First City Capital Management Inc. Sells 11,544 Shares of Bank of America Corporation $BAC

First City Capital Management Inc. decreased its holdings in Bank of America Corporation (NYSE:BAC) by 21.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,385 shares of the financial services provider’s stock after selling 11,544 shares during the period. Bank of America accounts for about 1.1% of First City Capital Management Inc.’s holdings, making the stock its 20th biggest position. First City Capital Management Inc.’s holdings in Bank of America were worth $2,066,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Brighton Jones LLC grew its position in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC raised its stake 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 valued at $1,013,000 after purchasing an additional 6,174 shares during the period. Jump Financial LLC lifted its holdings in 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 purchasing an additional 18,227 shares in the last quarter. Nebula Research & Development LLC purchased a new stake in Bank of America during the 2nd quarter worth about $1,396,000. Finally, Vivaldi Capital Management LP boosted its stake in Bank of America by 4.2% in the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock worth $417,000 after purchasing an additional 355 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred on 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 directly owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.27% of the stock is currently owned by insiders.

Bank of America Price Performance

Shares of NYSE BAC opened at $57.97 on Wednesday. The firm has a market capitalization of $411.39 billion, a P/E ratio of 14.35, a P/E/G ratio of 0.97 and a beta of 1.18. 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 stock’s 50-day simple moving average is $53.11 and its two-hundred day simple moving average is $52.59. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $58.01.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating 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 firm had revenue of $30.27 billion for the quarter, compared to analysts’ expectations of $29.72 billion. During the same quarter last year, the firm posted $0.90 EPS. The company’s revenue was up 10.7% compared to the same quarter last year. As a group, equities analysts anticipate that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Announces Dividend

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

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. Argus increased their price target on shares of Bank of America from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Daiwa Securities Group raised their price objective on shares of Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, April 28th. Evercore reduced their price objective on shares of Bank of America from $70.00 to $61.00 and set an “outperform” rating for the company in a research note on Friday, May 15th. Finally, UBS Group upped their target price on shares of Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $61.23.

Bank of America News Roundup

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.

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.