Socorro Asset Management LP Lowers Stock Position in Bank of America Corporation $BAC

Socorro Asset Management LP reduced its holdings in shares of Bank of America Corporation (NYSE:BAC) by 16.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 127,608 shares of the financial services provider's stock after selling 24,809 shares during the period. Bank of America accounts for about 2.8% of Socorro Asset Management LP's investment portfolio, making the stock its 23rd largest holding. Socorro Asset Management LP's holdings in Bank of America were worth $6,221,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Abound Financial LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $26,000. Wiser Advisor Group LLC bought a new position in shares of Bank of America during the 3rd quarter valued at $27,000. Legacy Bridge LLC boosted 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 worth $28,000 after buying an additional 330 shares during the last quarter. CrossGen Wealth LLC purchased a new position in shares of Bank of America in the 4th quarter worth $30,000. Finally, Joseph Group Capital Management bought a new stake in shares of Bank of America in the fourth quarter worth $32,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the 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 completion of the sale, the insider owned 1,373,397 shares in the company, valued at approximately $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 can be accessed through this hyperlink. 0.27% of the stock is currently owned by company insiders.

Bank of America Price Performance

NYSE BAC opened at $62.15 on Tuesday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a 12 month low of $44.75 and a 12 month high of $62.99. The stock has a market cap of $441.02 billion, a price-to-earnings ratio of 14.25, a PEG ratio of 0.99 and a beta of 1.17. The company's 50 day moving average is $56.65 and its two-hundred day moving average is $53.37.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts' consensus estimates of $1.13 by $0.08. The business had revenue of $8.08 billion during the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The company's revenue was up 19.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.89 earnings per share. As a group, research analysts anticipate that Bank of America Corporation will post 4.65 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be given a $0.32 dividend. The ex-dividend date is Friday, September 4th. This is a positive change from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a dividend yield of 2.1%. Bank of America's dividend payout ratio (DPR) is presently 25.69%.

Analysts Set New Price Targets

A number of research firms have issued reports on BAC. Truist Financial boosted their price target on Bank of America from $64.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, July 15th. Oppenheimer downgraded shares of Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Evercore set a $63.00 target price on shares of Bank of America and gave the company an "outperform" rating in a research report on Monday, July 6th. JPMorgan Chase & Co. increased their price target on shares of Bank of America from $57.50 to $62.50 and gave the stock an "overweight" rating in a research report on Monday, July 6th. Finally, Wells Fargo & Company lifted their price target on shares of Bank of America from $67.00 to $69.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Twenty-one analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $63.77.

Bank of America News Roundup

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

• Positive Sentiment: AI could expand profit margins: Morgan Stanley strategists identified Bank of America as one of the major U.S. companies best positioned to benefit from AI investment, potentially driving net-margin expansion through 2027. The opportunity could improve operating efficiency and long-term earnings growth. Bank of America (BAC) Could Be One Of Wall Street's Biggest AI Winners
• Positive Sentiment: Strong second-quarter performance: Bank of America’s second-quarter earnings per share increased 34.4% year over year and exceeded analyst expectations. Record net interest income, strong trading activity and resilient investment-banking results underscored the benefits of its diversified business model. Should You Invest in Bank of America Following Impressive Q2 Results?
• Positive Sentiment: Dividend and capital-return support: Recent coverage indicates BAC reached a new 12-month high following a dividend announcement, reinforcing investor interest in shareholder returns. Bank of America Sets New 12-Month High Following Dividend Announcement
• Neutral Sentiment: Healthy consumer backdrop: Broader big-bank earnings suggest U.S. consumers remain relatively resilient despite economic pressures, which is supportive for BAC’s credit quality and consumer-banking operations. What Big Bank Earnings Just Revealed About the Health of the U.S. Consumer
• Neutral Sentiment: Research visibility: BofA’s calls favoring semiconductor and cybersecurity stocks highlight its research franchise, but these recommendations have limited direct impact on BAC’s earnings. BofA Names Top Semiconductor Stocks to Buy After Sector Selloff

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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