Meitav Investment House Ltd. Sells 153,082 Shares of Bank of America Corporation $BAC

Meitav Investment House Ltd. decreased its position in Bank of America Corporation (NYSE:BAC) by 65.0% during the 1st quarter, Holdings Channel.com reports. The firm owned 82,268 shares of the financial services provider’s stock after selling 153,082 shares during the period. Meitav Investment House Ltd.’s holdings in Bank of America were worth $4,009,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Abound Financial LLC bought a new stake in Bank of America in the 4th quarter valued at $26,000. Wiser Advisor Group LLC acquired a new position in Bank of America in the 3rd quarter valued at $27,000. Legacy Bridge LLC increased its position in Bank of America by 182.3% during 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 during the period. CrossGen Wealth LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $30,000. Finally, Joseph Group Capital Management bought a new stake in shares of Bank of America in the fourth quarter valued at about $32,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BAC. The Goldman Sachs Group raised their price target on shares of Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research report on Friday, April 24th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $59.00 price target on shares of Bank of America in a research note on Thursday, April 16th. Truist Financial raised their price objective on Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Finally, Citigroup upped their target price on Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $62.19.

Bank of America Price Performance

Shares of BAC stock traded up $0.33 during trading hours on Tuesday, reaching $60.23. The company’s stock had a trading volume of 11,079,808 shares, compared to its average volume of 38,952,809. Bank of America Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $60.83. The firm’s 50 day simple moving average is $53.82 and its 200-day simple moving average is $52.80. 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 market capitalization of $427.39 billion, a price-to-earnings ratio of 14.89, a PEG ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC) last posted 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. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company had revenue of $30.27 billion during the quarter, compared to analysts’ expectations of $29.72 billion. During the same quarter in the previous year, the firm earned $0.90 EPS. Bank of America’s revenue was up 10.7% on a year-over-year basis. Sell-side analysts forecast that Bank of America Corporation will post 4.49 earnings per share for the current year.

Bank of America Dividend Announcement

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

Key Bank of America News

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

• Positive Sentiment: UBS Group AG raised its price target on Bank of America (BAC) to $68 from $63 and reiterated a Buy rating, signaling confidence in further upside. Benzinga
• Positive Sentiment: Wells Fargo & Company issued a positive forecast for Bank of America (BAC) and lifted its price target to $67, reinforcing a constructive view ahead of earnings. American Banking News
• Positive Sentiment: Bank of America is nearing its earnings release, and expectations have been rising alongside the broader bank-stock rally, which may support sentiment if results come in strong. American Banking News
• Neutral Sentiment: News that major U.S. banks may explore acquiring Fiserv’s debit card network includes Bank of America (BAC), but the talks are preliminary and no deal has been announced. Reuters
• Negative Sentiment: Some commentary frames BAC as overvalued or “fundamentally challenged,” which could temper enthusiasm if investors begin to focus more on valuation than momentum. Yahoo Finance

Insider Buying and Selling

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

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.