Bank of America Corporation $BAC Shares Sold by Sheets Smith Wealth Management

Sheets Smith Wealth Management lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 58.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,401 shares of the financial services provider’s stock after selling 17,265 shares during the period. Sheets Smith Wealth Management’s holdings in Bank of America were worth $605,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in BAC. Abound Financial LLC acquired a new stake in Bank of America during the 4th quarter valued at $26,000. Wiser Advisor Group LLC purchased a new stake in Bank of America during the 3rd quarter worth $27,000. Legacy Bridge LLC lifted its holdings in Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after buying an additional 330 shares in the last quarter. CrossGen Wealth LLC purchased a new position in Bank of America in the 4th quarter valued at about $30,000. Finally, Joseph Group Capital Management purchased a new position in Bank of America in the 4th quarter valued at about $32,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

BAC opened at $56.26 on Monday. The company has a 50-day moving average of $52.91 and a 200-day moving average of $52.53. The company has a market capitalization of $399.27 billion, a P/E ratio of 13.93, a PEG ratio of 0.95 and a beta of 1.19. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $57.98. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81.

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 the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion for the quarter, compared to analysts’ expectations of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.90 earnings per share. Equities analysts expect that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders 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 annualized dividend and a dividend yield of 2.0%. Bank of America’s dividend payout ratio (DPR) is presently 27.72%.

Insider Activity at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.27% of the company’s stock.

Trending Headlines about 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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Erste Group Bank lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. Evercore reduced their price target on Bank of America from $70.00 to $61.00 and set an “outperform” rating for the company in a report on Friday, May 15th. Morgan Stanley lowered their price objective on Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. Finally, The Goldman Sachs Group upped their target price on Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $61.06.

Bank of America Company 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.