Bank of America Corporation $BAC Shares Sold by Manning & Napier Advisors LLC

Manning & Napier Advisors LLC decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 2.8% in the 1st quarter, HoldingsChannel.com reports. The firm owned 375,943 shares of the financial services provider’s stock after selling 10,709 shares during the period. Manning & Napier Advisors LLC’s holdings in Bank of America were worth $18,327,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new stake in Bank of America during the fourth quarter valued at approximately $4,774,210,000. Capital International Investors acquired a new position in Bank of America in the fourth quarter worth approximately $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Bank of America by 640.5% in 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 in the last quarter. Vanguard Group Inc. lifted its position in shares of Bank of America by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock valued at $35,809,225,000 after acquiring an additional 23,351,183 shares during the last quarter. Finally, Cardano Risk Management B.V. lifted its position in shares of Bank of America by 914.5% during the 4th quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock valued at $1,380,239,000 after acquiring an additional 22,621,546 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent research reports. Citigroup lifted their target price on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. UBS Group upped their target price on Bank of America from $63.00 to $68.00 and gave the company a “buy” rating in a report on Tuesday. Evercore set a $63.00 price target on Bank of America and gave the stock an “outperform” rating in a research note on Monday. Piper Sandler boosted their price objective on Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. Finally, Wells Fargo & Company upped their price objective on shares of Bank of America from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $62.19.

Bank of America Stock Up 0.7%

NYSE:BAC traded up $0.42 during trading hours on Friday, hitting $59.67. 21,908,911 shares of the stock traded hands, compared to its average volume of 32,415,350. The firm has a 50 day moving average price of $54.50 and a 200 day moving average price of $52.98. The firm has a market cap of $423.49 billion, a price-to-earnings ratio of 14.77, a PEG ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $60.83. 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 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.11. The business 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 revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.90 earnings per share. Equities research analysts anticipate that Bank of America Corporation will post 4.51 earnings per share for the current year.

Bank of America Dividend Announcement

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

Key Stories 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

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated 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 owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.27% of the stock is currently owned by company 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.