Bank of America (NYSE:BAC) Shares Sold Off by Rep. Laurel M. Lee

Representative Laurel M. Lee (Republican-Florida) recently sold shares of Bank of America Corporation (NYSE:BAC). In a filing disclosed on October 16th, the Representative disclosed that they had sold between $50,001 and $100,000 in Bank of America stock on August 24th.

Bank of America Trading Up 0.4%

Shares of NYSE:BAC opened at $50.59 on Wednesday. The business’s 50 day simple moving average is $58.52 and its 200 day simple moving average is $56.77. Bank of America Corporation has a 1 year low of $46.12 and a 1 year high of $65.22. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market capitalization of $353.77 billion, a P/E ratio of 12.02, a P/E/G ratio of 0.86 and a beta of 1.21.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.02). The company had revenue of $29.96 billion for the quarter, compared to the consensus estimate of $30.58 billion. Bank of America had a net margin of 16.80% and a return on equity of 12.15%. The business’s revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.06 earnings per share. On average, research analysts anticipate that Bank of America Corporation will post 4.54 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were given a dividend of $0.32 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Friday, September 4th. Bank of America’s dividend payout ratio (DPR) is currently 30.40%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Bamco Inc. NY boosted its holdings in shares of Bank of America by 45.4% in the 2nd quarter. Bamco Inc. NY now owns 40,994 shares of the financial services provider’s stock worth $2,336,000 after purchasing an additional 12,794 shares during the period. E Fund Management Co. Ltd. purchased a new stake in Bank of America during the 2nd quarter valued at $4,089,000. Bernicke Wealth Management Ltd. purchased a new stake in Bank of America during the 2nd quarter valued at $2,132,000. Aspiriant LLC lifted its position in Bank of America by 34.3% in the third quarter. Aspiriant LLC now owns 48,877 shares of the financial services provider’s stock worth $2,660,000 after buying an additional 12,479 shares during the last quarter. Finally, Legacy Private Trust Co. lifted its position in Bank of America by 11.7% in the third quarter. Legacy Private Trust Co. now owns 115,136 shares of the financial services provider’s stock worth $6,267,000 after buying an additional 12,016 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on BAC shares. HSBC began coverage on shares of Bank of America in a research report on Monday, September 28th. They issued a “buy” rating and a $65.00 target price for the company. UBS Group dropped their target price on shares of Bank of America from $70.00 to $67.00 and set a “buy” rating for the company in a report on Monday, October 5th. JPMorgan Chase & Co. reduced their price target on shares of Bank of America from $68.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, October 2nd. Evercore set a $62.00 price target on shares of Bank of America in a report on Thursday, October 1st. Finally, Truist Financial lowered their price objective on shares of Bank of America from $62.00 to $58.00 and set a “buy” rating for the company in a research report on Thursday, October 15th. Twenty research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $62.82.

Key Bank of America News

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

• Positive Sentiment: A proposed overhaul of a roughly $100 billion federal drug-discount program could increase borrowing by hospitals and benefit banks that provide healthcare credit lines. Bank of America could gain through additional commercial lending and related financing demand. Changes to This $100 Billion Federal Drug Program Could Make Banks the Hidden Beneficiaries
• Positive Sentiment: Analysts continue to point to the strength of BAC’s deposit franchise and net interest income. Second-quarter loans rose 8% year over year while deposits increased 2%, yet net interest income grew 9%, suggesting lending growth is still generating revenue despite funding-cost concerns. Bank of America: Is Its Deposit Franchise Getting Stronger?
• Positive Sentiment: One analyst upgraded Bank of America to Buy, while other commentary argues that the $1.2 billion regulatory penalty and recent fee weakness may already be reflected in the share price, leaving room for a recovery if operating results improve. Bank of America Upgraded to Buy
• Neutral Sentiment: BAC has begun another investment-grade bond offering shortly after an $8 billion sale. The issuance supports funding and capital-management flexibility but may also highlight the bank’s ongoing need to access wholesale markets. Bank of America Back in Market After Last Week’s $8 Billion Sale
• Neutral Sentiment: Bank of America’s disclosures of larger indirect stakes in Qiagen and other international companies appear related to investment or client activity and are unlikely to materially affect near-term earnings.
• Negative Sentiment: Multiple law firms are publicizing securities-fraud investigations and class actions tied to alleged disclosures surrounding anti-money-laundering and sanctions-compliance failures. The legal announcements add reputational risk and could lead to litigation costs, although they largely repeat the same underlying allegations. BAC Loss Notice and Securities Fraud Investigation
• Negative Sentiment: The recent quarterly report missed consensus on both earnings and revenue, while the more than $1.2 billion Treasury penalty remains an overhang. Broader bank stocks are also under pressure as Treasury yields rise and investors reassess rate-sensitive financials.

About Representative Lee

Laurel Lee (Republican Party) is a member of the U.S. House, representing Florida’s 15th Congressional District. She assumed office on January 3, 2023. Her current term ends on January 3, 2027.

Lee (Republican Party) is running for re-election to the U.S. House to represent Florida’s 15th Congressional District. She declared candidacy for the 2026 election.

Laurel Lee earned undergraduate and law degrees from the University of Florida. Lee’s career experience includes working as an attorney with Carlton Fields, P.A., an assistant federal public defender and assistant U.S. attorney with the United States District Court for the Middle District of Florida, and a law clerk to James S. Moody on the United States District Court for the Middle District of Florida. Lee resigned on May 16, 2022.

Bank of America Company Profile

Bank of America Corporation (NYSE: BAC) is a diversified financial services company headquartered in Charlotte, North Carolina. It provides banking, lending, investment, payments and financial management services to consumers, businesses, institutional investors and governments.

The company’s consumer banking operations offer checking and savings accounts, credit cards, mortgages, home equity lending, auto loans and other consumer financial products. Through Merrill, Bank of America provides wealth management, investment advisory, brokerage and retirement services.