Arvest Bank Trust Division Reduces Stock Holdings in Bank of America Corporation $BAC

Arvest Bank Trust Division reduced its stake in Bank of America Corporation (NYSE:BAC) by 5.7% during the 4th quarter, HoldingsChannel.com reports. The firm owned 219,446 shares of the financial services provider’s stock after selling 13,311 shares during the period. Arvest Bank Trust Division’s holdings in Bank of America were worth $12,070,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Bank of America by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock valued at $35,809,225,000 after purchasing an additional 23,351,183 shares during the last quarter. Capital World Investors increased its stake in Bank of America by 11.0% in the third quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider’s stock valued at $7,448,816,000 after purchasing an additional 14,275,810 shares during the last quarter. Fisher Asset Management LLC increased its stake in Bank of America by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock valued at $2,958,110,000 after purchasing an additional 1,105,833 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Bank of America by 640.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock valued at $2,399,798,000 after purchasing an additional 40,235,201 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in Bank of America by 3.4% in the fourth quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider’s stock valued at $2,497,655,000 after purchasing an additional 1,487,809 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BAC has been the topic of a number of research reports. Morgan Stanley lowered their target price on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 31st. Argus raised their target price on shares of Bank of America from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Truist Financial raised their target price on shares of Bank of America from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. The Goldman Sachs Group raised their target price on shares of Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Finally, Robert W. Baird raised their target price on shares of Bank of America from $56.00 to $58.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $61.06.

Bank of America Price Performance

Shares of NYSE BAC opened at $52.25 on Wednesday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a fifty day moving average price of $50.86 and a 200 day moving average price of $52.36. Bank of America Corporation has a 1-year low of $43.29 and a 1-year high of $57.55. The company has a market cap of $370.80 billion, a PE ratio of 12.93, a P/E/G ratio of 0.88 and a beta of 1.21.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $29.72 billion. During the same period last year, the company earned $0.90 earnings per share. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. Sell-side analysts forecast that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is 27.72%.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the firm’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 completion of the sale, the insider 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bernard A. Mensah sold 94,000 shares of the firm’s stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $46.94, for a total value of $4,412,360.00. Following the completion of the sale, the insider directly owned 170,184 shares of the company’s stock, valued at approximately $7,988,436.96. This trade represents a 35.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 354,588 shares of company stock worth $17,814,296 in the last ninety days. 0.27% of the stock is owned by insiders.

More Bank of America News

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

• Positive Sentiment: Bank of America said it expects a wave of Brazilian IPOs in 2027, with at least 10 listings likely after a five-year drought. That could mean more underwriting and advisory fees for BAC’s investment banking unit. Bank of America Expects Surge of Brazilian IPOs After 5-Year Drought
• Positive Sentiment: Reports said Bank of America cleared a derivatives-related hurdle in its federal “living will,” easing a regulatory overhang and reinforcing confidence in the bank’s risk-management profile. Bank of America clears derivatives hurdle flagged by federal regulators in 2023 ‘living will’
• Positive Sentiment: Bank of America also received a “Moderate Buy” consensus from brokerages, suggesting Wall Street remains generally constructive on BAC. Bank of America Corporation (NYSE:BAC) Receives Consensus Recommendation of “Moderate Buy” from Brokerages
• Neutral Sentiment: Several articles mainly referenced Bank of America as a conference host, research provider, or counterparty in other companies’ announcements, which is not likely to have a direct material impact on BAC’s stock.
• Negative Sentiment: One article highlighted a cautious view on BAC’s valuation despite its digital progress, signaling that some investors still see limited upside after the recent run. Bank of America (BAC) Has Become a Digital Leader. I’m Still Cautious on the Stock

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.