Cidel Asset Management Inc. Raises Holdings in Bank of America Corporation $BAC

Cidel Asset Management Inc. raised its stake in Bank of America Corporation (NYSE:BAC) by 15.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,449 shares of the financial services provider’s stock after purchasing an additional 9,986 shares during the period. Cidel Asset Management Inc.’s holdings in Bank of America were worth $3,678,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Abound Financial LLC acquired a new stake in Bank of America in the fourth quarter valued at approximately $26,000. Wiser Advisor Group LLC acquired a new position in Bank of America during the 3rd quarter worth approximately $27,000. Legacy Bridge LLC grew its holdings in Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 330 shares in the last quarter. CrossGen Wealth LLC purchased a new stake in shares of Bank of America in the 4th quarter valued at approximately $30,000. Finally, Joseph Group Capital Management acquired a new stake in shares of Bank of America in the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America News Summary

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

• Positive Sentiment: Bank of America’s revised Fed call suggests a higher-rate environment that could help preserve net interest income and support bank profitability if credit quality remains stable.
• Positive Sentiment: The bank’s own consumer and housing research showed more Americans now favor buying over renting, a potentially supportive sign for mortgage and consumer lending demand. BofA Study: More Americans Favor Buying Over Renting for the First Time Since 2023
• Neutral Sentiment: BAC also disclosed a 2.95% stake in Qiagen via shares and swaps, which is a portfolio update but not likely to materially change the bank’s near-term earnings outlook. Bank of America reports 2.95% stake in Qiagen via shares and swaps
• Negative Sentiment: A more aggressive Fed path could also weigh on loan growth and increase recession concerns, which may limit upside for BAC if investors focus more on slower credit demand than on margin expansion.

Wall Street Analyst Weigh In

BAC has been the subject of several recent analyst reports. Daiwa Securities Group lifted their price objective 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. Keefe, Bruyette & Woods increased their target price on Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a report on Thursday, April 16th. Jefferies Financial Group increased their price objective on Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Evercore cut their target price on 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, Citigroup boosted their target price on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday. Twenty-two 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.23.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the sale, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.27% of the stock is currently owned by company insiders.

Bank of America Price Performance

Shares of BAC opened at $57.97 on Wednesday. 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 Corporation has a 1-year low of $44.75 and a 1-year high of $58.01. The stock has a market cap of $411.39 billion, a PE ratio of 14.35, a price-to-earnings-growth ratio of 0.97 and a beta of 1.18. The firm has a fifty day moving average price of $53.11 and a 200 day moving average price of $52.59.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $29.72 billion. During the same quarter last year, the company posted $0.90 earnings per share. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is currently 27.72%.

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.