10,112 Shares in Bank of America Corporation $BAC Purchased by Flatrock Wealth Partners LLC

Flatrock Wealth Partners LLC acquired a new stake in shares of Bank of America Corporation (NYSE:BAC) in the first quarter, Holdings Channel reports. The firm acquired 10,112 shares of the financial services provider’s stock, valued at approximately $493,000.

A number of other hedge funds have also added to or reduced their stakes in BAC. Abound Financial LLC bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $26,000. Legacy Bridge LLC grew its stake in Bank of America by 182.3% in the fourth 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. Wiser Advisor Group LLC purchased a new position in Bank of America during the 3rd quarter worth $27,000. CrossGen Wealth LLC purchased a new position in Bank of America during the 4th quarter worth $30,000. Finally, Joseph Group Capital Management bought a new stake in Bank of America during the 4th quarter valued at $32,000. 70.71% of the stock is currently owned by institutional investors.

More Bank of America News

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

• Positive Sentiment: JPMorgan, Wells Fargo, and UBS all raised their price targets on Bank of America and kept bullish ratings, signaling continued confidence in BAC’s earnings outlook and valuation.
• Positive Sentiment: Analysts expect a strong second quarter for Wall Street banks, helped by a surge in sales and trading activity and higher fee revenue tied to major deals such as the SpaceX IPO, which could lift Bank of America’s results.
• Neutral Sentiment: Bank of America is set to report earnings on Tuesday, and the market is waiting to see whether the recent rally is justified by actual results.
• Neutral Sentiment: BofA’s own market commentary has been mixed more broadly, warning about rich stock valuations and a potentially softer economy, though this is more relevant to the wider market than BAC specifically.
• Negative Sentiment: One note from the news flow suggests bank stocks are now trading at elevated valuations, which could limit further near-term upside if earnings fail to exceed expectations.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BAC. Robert W. Baird upped their target price on Bank of America from $56.00 to $58.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. JPMorgan Chase & Co. upped their price objective on shares of Bank of America from $57.50 to $62.50 and gave the stock an “overweight” rating in a research note on Monday. The Goldman Sachs Group increased their target price on shares of Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a research report on Thursday, April 16th. Finally, Citigroup upped their price target on shares of Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $62.19.

Bank of America Trading Down 0.1%

NYSE BAC opened at $59.82 on Wednesday. Bank of America Corporation has a 52 week low of $44.75 and a 52 week high of $60.83. The company has a 50 day moving average price of $54.12 and a 200 day moving average price of $52.87. 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 firm has a market cap of $424.52 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 1.01 and a beta of 1.17.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.11. The company had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. Bank of America’s revenue was up 10.7% compared to the same quarter last year. During the same period last year, the firm earned $0.90 earnings per share. As a group, sell-side analysts forecast that Bank of America Corporation will post 4.49 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America’s dividend payout ratio is currently 27.72%.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value 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 approximately $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.27% of the company’s stock.

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.