Versor Investments LP Increases Stock Position in Bank of America Corporation $BAC

Key Points

• Versor Investments LP increased its Bank of America stake by 196.8% in the fourth quarter, buying 18,500 more shares and bringing its total to 27,900 shares valued at about $1.53 million.
• Several analysts remain constructive on BAC, with firms like Argus, Goldman Sachs, and Oppenheimer raising price targets. The stock currently carries a Moderate Buy consensus and an average target of $61.06.
• Bank of America reported better-than-expected Q1 results, posting EPS of $1.11 on revenue of $30.27 billion, and it also announced a quarterly dividend of $0.28 per share.

Versor Investments LP lifted its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 196.8% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 27,900 shares of the financial services provider's stock after purchasing an additional 18,500 shares during the period. Versor Investments LP's holdings in Bank of America were worth $1,534,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Wiser Advisor Group LLC bought a new stake in shares of Bank of America in the 3rd quarter valued at about $27,000. Legacy Bridge LLC raised its stake in shares of Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after acquiring an additional 330 shares in the last quarter. Marquette Asset Management LLC bought a new position in shares of Bank of America during the 3rd quarter worth approximately $30,000. Collier Financial bought a new position in shares of Bank of America during the 3rd quarter worth approximately $30,000. Finally, Mountain Hill Investment Partners Corp. purchased a new stake in Bank of America during the 3rd quarter worth approximately $31,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 83,832 shares of the firm's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the sale, the insider directly owned 307,240 shares in the company, valued at approximately $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas M. Scrivener sold 50,000 shares of the firm's stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the sale, the insider owned 227,973 shares of the company's stock, valued at approximately $11,357,614.86. The trade was a 17.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 354,588 shares of company stock valued at $17,814,296 over the last ninety days. 0.27% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Argus boosted their target price on shares of Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. The Goldman Sachs Group upped their price objective on shares of Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Oppenheimer upped their price objective on shares of Bank of America from $58.00 to $61.00 and gave the company an "outperform" rating in a report on Thursday, April 16th. TD Cowen dropped their price objective on shares of Bank of America from $66.00 to $64.00 and set a "buy" rating on the stock in a report on Thursday, January 15th. Finally, Piper Sandler upped their price objective on shares of Bank of America from $53.00 to $59.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $61.06.

Key Headlines Impacting Bank of America

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

• Negative Sentiment: Bank of America Securities India settled a SEBI insider-trading-related case by paying ₹58.5 lakh, resolving allegations that it failed to maintain required digital records. While the settlement closes the matter, it adds a compliance headline that can weigh on sentiment. BofA Securities settles insider trading case with Sebi
• Negative Sentiment: Another report confirmed the same SEBI settlement, keeping regulatory risk and reputational concerns in focus for the BAC brand. BofA settles allegation of insider trading rule violation with Sebi
• Neutral Sentiment: Bank of America’s fair-value estimate was nudged slightly higher in a finance article, but the move was described as incremental rather than a major change in the investment case. The article also noted mixed analyst views, with some firms raising targets and others cutting them, suggesting no clear consensus shift yet. How The Bank Of America (BAC) Investment Story Is Shifting As Analyst Views Rebalance
• Neutral Sentiment: Bank of America also got press for advising on a Brazilian payments company’s planned U.S. IPO, which highlights continued deal-making activity but is not a direct earnings driver for BAC shares. Brazil’s Mastercard Rival Elo Taps Bank of America, Other Banks for US IPO
• Positive Sentiment: A local business report said Bank of America is seeing strong growth in the Bay Area despite new competitors, which supports the view that the bank is still expanding in attractive markets. Bank of America chalks up strong Bay Area growth even as new rivals pounce

Bank of America Stock Performance

NYSE:BAC opened at $50.53 on Tuesday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The company has a fifty day moving average of $50.39 and a two-hundred day moving average of $52.49. The stock has a market capitalization of $358.56 billion, a PE ratio of 12.51, a P/E/G ratio of 0.87 and a beta of 1.21. Bank of America Corporation has a fifty-two week low of $42.35 and a fifty-two week high of $57.55.

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 for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. The company had revenue of $30.27 billion during the quarter, compared to analysts' expectations of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share. As a group, research analysts forecast that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America's dividend payout ratio is 27.72%.

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.

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