Burney Co. Reduces Holdings in Bank of America Corporation $BAC

Burney Co. trimmed its stake in shares of Bank of America Corporation (NYSE:BAC) by 65.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,723 shares of the financial services provider’s stock after selling 22,092 shares during the quarter. Burney Co.’s holdings in Bank of America were worth $571,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Signet Private Wealth LLC raised its position in Bank of America by 26.3% during the 1st quarter. Signet Private Wealth LLC now owns 7,041 shares of the financial services provider’s stock valued at $343,000 after purchasing an additional 1,466 shares during the last quarter. Swedbank AB grew its position in shares of Bank of America by 5.4% in the 1st quarter. Swedbank AB now owns 12,484,428 shares of the financial services provider’s stock worth $608,616,000 after buying an additional 644,103 shares during the last quarter. Cohen Investment Advisors LLC increased its stake in shares of Bank of America by 0.6% during the first quarter. Cohen Investment Advisors LLC now owns 91,755 shares of the financial services provider’s stock valued at $4,473,000 after buying an additional 573 shares during the period. Meridian Investment Counsel Inc. raised its holdings in shares of Bank of America by 0.4% during the first quarter. Meridian Investment Counsel Inc. now owns 82,249 shares of the financial services provider’s stock valued at $4,010,000 after acquiring an additional 306 shares in the last quarter. Finally, Kathmere Capital Management LLC raised its holdings in shares of Bank of America by 14.4% during the first quarter. Kathmere Capital Management LLC now owns 48,374 shares of the financial services provider’s stock valued at $2,358,000 after acquiring an additional 6,099 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 1.5%

NYSE:BAC opened at $59.17 on Friday. 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 firm’s 50-day moving average price is $54.36 and its 200-day moving average price is $52.93. The company has a market capitalization of $419.89 billion, a PE ratio of 14.65, a P/E/G ratio of 0.97 and a beta of 1.17. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $60.83.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 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 company posted $0.90 EPS. Bank of America’s revenue was up 10.7% on a year-over-year basis. On average, equities analysts predict that Bank of America Corporation will post 4.51 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. Shareholders of record on Friday, June 5th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. Bank of America’s dividend payout ratio (DPR) is currently 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’s reported $520 million credit facility to OpenAI strengthens its position as a lender to major AI companies and could boost confidence in fee income and capital-markets growth. BofA extends first $520 million loan to OpenAI ahead of IPO, source says
• Positive Sentiment: Merrill Managed Account Advisors passing $1 trillion in assets underscores continued strength in Bank of America’s wealth-management franchise, which can support higher recurring revenue. Merrill Managed Account Advisors Surpasses $1 Trillion, Celebrates 20 Years of Innovation
• Positive Sentiment: Bank of America is benefiting from a favorable pre-earnings setup, with analysts highlighting the potential for another quarter of double-digit EPS growth and solid Q2 metrics ahead of results next week. BAC vs. WFC: Which Bank Is the Better Bet Ahead of Q2 Earnings?
• Neutral Sentiment: Bank of America also announced redemptions of $2.6 billion in senior bank notes due in August 2026, which is routine balance-sheet management and not likely to be a major stock-moving event. 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
• Neutral Sentiment: Broader financial stocks were edging higher, which helps explain some of the positive tone around BAC, but this is more of a sector tailwind than a company-specific catalyst. Sector Update: Financial Stocks Edge Higher Premarket Thursday
• Negative Sentiment: Investors are still waiting for BAC’s Q2 earnings release, so any disappointment on loan growth, trading revenue, or credit costs could quickly temper the recent optimism. Wall Street’s Insights Into Key Metrics Ahead of Bank of America (BAC) Q2 Earnings

Insider Activity

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

Analysts Set New Price Targets

BAC has been the topic of several recent analyst reports. UBS Group lifted their price target on shares of Bank of America from $63.00 to $68.00 and gave the company a “buy” rating in a report on Tuesday. 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 report on Thursday, April 16th. Piper Sandler raised their target price on shares of Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Evercore set a $63.00 target price on shares of Bank of America and gave the company an “outperform” rating in a research note on Monday. Finally, Robert W. Baird boosted their price target 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. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $62.19.

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.