Bank of America Corporation $BAC Stock Holdings Increased by J. Safra Sarasin Holding AG

J. Safra Sarasin Holding AG raised its stake in Bank of America Corporation (NYSE:BAC) by 840.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 257,772 shares of the financial services provider’s stock after buying an additional 230,354 shares during the period. J. Safra Sarasin Holding AG’s holdings in Bank of America were worth $12,539,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of BAC. Abound Financial LLC purchased a new stake in shares of Bank of America in the 4th quarter valued at approximately $26,000. Wiser Advisor Group LLC acquired a new position in shares of Bank of America in the third quarter worth $27,000. Legacy Bridge LLC raised its stake in shares of 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 purchasing an additional 330 shares in the last quarter. CrossGen Wealth LLC bought a new position in Bank of America during the fourth quarter valued at approximately $30,000. Finally, Joseph Group Capital Management bought a new position in shares of Bank of America during the 4th quarter valued at $32,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s 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 transaction, the insider owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on BAC shares. HSBC boosted their price objective on shares of Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. raised their price objective on Bank of America from $57.50 to $62.50 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Robert W. Baird lifted their target price on shares of Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. UBS Group upped their price target on Bank of America from $63.00 to $68.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods upped 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 note on Thursday, April 16th. Twenty-one analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.19.

Bank of America Stock Up 0.0%

NYSE:BAC opened at $59.67 on Monday. The company has a market cap of $423.49 billion, a price-to-earnings ratio of 14.77, a P/E/G ratio of 1.00 and a beta of 1.17. 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’s fifty day moving average price is $54.50 and its two-hundred day moving average price is $52.96. Bank of America Corporation has a 52-week low of $44.75 and a 52-week high of $60.83.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 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 company had revenue of $30.27 billion during the quarter, compared to analysts’ expectations of $29.72 billion. During the same period 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, analysts anticipate that Bank of America Corporation will post 4.51 EPS 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 given a dividend of $0.28 per share. The ex-dividend date 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 is presently 27.72%.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America’s consumer team said its latest report showed spending up 6.3%, the fastest pace in four years, with wage growth broad-based across all income groups. That suggests the U.S. consumer remains resilient, which is supportive for BAC’s lending and fee income outlook. BofA Consumer Chief: Spending Jumps 6.3% With Wage Growth Across “All Income Groups”
• Positive Sentiment: Financial funds saw their biggest inflow since January, according to Bank of America, signaling improved investor appetite for the sector ahead of bank earnings season. That kind of rotation can lift BAC and other large-cap financials. Financial funds steal the spotlight with biggest inflow since January, Bofa says
• Positive Sentiment: Analysts and market coverage continue to frame Bank of America’s upcoming July 14 earnings report as potentially strong, with expectations for healthy net interest income, fee income, and double-digit EPS growth. Strong results could extend the recent move higher in BAC shares. Bank of America Reports Q2 Earnings Next Week. What Investors Should Expect.
• Neutral Sentiment: Bank of America also continues to generate headlines through its analyst research, including bullish views on names like Meta, Nvidia, Micron, Costco, and homebuilders. These reports help reinforce BAC’s influence on Wall Street, but they are only an indirect driver of BAC stock itself. Meta Stock’s AI Chip Ambitions Are Reaching a ‘Positive Inflection,’ Says Bank of America
• Neutral Sentiment: Bank of America, N.A. announced redemptions of $2.6 billion of senior notes due in August 2026. The move is routine balance-sheet management and is not likely to materially affect the stock on its own. Bank of America, N.A. Announces Redemptions of $2,000,000,000 5.526% Senior Bank Notes and $600,000,000 Floating Rate Senior Bank Notes, Due August 2026

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.