Profund Advisors LLC Sells 20,049 Shares of Bank of America Corporation $BAC

Profund Advisors LLC cut its position in shares of Bank of America Corporation (NYSE:BAC) by 21.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 72,125 shares of the financial services provider’s stock after selling 20,049 shares during the quarter. Profund Advisors LLC’s holdings in Bank of America were worth $3,967,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in BAC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in 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 worth $2,399,798,000 after acquiring an additional 40,235,201 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Bank of America by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock worth $35,809,225,000 after acquiring an additional 23,351,183 shares in the last quarter. Capital World Investors boosted its holdings in Bank of America by 11.0% in the third quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider’s stock worth $7,448,816,000 after acquiring an additional 14,275,810 shares in the last quarter. American Assets Investment Management LLC boosted its holdings in Bank of America by 1,248.5% in the fourth quarter. American Assets Investment Management LLC now owns 15,224,325 shares of the financial services provider’s stock worth $837,338,000 after acquiring an additional 14,095,375 shares in the last quarter. Finally, Danske Bank A S bought a new stake in Bank of America in the third quarter worth $224,863,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

NYSE BAC opened at $50.67 on Wednesday. Bank of America Corporation has a 52 week low of $42.35 and a 52 week high of $57.55. The firm has a market capitalization of $359.59 billion, a P/E ratio of 12.54, a PEG ratio of 0.86 and a beta of 1.21. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The company has a 50-day moving average price of $50.46 and a 200-day moving average price of $52.41.

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 during the quarter, compared to analysts’ expectations of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.90 earnings per share. Equities research analysts anticipate that Bank of America Corporation will post 4.46 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a $0.28 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America’s dividend payout ratio is presently 27.72%.

Insider Buying and Selling

In other Bank of America news, insider Thomas M. Scrivener sold 50,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider owned 227,973 shares in the company, valued at $11,357,614.86. This represents a 17.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 94,000 shares of the company’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $46.94, for a total value of $4,412,360.00. Following the completion of the sale, the insider owned 170,184 shares of the company’s stock, valued at approximately $7,988,436.96. The trade was a 35.58% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 354,588 shares of company stock worth $17,814,296. Corporate insiders own 0.27% of the company’s stock.

Bank of America News Summary

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

• Negative Sentiment: CFRA cut Bank of America (BAC) to Hold, suggesting limited near-term upside after the recent run in large bank stocks and weighing on sentiment toward the shares. Bank of America Cut to Hold by CFRA: Is the Big Bank Trade Running Out of Gas?
• Neutral Sentiment: Bank of America released a Better Money Habits study showing Gen Z is increasingly managing expenses on its own, but the report is mainly a consumer insight update and does not directly change earnings expectations. BofA Study Finds Fewer Gen Z Rely on Family for Financial Assistance, Even With 42% Living Paycheck to Paycheck
• Neutral Sentiment: Financial stocks were weaker ahead of the open, pointing to broader sector pressure that can spill over into BAC even without company-specific news. Sector Update: Financial Stocks Fall Pre-Bell Tuesday

Analysts Set New Price Targets

BAC has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. HSBC upped their price target on Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Autonomous Res lowered their price target 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. Argus upped their price target on Bank of America from $59.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Finally, Jefferies Financial Group upped their price target on Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $61.06.

Bank of America Profile

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.