Integrated Advisors Network LLC Sells 44,164 Shares of Bank of America Corporation $BAC

Integrated Advisors Network LLC trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC) by 38.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 70,594 shares of the financial services provider’s stock after selling 44,164 shares during the period. Integrated Advisors Network LLC’s holdings in Bank of America were worth $3,441,000 as of its most recent SEC filing.

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

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.

Insider Activity at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s 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 completion of the transaction, the insider directly owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.27% of the company’s stock.

Bank of America Stock Down 0.1%

Shares of BAC stock opened at $59.82 on Wednesday. Bank of America Corporation has a 52 week low of $44.75 and a 52 week high of $60.83. 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 company’s fifty day simple moving average is $54.12 and its two-hundred day simple moving average is $52.87. The stock has a market cap of $424.52 billion, a P/E ratio of 14.81, a PEG ratio of 1.01 and a beta of 1.17.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. The company had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.90 earnings per share. Analysts predict that Bank of America Corporation will post 4.49 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were given a dividend of $0.28 per share. 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 is currently 27.72%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Robert W. Baird upped their price objective on Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. Autonomous Res decreased their price objective on shares of Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Monday, April 6th. Evercore set a $63.00 target price on shares of Bank of America and gave the stock an “outperform” rating in a report on Monday. JPMorgan Chase & Co. boosted their target price on shares of Bank of America from $57.50 to $62.50 and gave the company an “overweight” rating in a research note on Monday. Finally, Daiwa Securities Group increased their price target on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $62.19.

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.