Bank of America Corporation $BAC Stock Holdings Lessened by Groupama Asset Managment

Groupama Asset Managment reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 3.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 425,294 shares of the financial services provider’s stock after selling 14,062 shares during the quarter. Groupama Asset Managment’s holdings in Bank of America were worth $23,391,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Banque Transatlantique SA increased its stake in Bank of America by 1.2% in the 4th quarter. Banque Transatlantique SA now owns 45,534 shares of the financial services provider’s stock valued at $2,504,000 after buying an additional 534 shares during the period. Tempo Wealth LLC acquired a new stake in shares of Bank of America during the 4th quarter valued at $282,000. Thryve Wealth Management LLC acquired a new stake in shares of Bank of America during the 4th quarter valued at $880,000. MidFirst Bank purchased a new position in shares of Bank of America during the 4th quarter valued at $4,255,000. Finally, DGS Capital Management LLC grew its holdings in shares of Bank of America by 47.2% during the 4th quarter. DGS Capital Management LLC now owns 7,377 shares of the financial services provider’s stock valued at $406,000 after acquiring an additional 2,367 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America is leaning further into AI to strengthen its dominant muni underwriting franchise, which could help defend and expand a business line that already leads the market. Bank of America Eyes AI to Defend $46 Billion Muni Lead
• Positive Sentiment: The bank reportedly scored an early win in a dispute over First Brands’ inventory proceeds, which may improve its recovery prospects and reduce legal uncertainty. Bank of America gets early win in dispute over First Brands’ inventory proceeds – report
• Positive Sentiment: Several recent pieces highlight supportive themes for BAC, including high cash flow, strong dividend appeal, and investor interest in the stock after its multi-year run. Bank of America (BAC) – Among the 12 Stocks From Companies Generating High Cash Flow
• Neutral Sentiment: Analysts and strategists are broadly focused on the Fed’s “higher-for-longer” setup: that can support net interest income for banks like BAC, but it also raises funding-cost, credit, and securities-market risks. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Neutral Sentiment: Bank of America’s own rates team warned that a new Fed chair could bring bond-market volatility, which is more of a market backdrop issue than a direct fundamental hit to BAC. BofA Rates Strategist: New Fed Chair Warsh Is a Bond Market Stranger, Volatility Ahead
• Negative Sentiment: Bank of America is facing fresh regulatory scrutiny as authorities prepare debanking findings, adding headline risk and raising the chance of policy pressure. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings

Bank of America Trading Down 0.5%

Bank of America stock opened at $56.26 on Friday. Bank of America Corporation has a one year low of $44.75 and a one year high of $57.98. The company’s fifty day moving average price is $52.82 and its two-hundred day moving average price is $52.51. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market capitalization of $399.27 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 0.96 and a beta of 1.18.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. The company had revenue of $30.27 billion during the quarter, compared to analysts’ expectations of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 earnings per share. On average, analysts forecast that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

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

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company’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 sale, the insider owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of several recent research reports. Autonomous Res cut their price objective on Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Monday, April 6th. Daiwa Securities Group boosted their target price on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, April 28th. Keefe, Bruyette & Woods upped their target price on Bank of America from $63.00 to $64.00 and gave the stock an “outperform” rating in a research report on Thursday, April 16th. Piper Sandler raised their price target on Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $59.00 price target on shares of Bank of America in a research note on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.06.

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.