Wesbanco Bank Inc. Purchases 29,743 Shares of Bank of America Corporation $BAC

Key Points

• Wesbanco Bank Inc. increased its stake in Bank of America by 8.8% in the first quarter, buying 29,743 additional shares and bringing its total holding to 368,265 shares worth about $17.95 million.
• Bank of America posted better-than-expected first-quarter earnings, with EPS of $1.11 versus the $1.00 estimate and revenue of $30.27 billion, up 10.7% year over year.
• Wall Street remains mostly constructive on BAC, with 22 Buy ratings and 5 Hold ratings and a consensus price target of $61.35; the stock also recently paid a quarterly dividend of $0.28 per share for a 1.9% yield.

Wesbanco Bank Inc. lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 8.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 368,265 shares of the financial services provider's stock after buying an additional 29,743 shares during the quarter. Wesbanco Bank Inc.'s holdings in Bank of America were worth $17,953,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

BAC has been the subject of several analyst reports. Morgan Stanley dropped their price objective 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. Jefferies Financial Group raised their price target on Bank of America from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. HSBC boosted their price target on Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Autonomous Res reduced their price objective on shares of 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. Finally, Daiwa Securities Group raised their target price on shares of Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a report on Tuesday, April 28th. Twenty-two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $61.35.

Bank of America Trading Down 0.5%

Shares of BAC stock opened at $57.92 on Friday. Bank of America Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $59.19. The stock's fifty day moving average price is $53.36 and its two-hundred day moving average price is $52.68. 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 market cap of $411.06 billion, a PE ratio of 14.34, a P/E/G ratio of 0.98 and a beta of 1.18.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly 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 company had revenue of $30.27 billion during the quarter, compared to analysts' expectations of $29.72 billion. During the same quarter in the previous year, the firm earned $0.90 EPS. Bank of America's revenue was up 10.7% on a year-over-year basis. Equities analysts predict that Bank of America Corporation will post 4.47 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 1.9%. Bank of America's payout ratio is presently 27.72%.

Trending Headlines about Bank of America

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

• Positive Sentiment: Citi raised its price target on Bank of America and kept a Buy rating, citing expectations for strong second-quarter results and reinforcing the view that BAC can deliver solid earnings growth. Bank of America (BAC) – Among the Top 10 Blue Chip Stocks with Growing Dividends
• Positive Sentiment: Barclays reaffirmed its Buy rating on BAC, adding to the bullish analyst backdrop and suggesting Wall Street still sees room for upside. Barclays Reaffirms Their Buy Rating on Bank of America (BAC)
• Positive Sentiment: Bank of America’s own research highlighted AI-driven semiconductor demand, projecting an additional $1 trillion in chip sales over five years, which supports a more constructive macro outlook for markets tied to technology spending and capital formation. BofA Sees AI Driving the Next $1 Trillion in Semiconductor Revenue
• Positive Sentiment: Reports that major banks passed the Fed stress test again and showed capital resilience may lift sentiment toward large money-center banks like BAC by reinforcing dividend and buyback flexibility. Fed Stress Test: JPM & Other Big Banks Pass Again, Show Resilience
• Neutral Sentiment: Other BofA commentary focused on housing trends, small- and mid-cap preferences, and wealthy-investor behavior, but these items are more market-color than direct catalysts for BAC shares. Bank of America sees major housing shift despite high mortgage rates
• Negative Sentiment: Bank of America also warned that the risk of a market correction is rising, a cautious tone that can temper enthusiasm for financial stocks even when fundamentals remain solid. Bank of America (BAC) Says Risks of a Market Correction Are Rising

Insider Buying and Selling

In other news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the transaction, the insider owned 1,373,397 shares of the company's stock, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.27% of the company's stock.

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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