Sippican Capital Advisors Sells 9,444 Shares of Bank of America Corporation $BAC

Key Points

• Sippican Capital Advisors cut its Bank of America position by 37.4% in the first quarter, selling 9,444 shares and leaving it with 15,785 shares worth about $770,000.
• Several analysts turned more bullish on BAC, with Morgan Stanley, Truist, and others lifting price targets and maintaining positive ratings; the stock now has a consensus Moderate Buy rating with a $61.60 target.
• Bank of America reported solid quarterly results, posting $1.11 EPS versus $1.00 expected and $30.27 billion in revenue, while also paying a quarterly dividend of $0.28 per share.

Sippican Capital Advisors reduced its stake in Bank of America Corporation (NYSE:BAC) by 37.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,785 shares of the financial services provider's stock after selling 9,444 shares during the period. Sippican Capital Advisors' holdings in Bank of America were worth $770,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Abound Financial LLC bought a new position in Bank of America in the 4th quarter valued at approximately $26,000. Wiser Advisor Group LLC acquired a new stake in Bank of America in the third quarter valued at approximately $27,000. Legacy Bridge LLC grew its stake in shares of Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after buying an additional 330 shares during the last quarter. 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 acquired a new position in shares of Bank of America during the fourth quarter worth $32,000. 70.71% of the stock is owned by institutional investors.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Morgan Stanley raised its price target on Bank of America to $67 from $61 and reiterated an Overweight rating, signaling improved upside expectations for the stock. Morgan Stanley raises Bank of America price target
• Positive Sentiment: Truist also lifted its target to $64 from $61 and kept a Buy rating, citing better-than-expected trading growth. Truist increases Bank of America price target
• Positive Sentiment: Bank of America’s research team also issued bullish sector commentary on semiconductors and AI-related names, reinforcing the firm’s active and influential market outlook. Bank of America semiconductor research
• Neutral Sentiment: Bank of America extended its Kansas City Current partnership and highlighted its FIFA World Cup fan-band promotion, which is positive for brand visibility but not a major direct earnings driver. Bank of America partnership update
• Negative Sentiment: The SEC fined Merrill Lynch $7.5 million for suspicious activity reporting failures, creating a modest regulatory and compliance headwind for BAC, though the settlement was limited and the company said it has strengthened monitoring. SEC fines Merrill Lynch

Insider Activity at Bank of America

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company'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 sale, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.27% of the company's stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research reports. Oppenheimer increased their price target on Bank of America from $58.00 to $61.00 and gave the company an "outperform" rating in a research note on Thursday, April 16th. Jefferies Financial Group boosted their price objective 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. Erste Group Bank cut Bank of America from a "strong-buy" rating to a "hold" rating in a report on Wednesday, March 4th. HSBC increased their target price on Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Finally, The Goldman Sachs Group lifted their price target on Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $61.60.

Bank of America Price Performance

BAC stock opened at $57.94 on Tuesday. The company has a market capitalization of $411.20 billion, a P/E ratio of 14.34, a PEG ratio of 0.98 and a beta of 1.19. The company has a fifty day moving average price of $53.45 and a 200-day moving average price of $52.71. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. Bank of America Corporation has a 52-week low of $44.75 and a 52-week high of $59.19.

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 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.11. The company 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%. Bank of America's revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.90 earnings per share. As a group, equities analysts expect that Bank of America Corporation will post 4.47 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 1.9%. Bank of America's payout ratio is presently 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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