Socorro Asset Management LP Sells 24,809 Shares of Bank of America Corporation $BAC

Socorro Asset Management LP trimmed its position in Bank of America Corporation (NYSE:BAC) by 16.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 127,608 shares of the financial services provider’s stock after selling 24,809 shares during the quarter. Bank of America comprises about 2.8% of Socorro Asset Management LP’s investment portfolio, making the stock its 23rd biggest position. Socorro Asset Management LP’s holdings in Bank of America were worth $6,221,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Money Concepts Capital Corp increased its stake in Bank of America by 3.8% in the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock worth $273,000 after acquiring an additional 182 shares during the last quarter. Operose Advisors LLC boosted its position in shares of Bank of America by 0.9% during the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock valued at $1,123,000 after acquiring an additional 185 shares during the last quarter. Asahi Life Asset Management CO. LTD. grew its holdings in shares of Bank of America by 1.0% in the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock valued at $1,092,000 after purchasing an additional 187 shares in the last quarter. GatePass Capital LLC grew its holdings in shares of Bank of America by 3.6% in the first quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider’s stock valued at $266,000 after purchasing an additional 190 shares in the last quarter. Finally, GeoWealth Management LLC increased its position in Bank of America by 0.3% in the fourth quarter. GeoWealth Management LLC now owns 61,597 shares of the financial services provider’s stock worth $3,388,000 after purchasing an additional 191 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America News Summary

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

• Positive Sentiment: AI could expand profit margins: Morgan Stanley strategists identified Bank of America as one of the major U.S. companies best positioned to benefit from AI investment, potentially driving net-margin expansion through 2027. The opportunity could improve operating efficiency and long-term earnings growth. Bank of America (BAC) Could Be One Of Wall Street’s Biggest AI Winners
• Positive Sentiment: Strong second-quarter performance: Bank of America’s second-quarter earnings per share increased 34.4% year over year and exceeded analyst expectations. Record net interest income, strong trading activity and resilient investment-banking results underscored the benefits of its diversified business model. Should You Invest in Bank of America Following Impressive Q2 Results?
• Positive Sentiment: Dividend and capital-return support: Recent coverage indicates BAC reached a new 12-month high following a dividend announcement, reinforcing investor interest in shareholder returns. Bank of America Sets New 12-Month High Following Dividend Announcement
• Neutral Sentiment: Healthy consumer backdrop: Broader big-bank earnings suggest U.S. consumers remain relatively resilient despite economic pressures, which is supportive for BAC’s credit quality and consumer-banking operations. What Big Bank Earnings Just Revealed About the Health of the U.S. Consumer
• Neutral Sentiment: Research visibility: BofA’s calls favoring semiconductor and cybersecurity stocks highlight its research franchise, but these recommendations have limited direct impact on BAC’s earnings. BofA Names Top Semiconductor Stocks to Buy After Sector Selloff

Insider Activity

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction that occurred 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.27% of the stock is owned by company insiders.

Bank of America Trading Up 0.2%

BAC stock opened at $62.15 on Tuesday. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $62.99. The stock has a market capitalization of $441.02 billion, a price-to-earnings ratio of 14.25, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The firm’s fifty day simple moving average is $56.65 and its two-hundred day simple moving average is $53.37.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm had revenue of $8.08 billion during the quarter, compared to analyst estimates of $30.78 billion. During the same quarter last year, the business earned $0.89 EPS. The business’s revenue was up 19.6% on a year-over-year basis. As a group, analysts anticipate that Bank of America Corporation will post 4.65 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Friday, September 4th. This is an increase from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a yield of 2.1%. Bank of America’s payout ratio is 25.69%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Oppenheimer lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a report on Tuesday, July 21st. Evercore set a $63.00 target price on shares of Bank of America and gave the company an “outperform” rating in a research report on Monday, July 6th. Citigroup increased their price target on shares of Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Finally, Jefferies Financial Group reissued a “buy” rating and set a $75.00 price objective on shares of Bank of America in a research note on Tuesday, July 14th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $63.77.

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.