Bank of America Corporation $BAC Shares Bought by May Hill Capital LLC

May Hill Capital LLC boosted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 109.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 24,002 shares of the financial services provider’s stock after purchasing an additional 12,559 shares during the period. May Hill Capital LLC’s holdings in Bank of America were worth $1,320,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of the company. Beese Fulmer Investment Management Inc. raised its position in shares of Bank of America by 15.3% in the fourth quarter. Beese Fulmer Investment Management Inc. now owns 11,423 shares of the financial services provider’s stock worth $628,000 after acquiring an additional 1,519 shares during the period. Accredited Investors Inc. raised its position in shares of Bank of America by 7.4% in the fourth quarter. Accredited Investors Inc. now owns 27,053 shares of the financial services provider’s stock worth $1,488,000 after acquiring an additional 1,860 shares during the period. Millennium Capital Advisors LLC acquired a new position in shares of Bank of America in the fourth quarter worth about $1,521,000. Canada Post Corp Registered Pension Plan raised its position in shares of Bank of America by 7.9% in the fourth quarter. Canada Post Corp Registered Pension Plan now owns 338,634 shares of the financial services provider’s stock worth $18,625,000 after acquiring an additional 24,788 shares during the period. Finally, WealthPlan Investment Management LLC raised its position in shares of Bank of America by 190.3% in the fourth quarter. WealthPlan Investment Management LLC now owns 39,491 shares of the financial services provider’s stock worth $2,172,000 after acquiring an additional 25,888 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In related news, insider Bernard A. Mensah sold 94,000 shares of the company’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the completion of the sale, the insider owned 170,184 shares of the company’s stock, valued at approximately $7,988,436.96. This represents a 35.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the sale, the insider directly owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 354,588 shares of company stock worth $17,814,296 in the last 90 days. 0.27% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on BAC shares. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. HSBC upped 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 report on Thursday, April 16th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $59.00 price objective on shares of Bank of America in a research report on Thursday, April 16th. 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 report on Thursday, April 16th. Finally, Argus upped their price objective on shares of Bank of America from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $61.06.

Bank of America Stock Down 0.2%

BAC opened at $49.77 on Friday. Bank of America Corporation has a twelve month low of $42.35 and a twelve month 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 company has a 50-day moving average price of $50.40 and a 200 day moving average price of $52.44. The company has a market cap of $353.18 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 0.84 and a beta of 1.21.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping 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 firm had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter in the prior year, the firm earned $0.90 EPS. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. Sell-side analysts expect that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio is 27.72%.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America is being highlighted as a potential beneficiary of a “higher-for-longer” or steeper yield-curve environment, which could support lending margins and fixed-rate asset repricing for large banks. Article Title
• Positive Sentiment: Investors are also viewing Bank of America as one of the better-value large banks, with commentary pointing to its relatively attractive valuation and Buffett-backed reputation as reasons it could hold up well versus peers. Article Title
• Neutral Sentiment: Analysts are also using Bank of America’s research platform to make calls on other stocks, including Alphabet, Taiwan Semiconductor, ASML, Nvidia, Akamai, IQVIA, and VNET. These notes reinforce BofA’s influence on markets, but they do not directly change BAC’s fundamentals. Article Title
• Negative Sentiment: Evercore lowered its price target on Bank of America from $70 to $61, which is a modest caution signal even though the firm kept an Outperform rating. Article Title

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.