Bank of America Corporation $BAC Shares Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC lifted its holdings in Bank of America Corporation (NYSE:BAC) by 8.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,621,705 shares of the financial services provider’s stock after acquiring an additional 1,276,589 shares during the period. Bank of America makes up 0.5% of Hsbc Holdings PLC’s portfolio, making the stock its 29th biggest position. Hsbc Holdings PLC owned about 0.22% of Bank of America worth $859,306,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC raised its position in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares during the period. Sivia Capital Partners LLC lifted its stake in shares of Bank of America by 40.5% during the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock worth $1,013,000 after purchasing an additional 6,174 shares in the last quarter. Jump Financial LLC boosted its position in shares of Bank of America by 38.4% in the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock worth $3,108,000 after buying an additional 18,227 shares during the period. Nebula Research & Development LLC purchased a new stake in shares of Bank of America in the second quarter worth about $1,396,000. Finally, Vivaldi Capital Management LP grew its stake in shares of Bank of America by 4.2% in the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock valued at $417,000 after buying an additional 355 shares in the last quarter. Institutional investors and hedge funds 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 internal research is being cited as bullish for the bank sector, with commentary that higher rates can still support net interest income even as the Fed holds rates steady, which could help BAC’s earnings outlook. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Positive Sentiment: Bank of America also drew attention for its view that lower-income households may be stabilizing, suggesting the consumer backdrop could be improving and reducing recession fears that would hurt loan growth and credit quality. Miserable K-shaped economy might actually be fading, as lower-income families bounce back, says Bank of America
• Neutral Sentiment: Bank of America revealed a roughly 3% indirect stake in Qiagen and reported similar holdings disclosures for Umicore; these are portfolio/ownership updates and are unlikely to have a direct impact on BAC’s core banking results. Bank of America Reveals 3.01% Indirect Stake in Qiagen Umicore – Transparency notifications by Bank of America Corporation
• Neutral Sentiment: Reports that a Fed official spoke at a private Bank of America client dinner may attract headlines, but it appears more like a reputational/regulatory talking point than a direct earnings driver. The Fed’s vice chair of supervision spoke at a private dinner Bank of America hosted for clients hours after the central bank announced its latest policy decision
• Negative Sentiment: Bank of America is facing fresh scrutiny tied to regulators’ upcoming “debanking” findings, which could create policy and compliance concerns for large banks like BAC. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings

Bank of America Stock Up 0.1%

Shares of Bank of America stock opened at $56.26 on Friday. The business has a 50-day moving average price of $52.91 and a 200 day moving average price of $52.54. Bank of America Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $57.98. The firm has a market cap of $399.27 billion, a P/E ratio of 13.93, a P/E/G ratio of 0.95 and a beta of 1.18. 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 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 company had revenue of $30.27 billion for the quarter, compared to the consensus estimate 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 quarter last year, the business posted $0.90 EPS. On average, sell-side analysts forecast that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors 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 dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s dividend payout ratio is currently 27.72%.

Insider Transactions at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the firm’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 trade represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.27% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on BAC shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. The Goldman Sachs Group upped their price target on Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Argus increased their price objective on shares of Bank of America from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Truist Financial lifted their price objective on shares of Bank of America from $57.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Bank of America from $61.50 to $57.50 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.