Kepler Cheuvreux Suisse SA Buys New Stake in Bank of America Corporation $BAC

Kepler Cheuvreux Suisse SA bought a new stake in shares of Bank of America Corporation (NYSE:BAC) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 56,678 shares of the financial services provider’s stock, valued at approximately $3,117,000.

Other institutional investors also recently bought and sold shares of the company. Legacy Bridge LLC grew its stake in Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 330 shares in the last quarter. Wiser Advisor Group LLC purchased a new position in Bank of America during the third quarter valued at $27,000. Collier Financial purchased a new position in Bank of America during the third quarter valued at $30,000. Joseph Group Capital Management purchased a new position in Bank of America during the fourth quarter valued at $32,000. Finally, Marquette Asset Management LLC purchased a new position in Bank of America during the third quarter valued at $30,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Thomas M. Scrivener sold 50,000 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the completion of the sale, the insider owned 227,973 shares in the company, valued at approximately $11,357,614.86. This trade represents a 17.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bernard A. Mensah sold 94,000 shares of Bank of America 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 sale, the insider owned 170,184 shares of the company’s stock, valued at $7,988,436.96. The trade was a 35.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 354,588 shares of company stock worth $17,814,296 over the last 90 days. Insiders own 0.27% of the company’s stock.

Key Bank of America News

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

• Positive Sentiment: UBS raised its price target on Bank of America to $63 from $62, reinforcing a constructive Wall Street view and suggesting further upside from current levels. UBS Raises PT
• Positive Sentiment: Bank of America expanded its defense financing role and is helping support drone and robotics production, which could translate into more lending, fee income, and long-term client relationships. Defense Financing
• Positive Sentiment: The bank acted as lead lender on a $1.8 billion refinance of 9 West 57th Street, highlighting continued strength in commercial real estate financing activity. 9 West 57th Refinance
• Neutral Sentiment: Bank of America shareholders backed the current leadership and governance structure at the annual meeting, reducing governance uncertainty but not likely driving a major near-term stock reaction. Shareholder Vote
• Neutral Sentiment: Reuters reported the hiring of tech dealmaker Richard Hardegree as vice chair of M&A, a sign of continued investment banking leadership buildup, though the stock impact is likely limited for now. M&A Hiring
• Neutral Sentiment: Bank of America’s commentary on card spending pointed to a sudden slowdown in U.S. consumer activity, but the bank said it is not yet sure of the cause. Spending Slump
• Negative Sentiment: High-profile insider selling by Geoffrey Greener, who sold about $6.7 million of BAC shares, is weighing on sentiment and can signal caution to investors. Insider Sale
• Negative Sentiment: Reports that Berkshire-related holder Greg Abel continued trimming BAC for a seventh straight quarter add to concerns about reduced conviction from a major long-term investor. Greg Abel Sells

Wall Street Analyst Weigh In

A number of equities analysts have commented on BAC shares. Truist Financial lifted their price objective on shares of Bank of America from $57.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Royal Bank Of Canada reissued an “outperform” rating and issued a $59.00 price objective on shares of Bank of America in a research note on Thursday, April 16th. TD Cowen dropped their price objective on shares of Bank of America from $66.00 to $64.00 and set a “buy” rating for the company in a research note on Thursday, January 15th. Oppenheimer lifted their price objective on shares of Bank of America from $58.00 to $61.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. Finally, Evercore lifted their price objective on shares of Bank of America from $55.00 to $61.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $61.06.

Bank of America Price Performance

Bank of America stock opened at $51.26 on Monday. The firm has a 50-day moving average price of $50.44 and a 200-day moving average price of $52.51. The firm has a market capitalization of $363.79 billion, a PE ratio of 12.69, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a 12-month low of $41.69 and a 12-month high of $57.55.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.11. The firm had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business’s revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business earned $0.90 EPS. As a group, equities research analysts forecast that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is 27.72%.

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.