Flputnam Investment Management Co. Has $40.69 Million Stock Holdings in Bank of America Corporation $BAC

Flputnam Investment Management Co. grew its stake in Bank of America Corporation (NYSE:BAC) by 78.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 739,736 shares of the financial services provider’s stock after buying an additional 324,139 shares during the period. Flputnam Investment Management Co.’s holdings in Bank of America were worth $40,685,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Legacy Bridge LLC grew its stake in Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 330 shares during the period. Wiser Advisor Group LLC acquired a new stake in Bank of America in the third quarter valued at approximately $27,000. Collier Financial acquired a new stake in Bank of America in the third quarter valued at approximately $30,000. Joseph Group Capital Management acquired a new stake in Bank of America in the fourth quarter valued at approximately $32,000. Finally, HFM Investment Advisors LLC grew its stake in Bank of America by 566.0% in the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 532 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. dropped their target price on Bank of America from $61.50 to $57.50 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. The Goldman Sachs Group raised their target price on Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Argus raised their target price on Bank of America from $59.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Daiwa Securities Group raised their target price on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Finally, Autonomous Res dropped their target price on Bank of America from $62.00 to $54.00 and set a “neutral” rating on the stock in a report on Monday, April 6th. Twenty-two research 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 company currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.06.

Bank of America News Summary

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

• Positive Sentiment: Bank of America said it expects a wave of Brazilian IPOs in 2027, with at least 10 listings likely after a five-year drought. That could mean more underwriting and advisory fees for BAC’s investment banking unit. Bank of America Expects Surge of Brazilian IPOs After 5-Year Drought
• Positive Sentiment: Reports said Bank of America cleared a derivatives-related hurdle in its federal “living will,” easing a regulatory overhang and reinforcing confidence in the bank’s risk-management profile. Bank of America clears derivatives hurdle flagged by federal regulators in 2023 ‘living will’
• Positive Sentiment: Bank of America also received a “Moderate Buy” consensus from brokerages, suggesting Wall Street remains generally constructive on BAC. Bank of America Corporation (NYSE:BAC) Receives Consensus Recommendation of “Moderate Buy” from Brokerages
• Neutral Sentiment: Several articles mainly referenced Bank of America as a conference host, research provider, or counterparty in other companies’ announcements, which is not likely to have a direct material impact on BAC’s stock.
• Negative Sentiment: One article highlighted a cautious view on BAC’s valuation despite its digital progress, signaling that some investors still see limited upside after the recent run. Bank of America (BAC) Has Become a Digital Leader. I’m Still Cautious on the Stock

Bank of America Stock Performance

Shares of Bank of America stock opened at $52.25 on Wednesday. The business’s fifty day simple moving average is $50.86 and its 200 day simple moving average is $52.36. The firm has a market capitalization of $370.80 billion, a P/E ratio of 12.93, a price-to-earnings-growth ratio of 0.88 and a beta of 1.21. Bank of America Corporation has a 12 month low of $43.29 and a 12 month high of $57.55. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. The business had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.Bank of America’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period last year, the company posted $0.90 earnings per share. As a group, analysts anticipate that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is 27.72%.

Insiders Place Their Bets

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America 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 sale, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Thomas M. Scrivener sold 50,000 shares of Bank of America stock in a transaction on Thursday, March 5th. The stock was 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 in the company, valued at $11,357,614.86. This trade represents a 17.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 354,588 shares of company stock valued at $17,814,296. 0.27% of the stock is owned by insiders.

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.