Saranac Partners Ltd Invests $7.81 Million in Bank of America Corporation $BAC

Saranac Partners Ltd purchased a new stake in Bank of America Corporation (NYSE:BAC) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 141,810 shares of the financial services provider’s stock, valued at approximately $7,809,000. Bank of America comprises approximately 3.0% of Saranac Partners Ltd’s investment portfolio, making the stock its 12th biggest position.

A number of other hedge funds have also recently modified their holdings of the stock. Tredje AP fonden raised its position in Bank of America by 27.7% during the fourth quarter. Tredje AP fonden now owns 2,061,288 shares of the financial services provider’s stock valued at $113,371,000 after acquiring an additional 446,792 shares in the last quarter. Larson Financial Group LLC increased its holdings in Bank of America by 11.2% in the fourth quarter. Larson Financial Group LLC now owns 71,692 shares of the financial services provider’s stock valued at $3,943,000 after buying an additional 7,235 shares in the last quarter. Handelsbanken Fonder AB raised its position in shares of Bank of America by 53.0% in the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock worth $254,625,000 after acquiring an additional 1,603,080 shares during the period. AMF Tjanstepension AB boosted its stake in shares of Bank of America by 0.9% during the 4th quarter. AMF Tjanstepension AB now owns 9,296,589 shares of the financial services provider’s stock worth $511,312,000 after acquiring an additional 86,536 shares in the last quarter. Finally, Paradigm Capital Management LLC NV boosted its stake in shares of Bank of America by 1.1% during the 4th quarter. Paradigm Capital Management LLC NV now owns 32,943 shares of the financial services provider’s stock worth $1,812,000 after acquiring an additional 356 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.0%

NYSE BAC opened at $50.67 on Wednesday. The firm’s 50-day moving average is $50.46 and its two-hundred day moving average is $52.41. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. Bank of America Corporation has a 12 month low of $42.35 and a 12 month high of $57.55. The stock has a market capitalization of $359.59 billion, a P/E ratio of 12.54, a PEG ratio of 0.86 and a beta of 1.21.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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. 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 analysts’ expectations of $29.72 billion. During the same quarter last year, the company posted $0.90 EPS. The firm’s quarterly revenue was up 10.7% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America Corporation will post 4.46 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio is currently 27.72%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on BAC shares. The Goldman Sachs Group upped their price target on Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Argus boosted their price target 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. Daiwa Securities Group lifted their price target on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. Autonomous Res lowered their target price on shares of Bank of America from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Monday, April 6th. Finally, Morgan Stanley dropped their target price on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a report on Tuesday, March 31st. 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, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $61.06.

More Bank of America News

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

• Negative Sentiment: CFRA cut Bank of America (BAC) to Hold, suggesting limited near-term upside after the recent run in large bank stocks and weighing on sentiment toward the shares. Bank of America Cut to Hold by CFRA: Is the Big Bank Trade Running Out of Gas?
• Neutral Sentiment: Bank of America released a Better Money Habits study showing Gen Z is increasingly managing expenses on its own, but the report is mainly a consumer insight update and does not directly change earnings expectations. BofA Study Finds Fewer Gen Z Rely on Family for Financial Assistance, Even With 42% Living Paycheck to Paycheck
• Neutral Sentiment: Financial stocks were weaker ahead of the open, pointing to broader sector pressure that can spill over into BAC even without company-specific news. Sector Update: Financial Stocks Fall Pre-Bell Tuesday

Insider Buying and Selling

In related news, insider Bernard A. Mensah sold 94,000 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was 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 in the company, valued at $7,988,436.96. The trade was a 35.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 value of $6,719,335.56. Following the completion of the sale, the insider directly 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 SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 354,588 shares of company stock valued at $17,814,296. Company insiders own 0.27% of the company’s stock.

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.