Westpac Banking Corp Has $4.16 Million Stake in Bank of America Corporation $BAC

Key Points

• Westpac Banking Corp cut its Bank of America stake by 50.7% in the fourth quarter, leaving it with 75,625 shares valued at about $4.16 million.
• Bank of America beat earnings expectations in its latest quarter, posting $1.11 EPS versus the $1.00 consensus and revenue of $30.27 billion, up 10.7% year over year.
• The company continues to return cash to shareholders with a quarterly dividend of $0.28 per share, implying an annualized yield of 2.1%; analysts also remain broadly positive with a consensus rating of “Moderate Buy.”

Westpac Banking Corp trimmed its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 50.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 75,625 shares of the financial services provider's stock after selling 77,706 shares during the period. Westpac Banking Corp's holdings in Bank of America were worth $4,159,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of BAC. Brighton Jones LLC lifted its position in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC grew its position in shares of Bank of America by 40.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock worth $1,013,000 after buying an additional 6,174 shares during the period. Jump Financial LLC grew its position in shares of Bank of America by 38.4% during the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock worth $3,108,000 after buying an additional 18,227 shares during the period. Nebula Research & Development LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $1,396,000. Finally, Vivaldi Capital Management LP grew its position in shares of Bank of America by 4.2% during the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock worth $417,000 after buying an additional 355 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 1.9%

Shares of NYSE BAC opened at $52.50 on Wednesday. The stock has a market cap of $372.55 billion, a P/E ratio of 12.99, a P/E/G ratio of 0.87 and a beta of 1.18. The firm has a 50 day moving average price of $51.20 and a 200 day moving average price of $52.30. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. Bank of America Corporation has a 52-week low of $43.66 and a 52-week high of $57.55.

Bank of America (NYSE:BAC - Get Free Report) last issued 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 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 business's revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.90 earnings per share. Analysts expect that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Dividend Announcement

The company 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 dividend of $0.28 per share. The ex-dividend date is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America's payout ratio is currently 27.72%.

Insider Activity at Bank of America

In related news, insider Thomas M. Scrivener sold 50,000 shares of the business's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the transaction, the insider owned 227,973 shares in the company, valued at approximately $11,357,614.86. The trade was a 17.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction, the insider owned 170,184 shares of the company's stock, valued at approximately $7,988,436.96. This represents a 35.58% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 270,756 shares of company stock worth $13,622,696. 0.27% of the stock is currently owned by company insiders.

Trending Headlines about Bank of America

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

• Positive Sentiment: Commentary on BAC’s “hidden asset” — its large deposit franchise — highlights the bank’s stable funding base and long-term earnings power, which can support the stock’s valuation. Bank of America's Deposit Franchise Is the Hidden Asset Investors Keep Missing
• Positive Sentiment: Another recent piece framed Bank of America as a banking powerhouse with strong capital flow potential, reinforcing the idea that the stock remains attractive to value and income-focused investors. Bank of America: Let The Capital Flow To Your Portfolio With This Banking Powerhouse
• Neutral Sentiment: Bank of America Securities was cited in market commentary on the Indian rupee, but that view is more about FX and emerging markets than BAC’s own fundamentals, so it is unlikely to move the stock directly.
• Neutral Sentiment: One story noted that BAC’s latest analyst update did not change its price target, suggesting no major new catalyst from Wall Street on the day. How A Flat Price Target Is Shaping The Story For Bank Of America (BAC)
• Negative Sentiment: A report said former Epstein banker Paul Morris is leaving Bank of America’s Merrill unit, which may create a modest reputational overhang, though the direct financial impact appears limited.

Wall Street Analysts Forecast Growth

BAC has been the subject of several analyst reports. Robert W. Baird lifted their price target on shares of Bank of America from $56.00 to $58.00 and gave the stock a "neutral" rating in a research report on Thursday, April 16th. Argus lifted their price target 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. Morgan Stanley lowered their price target on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a research report on Tuesday, March 31st. JPMorgan Chase & Co. lowered their price target on shares of 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. Finally, Piper Sandler lifted their price target on shares of Bank of America from $53.00 to $59.00 and gave the stock a "neutral" rating in a research 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's stock. According to MarketBeat, Bank of America has an average rating of "Moderate Buy" and a consensus price target of $61.06.

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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