Tulsa Wealth Advisors INC Invests $527,000 in Bank of America Corporation $BAC

Key Points

• Tulsa Wealth Advisors opened a new position in Bank of America during the fourth quarter, buying 9,577 shares worth about $527,000.
• Institutional interest in BAC remains strong, with hedge funds and other investors adjusting stakes and institutions now owning about 70.71% of the stock.
• Analysts remain broadly positive on Bank of America: the stock has a Moderate Buy consensus rating, and the average price target is about $61.06.

Tulsa Wealth Advisors INC purchased a new position in Bank of America Corporation (NYSE:BAC - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 9,577 shares of the financial services provider's stock, valued at approximately $527,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Handelsbanken Fonder AB lifted its position in Bank of America by 53.0% in the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider's stock valued at $254,625,000 after purchasing an additional 1,603,080 shares during the last quarter. Mufg Securities Americas Inc. boosted its stake in Bank of America by 26.6% during the 3rd quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider's stock valued at $10,262,000 after purchasing an additional 41,809 shares during the period. B. Metzler seel. Sohn & Co. AG grew its position in Bank of America by 11.2% in the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider's stock worth $34,974,000 after purchasing an additional 68,093 shares during the last quarter. Constant Guidance Financial LLC grew its position in Bank of America by 603.4% in the 3rd quarter. Constant Guidance Financial LLC now owns 24,283 shares of the financial services provider's stock worth $1,253,000 after purchasing an additional 20,831 shares during the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new stake in shares of Bank of America in the third quarter valued at approximately $27,629,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Insiders Place Their Bets

In other news, insider Geoffrey S. Greener sold 126,756 shares of the firm'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 completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.27% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BAC. Morgan Stanley cut their price target on Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. Keefe, Bruyette & Woods raised their target price 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. Autonomous Res cut their target price on Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a research note on Monday, April 6th. Oppenheimer boosted their price target on Bank of America from $58.00 to $61.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. Finally, JPMorgan Chase & Co. decreased 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. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $61.06.

Key Bank of America News

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

• Positive Sentiment: Bank of America’s internal research is being cited as bullish for the bank sector, with commentary that higher rates can still support net interest income even as the Fed holds rates steady, which could help BAC’s earnings outlook. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Positive Sentiment: Bank of America also drew attention for its view that lower-income households may be stabilizing, suggesting the consumer backdrop could be improving and reducing recession fears that would hurt loan growth and credit quality. Miserable K-shaped economy might actually be fading, as lower-income families bounce back, says Bank of America
• Neutral Sentiment: Bank of America revealed a roughly 3% indirect stake in Qiagen and reported similar holdings disclosures for Umicore; these are portfolio/ownership updates and are unlikely to have a direct impact on BAC’s core banking results. Bank of America Reveals 3.01% Indirect Stake in Qiagen Umicore - Transparency notifications by Bank of America Corporation
• Neutral Sentiment: Reports that a Fed official spoke at a private Bank of America client dinner may attract headlines, but it appears more like a reputational/regulatory talking point than a direct earnings driver. The Fed's vice chair of supervision spoke at a private dinner Bank of America hosted for clients hours after the central bank announced its latest policy decision
• Negative Sentiment: Bank of America is facing fresh scrutiny tied to regulators’ upcoming “debanking” findings, which could create policy and compliance concerns for large banks like BAC. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings

Bank of America Trading Up 0.1%

Shares of NYSE:BAC opened at $56.26 on Friday. The company has a 50 day moving average of $52.91 and a 200-day moving average of $52.54. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The firm has a market cap of $399.27 billion, a P/E ratio of 13.93, a P/E/G ratio of 0.95 and a beta of 1.18. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $57.98.

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 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same quarter last year, the business earned $0.90 earnings per share. The business's revenue for the quarter was up 10.7% on a year-over-year basis. As a group, analysts anticipate that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a $0.28 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 2.0%. Bank of America's payout ratio is 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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