World Investment Advisors Purchases 75,920 Shares of Bank of America Corporation $BAC

Key Points

• World Investment Advisors boosted its Bank of America stake by 45.1% in the fourth quarter, buying 75,920 additional shares and bringing its total holding to 244,191 shares worth about $13.4 million.
• Other large institutional investors also increased their positions, and about 70.71% of BAC shares are owned by institutions, underscoring strong professional ownership interest in the stock.
• Analysts remain constructive on Bank of America, with 22 Buy ratings and an average Moderate Buy rating; the consensus price target is about $61.06, above the recent share price near $50.80.

World Investment Advisors raised its position in Bank of America Corporation (NYSE:BAC) by 45.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 244,191 shares of the financial services provider's stock after purchasing an additional 75,920 shares during the period. World Investment Advisors' holdings in Bank of America were worth $13,431,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Bank of America by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock worth $35,809,225,000 after acquiring an additional 23,351,183 shares during the last quarter. Capital World Investors lifted its holdings in shares of Bank of America by 11.0% during the 3rd quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider's stock worth $7,448,816,000 after acquiring an additional 14,275,810 shares during the last quarter. Fisher Asset Management LLC raised its position in Bank of America by 2.5% in the 3rd quarter. Fisher Asset Management LLC now owns 52,677,988 shares of the financial services provider's stock worth $2,717,657,000 after purchasing an additional 1,272,315 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Bank of America by 640.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock worth $2,399,798,000 after purchasing an additional 40,235,201 shares during the period. Finally, Legal & General Group Plc raised its position in Bank of America by 3.4% in the 3rd quarter. Legal & General Group Plc now owns 43,924,104 shares of the financial services provider's stock worth $2,266,045,000 after purchasing an additional 1,458,551 shares during the period. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Oppenheimer lifted their target price on shares of Bank of America from $58.00 to $61.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. Truist Financial lifted their target price on shares of Bank of America from $57.00 to $61.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Daiwa Securities Group lifted their target price on shares of Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 28th. Argus lifted 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. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of America in a research report on Friday, April 24th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average price target of $61.06.

Insider Activity

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction that occurred on 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 transaction, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This trade 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 is accessible through this hyperlink. Also, insider James P. Demare sold 83,832 shares of Bank of America stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the transaction, the insider owned 307,240 shares in the company, valued at $15,362,000. This represents a 21.44% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 354,588 shares of company stock worth $17,814,296. Corporate insiders own 0.27% of the company's stock.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America joined LTX as a fully integrated liquidity provider on the AI-powered corporate bond trading platform, strengthening its presence in electronic fixed-income trading and reinforcing its AI and markets strategy. Bank Of America Deepens AI Bond Trading Role With LTX Partnership
• Positive Sentiment: Bank stock buybacks hit a record in the first quarter, and Bank of America was among the leaders in reducing share count, which is typically supportive for EPS growth and shareholder returns. Bank Stock Buybacks Hit a Record in First Quarter. Citi, BofA, and Goldman Were Leaders.
• Positive Sentiment: Recent commentary about Bank of America’s own valuation suggests only modest changes to fair value estimates, implying the Street is not seeing a major deterioration in the investment case. How The Bank Of America (BAC) Investment Story Is Shifting As Analyst Views Rebalance
• Neutral Sentiment: Bank of America was also mentioned as a backer of an artisan incubator program and in reports about AI/startup funding, but these items appear more reputational than financially material for BAC shares today. Ibu Movement Launches Ibu Atelier, in Partnership with Bank of America
• Negative Sentiment: One headline noted BofA Securities settled an insider-trading-related case with SEBI in India, which is a modest reputational negative, though the financial impact appears limited. BofA Securities settles insider trading case with Sebi

Bank of America Price Performance

Shares of NYSE BAC opened at $50.80 on Wednesday. Bank of America Corporation has a 1 year low of $42.35 and a 1 year high of $57.55. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The company's 50-day moving average is $50.42 and its 200 day moving average is $52.49. The stock has a market capitalization of $360.54 billion, a P/E ratio of 12.58, a P/E/G ratio of 0.86 and a beta of 1.21.

Bank of America (NYSE:BAC - Get Free Report) last announced 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 business had revenue of $30.27 billion during the quarter, compared to analysts' expectations of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.90 earnings per share. On average, sell-side analysts expect that Bank of America Corporation will post 4.46 earnings per share for the current year.

Bank of America Dividend Announcement

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

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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