TMB Capital Partners LLC Invests $1.58 Million in Bank of America Corporation $BAC

Key Points

• TMB Capital Partners bought a new stake in Bank of America during the fourth quarter, purchasing 28,723 shares valued at about $1.58 million.
• Bank of America reported strong quarterly results, with EPS of $1.11 beating estimates and revenue of $30.27 billion topping forecasts, while analysts now expect full-year EPS of 4.45.
• The company also announced a quarterly dividend of $0.28 per share, equal to a 2.0% annualized yield, while Wall Street maintains a Moderate Buy consensus with a target price of $61.06.

TMB Capital Partners LLC purchased a new stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 28,723 shares of the financial services provider's stock, valued at approximately $1,580,000.

A number of other hedge funds have also recently modified their holdings of the business. Abound Financial LLC bought a new position in shares of Bank of America in the 4th quarter worth about $26,000. Wiser Advisor Group LLC bought a new stake in Bank of America during the third quarter worth about $27,000. Legacy Bridge LLC increased 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 valued at $28,000 after purchasing an additional 330 shares in the last quarter. CrossGen Wealth LLC purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $30,000. Finally, Joseph Group Capital Management bought a new stake in shares of Bank of America in the 4th quarter worth approximately $32,000. Institutional investors own 70.71% of the company's stock.

Insider Transactions 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 shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the transaction, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.27% of the company's stock.

Bank of America Stock Performance

BAC stock opened at $56.26 on Friday. The stock's 50 day simple moving average is $52.82 and its 200 day simple moving average is $52.51. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a 12-month low of $44.75 and a 12-month high of $57.98. The stock has a market capitalization of $399.27 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 0.96 and a beta of 1.18.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $29.72 billion. During the same quarter last year, the company earned $0.90 EPS. The company's quarterly revenue was up 10.7% compared to the same quarter last year. As a group, research analysts forecast that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, June 5th. Bank of America's dividend payout ratio (DPR) is presently 27.72%.

Bank of America News Summary

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

• Positive Sentiment: Bank of America is leaning further into AI to strengthen its dominant muni underwriting franchise, which could help defend and expand a business line that already leads the market. Bank of America Eyes AI to Defend $46 Billion Muni Lead
• Positive Sentiment: The bank reportedly scored an early win in a dispute over First Brands’ inventory proceeds, which may improve its recovery prospects and reduce legal uncertainty. Bank of America gets early win in dispute over First Brands' inventory proceeds - report
• Positive Sentiment: Several recent pieces highlight supportive themes for BAC, including high cash flow, strong dividend appeal, and investor interest in the stock after its multi-year run. Bank of America (BAC) – Among the 12 Stocks From Companies Generating High Cash Flow
• Neutral Sentiment: Analysts and strategists are broadly focused on the Fed’s “higher-for-longer” setup: that can support net interest income for banks like BAC, but it also raises funding-cost, credit, and securities-market risks. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Neutral Sentiment: Bank of America’s own rates team warned that a new Fed chair could bring bond-market volatility, which is more of a market backdrop issue than a direct fundamental hit to BAC. BofA Rates Strategist: New Fed Chair Warsh Is a Bond Market Stranger, Volatility Ahead
• Negative Sentiment: Bank of America is facing fresh regulatory scrutiny as authorities prepare debanking findings, adding headline risk and raising the chance of policy pressure. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BAC. JPMorgan Chase & Co. reduced their price objective on Bank of America from $61.50 to $57.50 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. Piper Sandler increased their target price on Bank of America from $53.00 to $59.00 and gave the stock a "neutral" rating in a research note on Thursday, April 16th. Morgan Stanley reduced their price target on Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a report on Tuesday, March 31st. Robert W. Baird lifted their price target on Bank of America from $56.00 to $58.00 and gave the stock a "neutral" rating in a research report on Thursday, April 16th. Finally, UBS Group upped their price target on shares of Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Twenty-two research 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, Bank of America has a consensus rating of "Moderate Buy" and a consensus target price of $61.06.

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.

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.