Texas Capital Bank Wealth Management Services Inc Buys 22,488 Shares of Bank of America Corporation $BAC

Key Points

• Texas Capital Bank Wealth Management Services Inc increased its Bank of America stake by 37.7% in the fourth quarter, buying 22,488 additional shares and bringing its total holding to 82,181 shares worth about $4.52 million.
• Other institutional investors also added to Bank of America positions, and institutions now own 70.71% of the stock, suggesting continued broad professional interest in BAC.
• Bank of America recently beat quarterly earnings estimates with $1.11 EPS on $30.27 billion in revenue, while analysts remain broadly positive with a consensus Moderate Buy rating and an average price target of about $61.06.

Texas Capital Bank Wealth Management Services Inc lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 37.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,181 shares of the financial services provider's stock after acquiring an additional 22,488 shares during the period. Texas Capital Bank Wealth Management Services Inc's holdings in Bank of America were worth $4,520,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Wiser Advisor Group LLC bought a new position in Bank of America in the third quarter valued at $27,000. Legacy Bridge LLC grew its position in Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 330 shares in the last quarter. Collier Financial bought a new position in Bank of America in the third quarter valued at $30,000. Joseph Group Capital Management bought a new position in Bank of America in the fourth quarter valued at $32,000. Finally, HFM Investment Advisors LLC grew its position in Bank of America by 566.0% in the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 532 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

More Bank of America News

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

• Positive Sentiment: Bank of America’s analysts continued to highlight attractive opportunities in other companies, including upgraded calls on names like Intuit, Walmart, Spotify, Nvidia, and Oklo, underscoring the firm’s active and influential research platform. Article
• Positive Sentiment: Bank of America said Brazil could see a surge of IPOs after a long drought, which points to a possible rebound in investment-banking activity and future fee opportunities. Article
• Positive Sentiment: Bank of America cleared a derivatives hurdle in its regulatory “living will,” removing an overhang and signaling continued progress on capital-planning and risk-management requirements. Article
• Positive Sentiment: Berkshire Hathaway reportedly has not sold its Bank of America stake, which some investors may view as a confidence signal for BAC’s long-term value. Article
• Neutral Sentiment: Bank of America’s presentation at the Bernstein Strategic Decisions Conference kept BAC in focus, but the transcript itself did not provide a clear new stock-moving catalyst. Article
• Neutral Sentiment: The company also drew attention from conference-related announcements and charitable news, including Boston Marathon fundraising tied to Bank of America sponsorship, which is positive for brand visibility but not a major earnings driver. Article

Analysts Set New Price Targets

A number of brokerages have commented on BAC. Daiwa Securities Group increased their price target on shares of Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research note on Tuesday, April 28th. Piper Sandler increased their price target 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. HSBC raised their target price on shares of Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $59.00 target price on shares of Bank of America in a report on Thursday, April 16th. Finally, Jefferies Financial Group lifted their target price on shares of Bank of America from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $61.06.

Bank of America Stock Performance

NYSE BAC opened at $51.21 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $363.44 billion, a P/E ratio of 12.68, a P/E/G ratio of 0.88 and a beta of 1.21. Bank of America Corporation has a 12-month low of $43.36 and a 12-month high of $57.55. The firm has a 50-day moving average price of $50.94 and a two-hundred day moving average price of $52.34.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.11. The firm had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.90 EPS. Analysts anticipate that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be issued 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 yield of 2.2%. Bank of America's payout ratio is currently 27.72%.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider James P. Demare sold 83,832 shares of the business's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total value of $4,191,600.00. Following the completion of the sale, the insider owned 307,240 shares of the company's stock, valued at $15,362,000. The trade was a 21.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Bernard A. Mensah sold 94,000 shares of the business's stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the completion of the transaction, the insider owned 170,184 shares of the company's stock, valued at $7,988,436.96. The trade was a 35.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 354,588 shares of company stock worth $17,814,296. 0.27% of the stock is currently owned by company insiders.

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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