Bank of America Corporation $BAC Shares Sold by Guardian Investment Management

Guardian Investment Management lowered its position in Bank of America Corporation (NYSE:BAC) by 22.4% during the first quarter, Holdings Channel.com reports. The institutional investor owned 54,779 shares of the financial services provider’s stock after selling 15,780 shares during the period. Bank of America accounts for approximately 2.2% of Guardian Investment Management’s portfolio, making the stock its 13th biggest position. Guardian Investment Management’s holdings in Bank of America were worth $2,670,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of BAC. Lincoln Capital Corp raised its holdings in shares of Bank of America by 4.5% during the first quarter. Lincoln Capital Corp now owns 10,089 shares of the financial services provider’s stock worth $492,000 after purchasing an additional 436 shares during the last quarter. Forbes J M & Co. LLP boosted its holdings in Bank of America by 0.6% in the first quarter. Forbes J M & Co. LLP now owns 466,961 shares of the financial services provider’s stock valued at $22,764,000 after purchasing an additional 2,767 shares during the last quarter. Triad Wealth Partners LLC boosted its holdings in Bank of America by 1.3% in the first quarter. Triad Wealth Partners LLC now owns 19,908 shares of the financial services provider’s stock valued at $971,000 after purchasing an additional 262 shares during the last quarter. Kavar Capital Partners Group LLC grew its position in Bank of America by 6.1% during the 1st quarter. Kavar Capital Partners Group LLC now owns 21,043 shares of the financial services provider’s stock worth $1,026,000 after purchasing an additional 1,217 shares during the period. Finally, AEGON ASSET MANAGEMENT UK Plc grew its position in Bank of America by 7.3% during the 1st quarter. AEGON ASSET MANAGEMENT UK Plc now owns 472,421 shares of the financial services provider’s stock worth $23,026,000 after purchasing an additional 32,292 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity

In other news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.27% of the stock is currently owned by company insiders.

Key Bank of America News

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

• Positive Sentiment: Bank of America’s internal research is being cited as bullish for the bank sector, with commentary that higher rates can still support net interest income even as the Fed holds rates steady, which could help BAC’s earnings outlook. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Positive Sentiment: Bank of America also drew attention for its view that lower-income households may be stabilizing, suggesting the consumer backdrop could be improving and reducing recession fears that would hurt loan growth and credit quality. Miserable K-shaped economy might actually be fading, as lower-income families bounce back, says Bank of America
• Neutral Sentiment: Bank of America revealed a roughly 3% indirect stake in Qiagen and reported similar holdings disclosures for Umicore; these are portfolio/ownership updates and are unlikely to have a direct impact on BAC’s core banking results. Bank of America Reveals 3.01% Indirect Stake in Qiagen Umicore – Transparency notifications by Bank of America Corporation
• Neutral Sentiment: Reports that a Fed official spoke at a private Bank of America client dinner may attract headlines, but it appears more like a reputational/regulatory talking point than a direct earnings driver. The Fed’s vice chair of supervision spoke at a private dinner Bank of America hosted for clients hours after the central bank announced its latest policy decision
• Negative Sentiment: Bank of America is facing fresh scrutiny tied to regulators’ upcoming “debanking” findings, which could create policy and compliance concerns for large banks like BAC. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings

Bank of America Trading Up 0.1%

Shares of NYSE:BAC opened at $56.26 on Monday. The business’s 50 day moving average price is $52.91 and its 200-day moving average price is $52.53. Bank of America Corporation has a 1 year low of $44.75 and a 1 year high of $57.98. The firm has a market capitalization of $399.27 billion, a price-to-earnings ratio of 13.93, a price-to-earnings-growth ratio of 0.95 and a beta of 1.19. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.00 by $0.11. The company had revenue of $30.27 billion during the quarter, compared to analyst estimates 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 was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 EPS. On average, equities research analysts forecast that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business 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. The ex-dividend date is Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. Bank of America’s dividend payout ratio (DPR) is 27.72%.

Analyst Ratings Changes

A number of equities analysts have weighed in on BAC shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research note on Friday, April 24th. JPMorgan Chase & Co. lowered their target price on Bank of America from $61.50 to $57.50 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Piper Sandler raised their target price on Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. Oppenheimer lifted their price target on Bank of America from $58.00 to $61.00 and gave the company an “outperform” rating in a research report on Thursday, April 16th. Finally, Evercore decreased their price target on Bank of America from $70.00 to $61.00 and set an “outperform” rating for the company in a report on Friday, May 15th. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $61.06.

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.