Bleakley Financial Group LLC Raises Position in Bank of America Corporation $BAC

Bleakley Financial Group LLC raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 15.4% during the fourth quarter, HoldingsChannel reports. The firm owned 218,871 shares of the financial services provider’s stock after buying an additional 29,226 shares during the quarter. Bleakley Financial Group LLC’s holdings in Bank of America were worth $12,038,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Bank of America by 640.5% during 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 buying an additional 40,235,201 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Bank of America by 3.7% during 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 buying an additional 23,351,183 shares during the last quarter. Capital World Investors grew its stake in shares of Bank of America by 11.0% during 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 buying an additional 14,275,810 shares during the last quarter. American Assets Investment Management LLC grew its stake in shares of Bank of America by 1,248.5% during the fourth quarter. American Assets Investment Management LLC now owns 15,224,325 shares of the financial services provider’s stock valued at $837,338,000 after buying an additional 14,095,375 shares during the last quarter. Finally, Danske Bank A S bought a new position in shares of Bank of America during the third quarter valued at approximately $224,863,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider 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 document filed with the SEC, which is accessible through this hyperlink. Also, insider Thomas M. Scrivener sold 50,000 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the sale, the insider owned 227,973 shares of the company’s stock, valued at approximately $11,357,614.86. This represents a 17.99% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 354,588 shares of company stock worth $17,814,296. 0.27% of the stock is currently owned by company insiders.

More Bank of America News

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

• Positive Sentiment: Bank of America received a consensus “Moderate Buy” rating from brokerages, signaling that analysts remain broadly constructive on BAC despite recent market uncertainty. Bank of America Corporation (NYSE:BAC) Receives Consensus Recommendation of “Moderate Buy” from Brokerages
• Positive Sentiment: Major U.S. banks, including peers of Bank of America, cleared the Fed and FDIC review of their living wills, reducing regulatory overhang and supporting confidence in the banking sector. JPM, WFC & Others Clear Key Regulatory Hurdle on Living Wills
• Neutral Sentiment: One commentary piece highlighted Bank of America’s progress as a digital banking leader, but also said the stock still looks pricey/cautious from a valuation perspective, creating a mixed takeaway rather than a clear bullish catalyst. Bank of America (BAC) Has Become a Digital Leader. I’m Still Cautious on the Stock
• Neutral Sentiment: Broader market commentary about high bond yields, AI stock concentration, and a possible bubble environment could add some caution for financial stocks, but it is not a direct Bank of America-specific negative. Bond Strategists Warn Yields to Stay High Even If Iran War Ends
• Negative Sentiment: Bank of America’s contrarian market warning about extreme AI-stock concentration suggests the firm is signaling caution on risk appetite, which could weigh on sentiment if investors interpret it as a bearish market call. Bank of America Issues Rare Contrarian Sell Warning as AI Stock Concentration Soars

Bank of America Stock Up 0.0%

Shares of NYSE:BAC opened at $51.81 on Tuesday. Bank of America Corporation has a 52-week low of $42.35 and a 52-week high of $57.55. The stock has a market cap of $367.64 billion, a P/E ratio of 12.82, a price-to-earnings-growth ratio of 0.88 and a beta of 1.21. The business’s 50 day moving average is $50.75 and its 200 day moving average is $52.36. 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 announced its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter last year, the firm earned $0.90 EPS. Sell-side analysts predict that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is 27.72%.

Analysts Set New Price Targets

A number of research analysts have recently commented on BAC shares. Jefferies Financial Group upped 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. Oppenheimer upped their target price on Bank of America from $58.00 to $61.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. HSBC increased their price objective on Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Finally, The Goldman Sachs Group increased their price objective on Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $61.06.

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.