Flatrock Wealth Partners LLC Invests $493,000 in Bank of America Corporation $BAC

Flatrock Wealth Partners LLC bought a new position in Bank of America Corporation (NYSE:BAC) during the first quarter, according to its most recent disclosure with the SEC. The firm bought 10,112 shares of the financial services provider’s stock, valued at approximately $493,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Renasant Bank grew its holdings in Bank of America by 13.6% during the first quarter. Renasant Bank now owns 20,183 shares of the financial services provider’s stock valued at $984,000 after purchasing an additional 2,410 shares during the period. Aljian Capital Management LLC raised its position in shares of Bank of America by 1.9% during the 1st quarter. Aljian Capital Management LLC now owns 42,106 shares of the financial services provider’s stock valued at $2,053,000 after purchasing an additional 773 shares during the period. KERR FINANCIAL PLANNING Corp boosted its holdings in Bank of America by 170.8% in the 1st quarter. KERR FINANCIAL PLANNING Corp now owns 2,242 shares of the financial services provider’s stock worth $119,000 after buying an additional 1,414 shares during the period. WealthPLAN Partners LLC increased its stake in Bank of America by 27.7% in the 1st quarter. WealthPLAN Partners LLC now owns 11,905 shares of the financial services provider’s stock worth $580,000 after buying an additional 2,583 shares in the last quarter. Finally, Addison Capital Co increased its stake in Bank of America by 46.4% in the 1st quarter. Addison Capital Co now owns 7,421 shares of the financial services provider’s stock worth $362,000 after buying an additional 2,352 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Down 0.1%

Shares of BAC stock opened at $59.82 on Wednesday. The company has a market cap of $424.52 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 1.01 and a beta of 1.17. Bank of America Corporation has a 1 year low of $44.75 and a 1 year high of $60.83. The stock’s 50 day simple moving average is $54.12 and its two-hundred day simple moving average is $52.87. 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 released its 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 the consensus estimate of $29.72 billion. During the same quarter in the previous year, the company posted $0.90 EPS. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. Research analysts predict that Bank of America Corporation will post 4.49 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America’s payout ratio is presently 27.72%.

Bank of America News Roundup

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

• Positive Sentiment: JPMorgan, Wells Fargo, and UBS all raised their price targets on Bank of America and kept bullish ratings, signaling continued confidence in BAC’s earnings outlook and valuation.
• Positive Sentiment: Analysts expect a strong second quarter for Wall Street banks, helped by a surge in sales and trading activity and higher fee revenue tied to major deals such as the SpaceX IPO, which could lift Bank of America’s results.
• Neutral Sentiment: Bank of America is set to report earnings on Tuesday, and the market is waiting to see whether the recent rally is justified by actual results.
• Neutral Sentiment: BofA’s own market commentary has been mixed more broadly, warning about rich stock valuations and a potentially softer economy, though this is more relevant to the wider market than BAC specifically.
• Negative Sentiment: One note from the news flow suggests bank stocks are now trading at elevated valuations, which could limit further near-term upside if earnings fail to exceed expectations.

Insiders Place Their Bets

In other news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction on 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 sale, the insider owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.27% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BAC. JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $57.50 to $62.50 and gave the company an “overweight” rating in a report on Monday. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Friday, April 24th. Evercore set a $63.00 target price on Bank of America and gave the stock an “outperform” rating in a report on Monday. Argus increased their price target on Bank of America from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Finally, The Goldman Sachs Group raised their price target on Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Twenty-one investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $62.19.

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.