Parr Mcknight Wealth Management Group LLC Acquires Shares of 53,216 Bank of America Corporation $BAC

Parr Mcknight Wealth Management Group LLC bought a new position in shares of Bank of America Corporation (NYSE:BAC) in the first quarter, Holdings Channel reports. The fund bought 53,216 shares of the financial services provider’s stock, valued at approximately $2,594,000.

A number of other institutional investors also recently modified their holdings of BAC. AMF Tjanstepension AB grew its stake in shares of Bank of America by 2.9% in the first quarter. AMF Tjanstepension AB now owns 9,562,619 shares of the financial services provider’s stock valued at $466,178,000 after acquiring an additional 266,030 shares in the last quarter. J. Safra Sarasin Holding AG increased its position in Bank of America by 840.2% during the first quarter. J. Safra Sarasin Holding AG now owns 257,772 shares of the financial services provider’s stock worth $12,539,000 after acquiring an additional 230,354 shares during the period. Navigate Wealth Management LLC acquired a new stake in Bank of America in the 1st quarter worth about $203,000. LGT Fund Management Co Ltd. boosted its stake in shares of Bank of America by 22.7% in the first quarter. LGT Fund Management Co Ltd. now owns 183,690 shares of the financial services provider’s stock valued at $8,955,000 after buying an additional 33,941 shares during the period. Finally, Global Assets Advisory LLC lifted its position in shares of Bank of America by 17.6% during the 1st quarter. Global Assets Advisory LLC now owns 8,037 shares of the financial services provider’s stock valued at $392,000 after acquiring an additional 1,200 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred on Tuesday, May 5th. The shares were 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. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.27% of the company’s stock.

Bank of America News Roundup

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

Analyst Upgrades and Downgrades

BAC has been the topic of a number of analyst reports. Keefe, Bruyette & Woods increased their price objective 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. HSBC upped their price objective 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. Truist Financial raised their target price on shares of Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Friday, June 26th. Royal Bank Of Canada restated an “outperform” rating and set a $59.00 price target on shares of Bank of America in a report on Thursday, April 16th. Finally, Autonomous Res decreased their price target on Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Monday, April 6th. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $62.19.

Bank of America Stock Performance

BAC opened at $59.67 on Monday. The company has a market cap of $423.49 billion, a price-to-earnings ratio of 14.77, a PEG ratio of 1.00 and a beta of 1.17. The company’s fifty day moving average price is $54.50 and its two-hundred day moving average price is $52.96. Bank of America Corporation has a 1-year low of $44.75 and a 1-year 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 posted its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share 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 analyst estimates of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.90 EPS. On average, analysts expect that Bank of America Corporation will post 4.51 EPS 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. Stockholders of record on Friday, June 5th were issued a $0.28 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. Bank of America’s dividend payout ratio is currently 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.