Integrated Advisors Network LLC Sells 44,164 Shares of Bank of America Corporation $BAC

Integrated Advisors Network LLC trimmed its stake in Bank of America Corporation (NYSE:BAC) by 38.5% in the 1st quarter, Holdings Channel.com reports. The firm owned 70,594 shares of the financial services provider’s stock after selling 44,164 shares during the period. Integrated Advisors Network LLC’s holdings in Bank of America were worth $3,441,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of BAC. DecisionMap Wealth Management LLC raised its holdings in Bank of America by 4.7% during the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider’s stock valued at $223,000 after buying an additional 182 shares during the period. Money Concepts Capital Corp raised its stake in shares of Bank of America by 3.8% in the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock valued at $273,000 after acquiring an additional 182 shares during the period. Holistic Financial Partners lifted its holdings in shares of Bank of America by 2.4% in the 4th quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider’s stock worth $434,000 after acquiring an additional 183 shares during the last quarter. Operose Advisors LLC lifted its holdings in shares of Bank of America by 0.9% in the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock worth $1,123,000 after acquiring an additional 185 shares during the last quarter. Finally, Asahi Life Asset Management CO. LTD. boosted its stake in shares of Bank of America by 1.0% during the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock worth $1,092,000 after purchasing an additional 187 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

More Bank of America News

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

• Positive Sentiment: JPMorgan, Wells Fargo, and UBS all raised their price targets on Bank of America and kept bullish ratings, signaling continued confidence in BAC’s earnings outlook and valuation.
• Positive Sentiment: Analysts expect a strong second quarter for Wall Street banks, helped by a surge in sales and trading activity and higher fee revenue tied to major deals such as the SpaceX IPO, which could lift Bank of America’s results.
• Neutral Sentiment: Bank of America is set to report earnings on Tuesday, and the market is waiting to see whether the recent rally is justified by actual results.
• Neutral Sentiment: BofA’s own market commentary has been mixed more broadly, warning about rich stock valuations and a potentially softer economy, though this is more relevant to the wider market than BAC specifically.
• Negative Sentiment: One note from the news flow suggests bank stocks are now trading at elevated valuations, which could limit further near-term upside if earnings fail to exceed expectations.

Bank of America Stock Performance

Shares of BAC stock opened at $59.82 on Wednesday. The firm has a market cap of $424.52 billion, a price-to-earnings ratio of 14.81, a PEG ratio of 1.01 and a beta of 1.17. Bank of America Corporation has a 52-week low of $44.75 and a 52-week high of $60.83. 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’s 50 day moving average is $54.12 and its 200 day moving average is $52.87.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $30.27 billion for the quarter, compared to analysts’ expectations of $29.72 billion. During the same quarter last year, the firm earned $0.90 EPS. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America Corporation will post 4.49 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Bank of America’s dividend payout ratio (DPR) is presently 27.72%.

Insiders Place Their Bets

In other 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 value 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. The trade was a 8.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.27% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on BAC shares. 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 report on Thursday, April 16th. Daiwa Securities Group upped their price objective on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, April 28th. Jefferies Financial Group increased their target price on Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. UBS Group boosted their target price on shares of Bank of America from $63.00 to $68.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. upped their price target on shares of Bank of America from $57.50 to $62.50 and gave the stock an “overweight” rating in a report on Monday. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $62.19.

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.