Retirement Systems of Alabama reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 0.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 3,404,952 shares of the financial services provider’s stock after selling 24,417 shares during the period. Bank of America comprises 0.6% of Retirement Systems of Alabama’s portfolio, making the stock its 23rd biggest holding. Retirement Systems of Alabama’s holdings in Bank of America were worth $187,272,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Wiser Advisor Group LLC acquired a new stake in shares of Bank of America in the third quarter valued at about $27,000. Steph & Co. boosted its position in Bank of America by 224.3% during the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 379 shares during the last quarter. Collier Financial purchased a new stake in Bank of America during the 3rd quarter valued at about $30,000. Marquette Asset Management LLC purchased a new stake in Bank of America during the 3rd quarter valued at about $30,000. Finally, Mountain Hill Investment Partners Corp. acquired a new stake in Bank of America in the 3rd quarter valued at about $31,000. Institutional investors and hedge funds own 70.71% of the company’s stock.
More Bank of America News
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: Sector momentum: Financial stocks are broadly advancing this morning, which tends to lift large-cap banks like BAC as investors rotate into financials. Sector Update: Financial Stocks Advance Premarket Monday
- Positive Sentiment: “Big bank” safe-haven narrative: Coverage arguing the major banks are safer than private-credit funds has supported demand for systemically important banks, benefiting BAC relative to smaller credit providers. Private-credit crisis or growing pains? Why the ‘Big Six’ banks are a safer bet.
- Neutral Sentiment: BofA research product highlights AI winners — underscores the firm’s visible research franchise but has no direct earnings impact on BAC. These stocks are ‘the place to be’ if you want serious AI growth, says BofA
- Neutral Sentiment: BofA initiated coverage on ProPetro with a Buy — positive for BofA’s institutional-fee generation and research visibility, but indirect for BAC equity moves. ProPetro awarded ‘Buy’ rating in initial coverage from Bank of America
- Negative Sentiment: Legal hit: Reports say BAC will pay about $72.5M to settle a lawsuit by victims of Jeffrey Epstein — a direct expense and reputational headwind that can pressure the stock. Bank of America to pay $72.5M to settle lawsuit by Epstein victims
- Negative Sentiment: Security/reputation risk: French authorities opened a terror probe after a failed attack near BAC’s Paris HQ — an operational/reputational risk that can add short-term uncertainty. France Opens Terror Probe After Failed Attack at Bank of America’s Paris HQ
- Negative Sentiment: Analyst and market caution: Oppenheimer trimmed BAC’s price target, and a BofA technical analyst warned Q2 may be challenging for equities — both increase downside risk and could limit upside. Oppenheimer Cuts Bank of America (NYSE:BAC) Price Target to $58.00 Bank of America has blunt message on stocks and bonds for Q2
- Negative Sentiment: Geopolitical risk: Middle East strikes and escalation concerns are raising market volatility broadly — a headwind for banks’ trading and loan books. Iran Strikes Spread as US Troop Buildup Spurs Escalation Concern
Bank of America Stock Up 0.5%
Bank of America (NYSE:BAC – Get Free Report) last announced its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The company had revenue of $4.53 billion for the quarter, compared to analyst estimates of $27.73 billion. During the same quarter in the previous year, the company earned $0.82 earnings per share. The firm’s quarterly revenue was up 12.3% compared to the same quarter last year. Sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.
Bank of America Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Friday, March 6th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, March 6th. This represents a $1.12 annualized dividend and a yield of 2.4%. Bank of America’s dividend payout ratio is presently 29.24%.
Insider Buying and Selling
In other Bank of America news, insider Bernard A. Mensah sold 94,000 shares of the business’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the sale, the insider directly owned 170,184 shares in the company, valued at $7,988,436.96. This represents a 35.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas M. Scrivener sold 50,000 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the sale, the insider directly owned 227,973 shares in the company, valued at $11,357,614.86. This represents a 17.99% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 227,832 shares of company stock valued at $11,094,960. Corporate insiders own 0.30% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have recently weighed in on BAC. Oppenheimer lowered their target price on Bank of America from $63.00 to $58.00 and set an “outperform” rating on the stock in a report on Friday. CICC Research initiated coverage on Bank of America in a research report on Wednesday, January 14th. They set an “outperform” rating and a $62.00 price objective on the stock. Royal Bank Of Canada upped their target price on Bank of America from $56.00 to $59.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Piper Sandler raised their price objective on shares of Bank of America from $56.00 to $57.00 and gave the stock a “neutral” rating in a research report on Thursday, January 15th. Finally, Daiwa Securities Group decreased their target price on shares of Bank of America from $66.00 to $62.00 and set a “buy” rating on the stock in a report on Tuesday, January 27th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $59.67.
Read Our Latest Research Report on BAC
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.
See Also
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC – Free Report).
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