Folger Nolan Fleming Douglas Capital Management Inc. Purchases 93,820 Shares of Bank of America Corporation $BAC

Folger Nolan Fleming Douglas Capital Management Inc. boosted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 286.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 126,620 shares of the financial services provider’s stock after buying an additional 93,820 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Bank of America were worth $6,173,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Handelsbanken Fonder AB lifted its stake in Bank of America by 53.0% during the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock worth $254,625,000 after purchasing an additional 1,603,080 shares during the period. B. Metzler seel. Sohn & Co. AG boosted its holdings in Bank of America by 11.2% during the third quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider’s stock valued at $34,974,000 after purchasing an additional 68,093 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Bank of America by 3.4% in the 4th 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 period. Certuity LLC grew its stake in shares of Bank of America by 5.1% in the 3rd quarter. Certuity LLC now owns 523,113 shares of the financial services provider’s stock valued at $26,987,000 after purchasing an additional 25,268 shares during the period. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Bank of America by 2.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,905,348 shares of the financial services provider’s stock worth $159,794,000 after buying an additional 71,307 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on BAC. HSBC raised their target price on Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Robert W. Baird upped their price target 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 dropped their price objective on Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Monday, April 6th. Jefferies Financial Group boosted their target price on shares of 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, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $59.00 target price on shares of Bank of America in a report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $61.60.

Bank of America Stock Performance

Shares of Bank of America stock opened at $57.94 on Tuesday. 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 firm has a 50 day simple moving average of $53.45 and a 200 day simple moving average of $52.71. Bank of America Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $59.19. The firm has a market cap of $411.20 billion, a P/E ratio of 14.34, a P/E/G ratio of 0.98 and a beta of 1.19.

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 (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.11. The firm 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 business’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 EPS. Sell-side analysts predict that Bank of America Corporation will post 4.47 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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

Insider Transactions at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction dated 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 transaction, the insider owned 1,373,397 shares in the company, valued at $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 is available at the SEC website. 0.27% of the stock is currently owned by corporate insiders.

Bank of America News Summary

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

• Positive Sentiment: Morgan Stanley raised its price target on Bank of America to $67 from $61 and reiterated an Overweight rating, signaling improved upside expectations for the stock. Morgan Stanley raises Bank of America price target
• Positive Sentiment: Truist also lifted its target to $64 from $61 and kept a Buy rating, citing better-than-expected trading growth. Truist increases Bank of America price target
• Positive Sentiment: Bank of America’s research team also issued bullish sector commentary on semiconductors and AI-related names, reinforcing the firm’s active and influential market outlook. Bank of America semiconductor research
• Neutral Sentiment: Bank of America extended its Kansas City Current partnership and highlighted its FIFA World Cup fan-band promotion, which is positive for brand visibility but not a major direct earnings driver. Bank of America partnership update
• Negative Sentiment: The SEC fined Merrill Lynch $7.5 million for suspicious activity reporting failures, creating a modest regulatory and compliance headwind for BAC, though the settlement was limited and the company said it has strengthened monitoring. SEC fines Merrill Lynch

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.