Bank of New York Mellon Corp Raises Position in Bank of America Corporation $BAC

Bank of New York Mellon Corp grew its position in shares of Bank of America Corporation (NYSE:BAC) by 5.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 57,619,317 shares of the financial services provider’s stock after purchasing an additional 2,929,779 shares during the period. Bank of America comprises 0.6% of Bank of New York Mellon Corp’s investment portfolio, making the stock its 21st largest position. Bank of New York Mellon Corp’s holdings in Bank of America were worth $3,169,062,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock valued at $35,809,225,000 after acquiring an additional 23,351,183 shares in the last quarter. Capital World Investors raised its stake 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 purchasing an additional 14,275,810 shares during the last quarter. Norges Bank purchased a new position in shares of Bank of America in the fourth quarter worth $4,774,210,000. Fisher Asset Management LLC lifted its holdings in shares of Bank of America by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock valued at $2,958,110,000 after purchasing an additional 1,105,833 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Bank of America by 640.5% during 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 valued at $2,399,798,000 after buying an additional 40,235,201 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas M. Scrivener sold 50,000 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the sale, the insider directly owned 227,973 shares of the company’s stock, valued at $11,357,614.86. This represents a 17.99% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 270,756 shares of company stock valued at $13,622,696. 0.27% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. The Goldman Sachs Group lifted their price objective on Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. 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. Morgan Stanley lowered their price objective on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 31st. Finally, Jefferies Financial Group raised their target price on shares of Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $61.06.

Bank of America News Roundup

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

• Positive Sentiment: Investors are being reminded of Bank of America’s strong deposit franchise, a key structural advantage that can support net interest income and long-term earnings stability. Bank of America’s Deposit Franchise Is the Hidden Asset Investors Keep Missing
• Positive Sentiment: A Seeking Alpha piece frames BAC as an attractive banking name for capital deployment, reinforcing the view that the stock still offers value for investors seeking exposure to a large, profitable lender. Bank of America: Let The Capital Flow To Your Portfolio With This Banking Powerhouse
• Neutral Sentiment: A note about Bank of America’s latest analyst update said the price target was left unchanged, which suggests a wait-and-see stance rather than a major shift in the investment case. How A Flat Price Target Is Shaping The Story For Bank Of America (BAC)
• Neutral Sentiment: One reported item says former Epstein banker Paul Morris left Bank of America’s Merrill unit, but the article does not indicate a material business impact on BAC. Former Epstein banker Paul Morris leaves Bank of America’s Merrill unit – report
• Negative Sentiment: Broader market coverage shows Wall Street analysts growing more skeptical after the recent rally, which could temper enthusiasm for financial stocks like BAC if sentiment rotates away from stretched valuations. Wall Street Analysts Turn Skeptical After Two-Month Stocks Rally

Bank of America Price Performance

NYSE BAC opened at $52.50 on Wednesday. The company has a 50-day moving average price of $51.20 and a 200-day moving average price of $52.30. Bank of America Corporation has a 52 week low of $43.66 and a 52 week high of $57.55. 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 firm has a market capitalization of $372.55 billion, a P/E ratio of 12.99, a PEG ratio of 0.87 and a beta of 1.18.

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 net margin of 16.78% and a return on equity of 11.49%. The company had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. During the same period in the previous year, the business posted $0.90 earnings per share. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio is 27.72%.

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.