Wealth Enhancement Trust Services Inc. Makes New $955,000 Investment in Bank of America Corporation $BAC

Wealth Enhancement Trust Services Inc. bought a new position in Bank of America Corporation (NYSE:BAC) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 17,360 shares of the financial services provider’s stock, valued at approximately $955,000.

Several other hedge funds and other institutional investors 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 shares of 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 buying an additional 40,235,201 shares during the period. Capital World Investors boosted its holdings in shares of 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 buying an additional 14,275,810 shares during the period. Danske Bank A S acquired a new position in shares of Bank of America in the third quarter worth about $224,863,000. Capitolis Liquid Global Markets LLC boosted its holdings in shares of Bank of America by 52.0% in the third quarter. Capitolis Liquid Global Markets LLC now owns 12,496,236 shares of the financial services provider’s stock worth $644,681,000 after buying an additional 4,273,472 shares during the period. Finally, Danica Pension Livsforsikringsaktieselskab acquired a new position in shares of Bank of America in the third quarter worth about $218,030,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

BAC stock opened at $53.92 on Monday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market cap of $385.31 billion, a P/E ratio of 13.35, a P/E/G ratio of 0.92 and a beta of 1.23. The firm has a 50 day simple moving average of $50.45 and a 200 day simple moving average of $52.27. Bank of America Corporation has a 52 week low of $36.49 and a 52 week high of $57.55.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.11. The firm had revenue of $30.27 billion during 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 revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.90 earnings per share. Research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 6th were paid a $0.28 dividend. The ex-dividend date was Friday, March 6th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s payout ratio is 27.72%.

Wall Street Analyst Weigh In

Several analysts recently commented on BAC shares. TD Cowen decreased their price target on shares of Bank of America from $66.00 to $64.00 and set a “buy” rating for the company in a report on Thursday, January 15th. CICC Research started coverage on shares of Bank of America in a report on Wednesday, January 14th. They set an “outperform” rating and a $62.00 price target for the company. Evercore raised their price target on shares of Bank of America from $55.00 to $61.00 and gave the stock an “outperform” rating in a report on Thursday. Royal Bank Of Canada restated an “outperform” rating and set a $59.00 price target on shares of Bank of America in a report on Thursday. Finally, Erste Group Bank cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 4th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $60.90.

More Bank of America News

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

• Positive Sentiment: Multiple brokerages raised or refreshed targets and ratings on BAC (several upward price-target notes published 4/19), supporting buying momentum after the bank’s recent Q1 beat. Bank of America Price Target Raised
• Positive Sentiment: BAC’s strong Q1 (EPS/revenue beat, revenue +10.7% YoY) remains the underlying fundamental driver cited by analysts and retail coverage as the reason to hold/increase exposure. Coverage summarizing Q1 outlook and next steps was published this week. What is next for Bank of America after Q1 earnings?
• Positive Sentiment: Bank of America declared dividends on several preferred issues — a sign of available capital and distribution policy for preferred holders, which can be read positively for balance-sheet stability. Preferred Dividend Declaration
• Neutral Sentiment: Bank of America Securities analysts published several Buy ratings on other large names (Meta, AppLovin, Seagate, Mastercard) today — this highlights BofA’s active research flow (revenue source and institutional franchise) but has only indirect impact on BAC’s shares. Meta Buy Rating (BofA) AppLovin Buy Rating (BofA) Seagate Buy Rating (BofA)
• Neutral Sentiment: Regulatory/legislative developments (H.R.7866 — American Lending Fairness Act) could change state-level rate rules and would have mixed, longer-term implications for large banks like BAC; investors will watch for committee movement. H.R.7866 Lending Bill (context)
• Negative Sentiment: BofA’s European equity strategist Sebastian Raedler warned markets are underestimating risks (20‑year low risk premium) and cited energy-supply disruption risks — that caution is a drag on bank stocks and on sentiment-sensitive trading businesses. Raedler Warns Markets Too Optimistic

Insider Buying and Selling at Bank of America

In other Bank of America news, insider James P. Demare sold 83,832 shares of Bank of America stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total value of $4,191,600.00. Following the completion of the sale, the insider directly owned 307,240 shares in the company, valued at $15,362,000. The trade was a 21.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas M. Scrivener sold 50,000 shares of Bank of America stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the sale, the insider owned 227,973 shares of the company’s stock, valued at $11,357,614.86. This trade represents a 17.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 227,832 shares of company stock worth $11,094,960 over the last ninety days. 0.27% of the stock is currently owned by insiders.

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.