Bank of America Corporation $BAC Shares Sold by Welch & Forbes LLC

Welch & Forbes LLC lessened its position in shares of Bank of America Corporation (NYSE:BAC) by 1.4% during the 1st quarter, Holdings Channel reports. The institutional investor owned 976,595 shares of the financial services provider’s stock after selling 13,383 shares during the period. Welch & Forbes LLC’s holdings in Bank of America were worth $47,609,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Abound Financial LLC acquired a new position in shares of Bank of America during the 4th quarter worth approximately $26,000. Legacy Bridge LLC grew its stake in Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 330 shares during the period. Wiser Advisor Group LLC purchased a new position in Bank of America during the third quarter valued at $27,000. CrossGen Wealth LLC purchased a new position in Bank of America during the fourth quarter valued at $30,000. Finally, Joseph Group Capital Management acquired a new stake in shares of Bank of America in the fourth quarter valued at about $32,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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 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 transaction, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on BAC shares. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $63.00 to $64.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. The Goldman Sachs Group lifted their price objective on Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. Truist Financial lifted their price target on Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Finally, HSBC boosted their price target 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. Twenty-one investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $62.19.

Bank of America Trading Up 0.7%

BAC stock traded up $0.42 during mid-day trading on Friday, hitting $59.67. 21,908,911 shares of the company were exchanged, compared to its average volume of 32,415,350. Bank of America Corporation has a 12-month low of $44.75 and a 12-month high of $60.83. The firm has a market capitalization of $423.49 billion, a P/E ratio of 14.77, a PEG ratio of 1.00 and a beta of 1.17. The business has a fifty day simple moving average of $54.50 and a 200-day simple moving average of $52.98. 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 results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating 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 business had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same period in the previous year, the firm earned $0.90 EPS. The business’s revenue was up 10.7% on a year-over-year basis. On average, equities research analysts predict that Bank of America Corporation will post 4.51 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

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

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.