Sheets Smith Wealth Management Lowers Stock Holdings in Bank of America Corporation $BAC

Key Points

• Sheets Smith Wealth Management cut its Bank of America stake by 58.2% in the first quarter, selling 17,265 shares and leaving it with 12,401 shares worth about $605,000.
• Bank of America reported better-than-expected quarterly results, with EPS of $1.11 versus the $1.00 estimate and revenue of $30.27 billion, up 10.7% from a year earlier.
• The bank declared a quarterly dividend of $0.28 per share, payable June 26, and analysts overall maintain a Moderate Buy rating with an average price target of $61.06.

Sheets Smith Wealth Management reduced its holdings in Bank of America Corporation (NYSE:BAC) by 58.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,401 shares of the financial services provider's stock after selling 17,265 shares during the quarter. Sheets Smith Wealth Management's holdings in Bank of America were worth $605,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in BAC. DecisionMap Wealth Management LLC grew its holdings in Bank of America by 4.7% in the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider's stock valued at $223,000 after buying an additional 182 shares during the period. Money Concepts Capital Corp lifted its holdings in shares of Bank of America by 3.8% during the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock worth $273,000 after acquiring an additional 182 shares during the period. Holistic Financial Partners boosted its position in shares of Bank of America by 2.4% in the fourth quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider's stock worth $434,000 after acquiring an additional 183 shares during the last quarter. Operose Advisors LLC grew its holdings in Bank of America by 0.9% in the fourth quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider's stock valued at $1,123,000 after purchasing an additional 185 shares during the period. Finally, Asahi Life Asset Management CO. LTD. grew its holdings in Bank of America by 1.0% in the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider's stock valued at $1,092,000 after purchasing an additional 187 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Up 0.1%

Shares of BAC stock opened at $56.26 on Monday. 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 fifty-two week low of $44.75 and a fifty-two week high of $57.98. The firm's 50 day moving average price is $52.91 and its two-hundred day moving average price is $52.53. The stock has a market cap of $399.27 billion, a price-to-earnings ratio of 13.93, a price-to-earnings-growth ratio of 0.95 and a beta of 1.19.

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 earnings per share (EPS) for the quarter, topping 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 prior year, the business earned $0.90 earnings per share. The business's quarterly revenue was up 10.7% compared to the same quarter last year. On average, analysts anticipate that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Dividend Announcement

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

Insider Transactions at Bank of America

In other Bank of America 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 value of $6,719,335.56. Following the transaction, the insider directly 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. Corporate insiders own 0.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Morgan Stanley cut their price target on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 31st. Piper Sandler boosted their price objective on shares of Bank of America from $53.00 to $59.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Erste Group Bank downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a report on Wednesday, March 4th. Jefferies Financial Group increased their target price on Bank of America from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of America in a report on Friday, April 24th. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $61.06.

More Bank of America News

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

• Positive Sentiment: Bank of America’s internal research is being cited as bullish for the bank sector, with commentary that higher rates can still support net interest income even as the Fed holds rates steady, which could help BAC’s earnings outlook. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Positive Sentiment: Bank of America also drew attention for its view that lower-income households may be stabilizing, suggesting the consumer backdrop could be improving and reducing recession fears that would hurt loan growth and credit quality. Miserable K-shaped economy might actually be fading, as lower-income families bounce back, says Bank of America
• Neutral Sentiment: Bank of America revealed a roughly 3% indirect stake in Qiagen and reported similar holdings disclosures for Umicore; these are portfolio/ownership updates and are unlikely to have a direct impact on BAC’s core banking results. Bank of America Reveals 3.01% Indirect Stake in Qiagen Umicore - Transparency notifications by Bank of America Corporation
• Neutral Sentiment: Reports that a Fed official spoke at a private Bank of America client dinner may attract headlines, but it appears more like a reputational/regulatory talking point than a direct earnings driver. The Fed's vice chair of supervision spoke at a private dinner Bank of America hosted for clients hours after the central bank announced its latest policy decision
• Negative Sentiment: Bank of America is facing fresh scrutiny tied to regulators’ upcoming “debanking” findings, which could create policy and compliance concerns for large banks like BAC. 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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.