BSN CAPITAL PARTNERS Ltd Makes New $54.57 Million Investment in Bank of America Corporation $BAC

BSN CAPITAL PARTNERS Ltd purchased a new stake in Bank of America Corporation (NYSE:BAC) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 1,006,820 shares of the financial services provider’s stock, valued at approximately $54,573,000. Bank of America comprises approximately 2.4% of BSN CAPITAL PARTNERS Ltd’s portfolio, making the stock its 10th biggest position.

Several other hedge funds and other institutional investors also recently modified their holdings of BAC. Abound Financial LLC bought a new stake in Bank of America during the 4th quarter worth $26,000. Wiser Advisor Group LLC bought a new position in shares of Bank of America in the third quarter valued at $27,000. Legacy Bridge LLC boosted its stake 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 valued at $28,000 after purchasing an additional 330 shares during the last quarter. CrossGen Wealth LLC bought a new stake in 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 4th quarter worth $32,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.1%

NYSE BAC opened at $56.26 on Friday. The stock has a 50 day moving average price of $52.91 and a 200-day moving average price of $52.54. 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 Corporation has a one year low of $44.75 and a one year high of $57.98. The company has a market capitalization of $399.27 billion, a P/E ratio of 13.93, a P/E/G ratio of 0.95 and a beta of 1.18.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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. 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 the consensus estimate of $29.72 billion. During the same period in the prior year, the business posted $0.90 earnings per share. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. As a group, equities analysts predict that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s dividend payout ratio is 27.72%.

Wall Street Analyst Weigh In

BAC has been the subject of several research analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research note on Friday, April 24th. Robert W. Baird lifted their target price on shares of Bank of America from $56.00 to $58.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. HSBC upped their price objective on shares of Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Daiwa Securities Group upped their target price on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Finally, Evercore cut their price objective on shares of Bank of America from $70.00 to $61.00 and set an “outperform” rating on the stock in a research report on Friday, May 15th. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $61.06.

Key Headlines Impacting 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

Insider Activity

In related news, insider Geoffrey S. Greener sold 126,756 shares of the business’s 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 completion of the transaction, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.27% of the company’s stock.

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.