Evansbrook LLC Purchases New Shares in Bank of America Corporation $BAC

Evansbrook LLC acquired a new position in Bank of America Corporation (NYSE:BAC) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 24,729 shares of the financial services provider’s stock, valued at approximately $1,360,000. Bank of America makes up 0.9% of Evansbrook LLC’s investment portfolio, making the stock its 22nd biggest position.

Several other institutional investors and hedge funds have also recently modified their holdings of BAC. Vanguard Group Inc. lifted its holdings in Bank of America by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock worth $35,809,225,000 after buying an additional 23,351,183 shares during the period. Capital World Investors grew 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 period. Norges Bank bought a new position in shares of Bank of America in the 4th quarter worth approximately $4,774,210,000. Bank of New York Mellon Corp raised its position in shares of Bank of America by 5.4% in the 4th quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock worth $3,169,062,000 after acquiring an additional 2,929,779 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its stake in shares of Bank of America by 2.1% in the 4th quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock valued at $2,958,110,000 after purchasing an additional 1,105,833 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BAC shares. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Friday, April 24th. Keefe, Bruyette & Woods raised their price objective 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. Morgan Stanley dropped their target price on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating on the stock in a report on Tuesday, March 31st. Evercore reduced their target price on shares of Bank of America from $70.00 to $61.00 and set an “outperform” rating on the stock in a research report on Friday, May 15th. Finally, The Goldman Sachs Group increased their price target on shares of Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.06.

Bank of America Stock Performance

Bank of America stock opened at $56.26 on Friday. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $57.98. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $399.27 billion, a P/E ratio of 13.93, a PEG ratio of 0.96 and a beta of 1.18. The stock’s 50 day moving average is $52.82 and its 200 day moving average is $52.51.

Bank of America (NYSE:BAC) 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. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business 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 business earned $0.90 earnings per share. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s payout ratio is currently 27.72%.

More Bank of America News

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

• Positive Sentiment: Bank of America is leaning further into AI to strengthen its dominant muni underwriting franchise, which could help defend and expand a business line that already leads the market. Bank of America Eyes AI to Defend $46 Billion Muni Lead
• Positive Sentiment: The bank reportedly scored an early win in a dispute over First Brands’ inventory proceeds, which may improve its recovery prospects and reduce legal uncertainty. Bank of America gets early win in dispute over First Brands’ inventory proceeds – report
• Positive Sentiment: Several recent pieces highlight supportive themes for BAC, including high cash flow, strong dividend appeal, and investor interest in the stock after its multi-year run. Bank of America (BAC) – Among the 12 Stocks From Companies Generating High Cash Flow
• Neutral Sentiment: Analysts and strategists are broadly focused on the Fed’s “higher-for-longer” setup: that can support net interest income for banks like BAC, but it also raises funding-cost, credit, and securities-market risks. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Neutral Sentiment: Bank of America’s own rates team warned that a new Fed chair could bring bond-market volatility, which is more of a market backdrop issue than a direct fundamental hit to BAC. BofA Rates Strategist: New Fed Chair Warsh Is a Bond Market Stranger, Volatility Ahead
• Negative Sentiment: Bank of America is facing fresh regulatory scrutiny as authorities prepare debanking findings, adding headline risk and raising the chance of policy pressure. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings

Insider Activity

In related news, insider Geoffrey S. Greener sold 126,756 shares of the company’s 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 transaction, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.27% of the stock is currently owned by corporate insiders.

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.