Bank of America Corporation $BAC Shares Sold by Empire Financial Management Company LLC

Empire Financial Management Company LLC lowered its position in Bank of America Corporation (NYSE:BAC) by 7.5% in the first quarter, Holdings Channel.com reports. The firm owned 128,155 shares of the financial services provider’s stock after selling 10,383 shares during the quarter. Bank of America makes up about 1.4% of Empire Financial Management Company LLC’s holdings, making the stock its 16th largest position. Empire Financial Management Company LLC’s holdings in Bank of America were worth $6,248,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Abound Financial LLC acquired a new position in Bank of America during the 4th quarter worth approximately $26,000. Wiser Advisor Group LLC acquired a new stake in shares of Bank of America in the 3rd quarter valued at approximately $27,000. Legacy Bridge LLC boosted its stake in shares of Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after buying an additional 330 shares in the last quarter. CrossGen Wealth LLC purchased a new stake in shares of Bank of America in the fourth quarter valued at approximately $30,000. Finally, Joseph Group Capital Management acquired a new position in Bank of America during the fourth quarter worth $32,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BAC. Argus set a $70.00 price objective on Bank of America in a research report on Wednesday, July 15th. Autonomous Res lowered their price target on shares of Bank of America from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Monday, April 6th. Robert W. Baird increased their price target on shares of Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. The Goldman Sachs Group raised their price objective on shares of Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a report on Tuesday, July 21st. Twenty-one analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $63.77.

Bank of America News Roundup

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

• Positive Sentiment: Strong Q2 performance supports the shares. Bank of America reported second-quarter EPS of $1.21, exceeding the $1.13 consensus estimate, with EPS up 34.4% year over year. Record net interest income, strong trading activity and investment-banking results highlighted the benefits of its diversified business model. Should You Invest in Bank of America Following Impressive Q2 Results?
• Positive Sentiment: AI could improve profitability. Morgan Stanley strategists identified BAC as one of the U.S. companies most likely to achieve meaningful net-margin expansion through 2027 as artificial-intelligence investments improve productivity and operating efficiency. Bank of America Could Be One Of Wall Street’s Biggest AI Winners
• Positive Sentiment: New Travel Center may deepen customer engagement. BAC launched an expanded travel-booking platform powered by Rocket Travel by Agoda, offering nearly 1 million travel options and allowing customers to combine card rewards with payment cards. The initiative could encourage credit-card usage and strengthen customer loyalty, although its near-term earnings effect is likely limited. New Bank of America Travel Center
• Neutral Sentiment: Peer comparisons reinforce BAC’s diversified-bank positioning. A Q2 industry review and Zacks commentary place Bank of America among the major diversified banks being evaluated on earnings momentum, growth drivers and risks. The coverage is broadly supportive but does not introduce a new company-specific catalyst. Q2 Rundown: Bank of America vs. Other Diversified Banks Stocks
• Negative Sentiment: Fed policy uncertainty may increase volatility. Reports of a possible surprise interest-rate hike have unsettled bond markets ahead of the Federal Reserve decision. Rate expectations can affect BAC’s net interest income, bond portfolio values and broader financial-sector sentiment. Citadel Securities’ Fed Rate Hike Call Adds to Market Angst

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business’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 transaction, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.27% of the company’s stock.

Bank of America Price Performance

NYSE:BAC opened at $62.61 on Wednesday. Bank of America Corporation has a 12-month low of $44.75 and a 12-month high of $62.99. The firm has a market cap of $444.32 billion, a price-to-earnings ratio of 14.36, a price-to-earnings-growth ratio of 1.00 and a beta of 1.17. The company’s 50-day moving average is $56.89 and its two-hundred day moving average is $53.41. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. The business had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The company’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.89 earnings per share. Research analysts expect that Bank of America Corporation will post 4.65 EPS for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, September 4th. This is an increase from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio is presently 25.69%.

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.