Applied Finance Capital Management LLC Has $19.21 Million Stock Holdings in Bank of America Corporation $BAC

Applied Finance Capital Management LLC lowered its holdings in Bank of America Corporation (NYSE:BAC) by 9.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 394,097 shares of the financial services provider’s stock after selling 43,163 shares during the quarter. Applied Finance Capital Management LLC’s holdings in Bank of America were worth $19,212,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Abound Financial LLC acquired a new position in shares of Bank of America during the fourth quarter valued at about $26,000. Wiser Advisor Group LLC acquired a new position in Bank of America in the third quarter worth $27,000. Legacy Bridge LLC raised its stake in shares of Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 330 shares during the last quarter. CrossGen Wealth LLC acquired a new position in shares of Bank of America during the fourth quarter worth approximately $30,000. Finally, Joseph Group Capital Management acquired a new position in shares of Bank of America during the fourth quarter worth approximately $32,000. 70.71% of the stock is owned by institutional investors.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America’s consumer team said its latest report showed spending up 6.3%, the fastest pace in four years, with wage growth broad-based across all income groups. That suggests the U.S. consumer remains resilient, which is supportive for BAC’s lending and fee income outlook. BofA Consumer Chief: Spending Jumps 6.3% With Wage Growth Across “All Income Groups”
• Positive Sentiment: Financial funds saw their biggest inflow since January, according to Bank of America, signaling improved investor appetite for the sector ahead of bank earnings season. That kind of rotation can lift BAC and other large-cap financials. Financial funds steal the spotlight with biggest inflow since January, Bofa says
• Positive Sentiment: Analysts and market coverage continue to frame Bank of America’s upcoming July 14 earnings report as potentially strong, with expectations for healthy net interest income, fee income, and double-digit EPS growth. Strong results could extend the recent move higher in BAC shares. Bank of America Reports Q2 Earnings Next Week. What Investors Should Expect.
• Neutral Sentiment: Bank of America also continues to generate headlines through its analyst research, including bullish views on names like Meta, Nvidia, Micron, Costco, and homebuilders. These reports help reinforce BAC’s influence on Wall Street, but they are only an indirect driver of BAC stock itself. Meta Stock’s AI Chip Ambitions Are Reaching a ‘Positive Inflection,’ Says Bank of America
• Neutral Sentiment: Bank of America, N.A. announced redemptions of $2.6 billion of senior notes due in August 2026. The move is routine balance-sheet management and is not likely to materially affect the stock on its own. Bank of America, N.A. Announces Redemptions of $2,000,000,000 5.526% Senior Bank Notes and $600,000,000 Floating Rate Senior Bank Notes, Due August 2026

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction that occurred 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 in the company, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BAC. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $59.00 target price on shares of Bank of America in a report on Thursday, April 16th. UBS Group upped their price objective on Bank of America from $63.00 to $68.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Jefferies Financial Group increased their target price on Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a research report on Thursday, April 16th. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $62.19.

Bank of America Trading Up 0.0%

Shares of Bank of America stock opened at $59.67 on Monday. The stock has a market cap of $423.49 billion, a P/E ratio of 14.77, a P/E/G ratio of 1.00 and a beta of 1.17. The business’s 50 day moving average is $54.50 and its 200-day moving average is $52.96. Bank of America Corporation has a 12-month low of $44.75 and a 12-month 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.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm had revenue of $30.27 billion during the quarter, compared to analysts’ expectations of $29.72 billion. During the same period in the previous year, the business posted $0.90 earnings per share. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. Equities research analysts predict that Bank of America Corporation will post 4.51 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were issued 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 was Friday, June 5th. Bank of America’s dividend payout ratio is presently 27.72%.

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.