Smithbridge Asset Management Inc. DE Has $627,000 Stake in Bank of America Corporation $BAC

Key Points

• Smithbridge Asset Management cut its Bank of America stake by 41.6% in the first quarter, leaving it with 12,862 shares worth about $627,000.
• Bank of America has continued to draw generally favorable Wall Street views, with 21 Buy ratings and 6 Hold ratings, and a consensus target price of $61.60.
• The bank reported better-than-expected Q1 earnings of $1.11 per share on revenue of $30.27 billion, while also declaring a quarterly dividend of $0.28 per share.

Smithbridge Asset Management Inc. DE trimmed its stake in Bank of America Corporation (NYSE:BAC) by 41.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,862 shares of the financial services provider's stock after selling 9,162 shares during the quarter. Smithbridge Asset Management Inc. DE's holdings in Bank of America were worth $627,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research reports. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $63.00 to $64.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of America in a research note on Friday, April 24th. 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 report on Thursday, April 16th. JPMorgan Chase & Co. lowered their price target on Bank of America from $61.50 to $57.50 and set an "overweight" rating for the company in a research note on Tuesday, April 7th. Finally, Autonomous Res dropped their price objective on Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a report on Monday, April 6th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $61.60.

Insider Activity at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.27% of the stock is currently owned by corporate insiders.

Bank of America Price Performance

Shares of NYSE:BAC opened at $58.36 on Thursday. The stock has a market capitalization of $414.19 billion, a P/E ratio of 14.45, a P/E/G ratio of 0.96 and a beta of 1.18. The business has a 50-day moving average of $53.60 and a two-hundred day moving average of $52.75. Bank of America Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $59.19. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81.

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. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business 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 EPS. The firm's revenue for the quarter was up 10.7% on a year-over-year basis. On average, equities research analysts predict that Bank of America Corporation will post 4.49 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were given a $0.28 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. Bank of America's dividend payout ratio (DPR) is currently 27.72%.

Trending Headlines about Bank of America

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

• Positive Sentiment: Analysts turned more constructive on Bank of America ahead of Q2 results, citing strong earnings expectations and raising price targets. Is Bank of America (BAC) the Most Undervalued American Stock to Invest In?
• Positive Sentiment: Bank of America is expected to deliver another solid quarter, with consensus calling for higher profit and revenue on July 14. Bank of America Likely To Report Higher Q2 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
• Neutral Sentiment: Senate Democrats asked the Fed’s inspector general to review whether a Fed vice chair’s attendance at a private Bank of America client dinner broke rules; this is a reputational headline, but it does not appear to involve the bank’s operations directly. US Senator Warren calls for Fed watchdog review of Bowman's BofA dinner, WSJ reports
• Negative Sentiment: Bank of America’s Merrill Lynch unit was fined $7.5 million by the SEC over suspicious activity report failures, adding a modest regulatory overhang. Bank of America's Merrill Lynch unit fined $7.5M by U.S. SEC

Bank of America Company 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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