Stranger, Volatility Ahead
• Negative Sentiment: Bank of America is facing fresh regulatory scrutiny as authorities prepare debanking findings, adding headline risk and raising the chance of policy pressure. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings

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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