Hodges Capital Management Inc. Sells 41,246 Shares of Bank of America Corporation $BAC

Hodges Capital Management Inc. trimmed its holdings in Bank of America Corporation (NYSE:BAC) by 67.5% in the first quarter, HoldingsChannel reports. The fund owned 19,849 shares of the financial services provider’s stock after selling 41,246 shares during the period. Hodges Capital Management Inc.’s holdings in Bank of America were worth $968,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Brighton Jones LLC lifted its stake in shares of Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after acquiring an additional 25,143 shares during the last quarter. Sivia Capital Partners LLC grew its position in 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 worth $1,013,000 after acquiring an additional 6,174 shares during the last quarter. Jump Financial LLC increased its stake in Bank of America by 38.4% in 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 during the period. Nebula Research & Development LLC purchased a new position in Bank of America in the 2nd quarter worth approximately $1,396,000. Finally, Vivaldi Capital Management LP lifted its position in Bank of America by 4.2% in the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock valued at $417,000 after purchasing an additional 355 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

BAC stock opened at $59.90 on Tuesday. Bank of America Corporation has a 1 year low of $44.75 and a 1 year high of $59.94. The company has a market cap of $425.09 billion, a P/E ratio of 14.83, a PEG ratio of 0.99 and a beta of 1.17. The firm has a 50-day moving average of $53.82 and a 200 day moving average of $52.80. 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 posted its quarterly earnings data 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 business had revenue of $30.27 billion for the quarter, compared to analysts’ expectations of $29.72 billion. During the same period in the previous year, the firm posted $0.90 EPS. The business’s revenue was up 10.7% on a year-over-year basis. On average, sell-side analysts forecast that Bank of America Corporation will post 4.49 EPS for the current year.

Bank of America Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Oppenheimer lowered Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. UBS Group lifted their target price on shares of Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Jefferies Financial Group upped their price target on shares of Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Truist Financial increased their price target on shares of Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Friday, June 26th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $61.98.

Key Bank of America News

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

• Positive Sentiment: Bank of America shares have been boosted by a sector-wide bank rally, with investors positioning for solid trading and core banking results in the upcoming earnings season. The stock recently touched a record high, reflecting continued optimism about profitability in a higher-rate environment.
• Positive Sentiment: JPMorgan Chase and Wells Fargo both raised their price targets on Bank of America and kept overweight ratings, signaling that Wall Street still sees upside from current levels.
• Positive Sentiment: Reuters reported that U.S. banks, including Bank of America, are expected to benefit from a surge in trading activity and advisory fees, helped in part by the SpaceX IPO and a pickup in capital markets activity.
• Neutral Sentiment: Recent articles questioning BAC’s valuation and calling it one of Jim Cramer’s weaker picks may temper enthusiasm, but they do not appear to have changed the broader bullish trend.
• Neutral Sentiment: Separately, reports that Bank of America and other big banks are exploring a possible deal for Fiserv’s debit payments network could be strategically interesting, but no transaction has been announced yet.

Insider Buying and Selling at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction 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 sale, the insider directly owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.27% of the stock is owned by corporate insiders.

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.