Bank of America Corporation $BAC Shares Sold by Pinnbrook Capital Management LP

Pinnbrook Capital Management LP decreased its position in shares of Bank of America Corporation (NYSE:BAC) by 22.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 36,287 shares of the financial services provider’s stock after selling 10,370 shares during the quarter. Pinnbrook Capital Management LP’s holdings in Bank of America were worth $1,996,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Handelsbanken Fonder AB boosted its holdings in shares of Bank of America by 53.0% during the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock valued at $254,625,000 after acquiring an additional 1,603,080 shares during the period. Meridian Wealth Management LLC boosted its holdings in shares of Bank of America by 54.6% during the third quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider’s stock valued at $3,008,000 after acquiring an additional 20,591 shares during the period. Lockheed Martin Investment Management Co. boosted its holdings in shares of Bank of America by 15.9% during the third quarter. Lockheed Martin Investment Management Co. now owns 629,610 shares of the financial services provider’s stock valued at $32,482,000 after acquiring an additional 86,290 shares during the period. AdvisorShares Investments LLC acquired a new position in shares of Bank of America during the third quarter valued at $482,000. Finally, Mufg Securities Americas Inc. lifted its holdings in Bank of America by 26.6% in the third quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider’s stock worth $10,262,000 after purchasing an additional 41,809 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC stock opened at $51.46 on Friday. 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 company has a 50-day simple moving average of $50.59 and a 200 day simple moving average of $52.38. Bank of America Corporation has a fifty-two week low of $42.35 and a fifty-two week high of $57.55. The company has a market capitalization of $365.16 billion, a P/E ratio of 12.74, a PEG ratio of 0.87 and a beta of 1.21.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $29.72 billion. During the same period in the previous year, the business earned $0.90 earnings per share. Bank of America’s revenue for the quarter was up 10.7% compared to the same quarter last year. Sell-side analysts predict that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a $0.28 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America’s payout ratio is 27.72%.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America published an outlook highlighting renewed opportunities in commercial real estate, farmland, timberland, and energy, which suggests its research team sees improving fundamentals in real assets and could support fee-generating client activity. Bank of America Outlook Sees Renewed Opportunity Across Commercial Real Estate, Farmland, Timberland and Energy
• Positive Sentiment: Bank of America remained active on the research front, reiterating a Buy rating on Alphabet and reinstating coverage on ServiceNow with a Buy call, reinforcing its influence in market-moving stock research and signaling a constructive view on risk assets.
• Neutral Sentiment: Bank of America’s disclosure of indirect crypto ETF exposure and research on Gen Z money habits is more informative than market-moving, but it underscores the bank’s participation in digital-asset-linked products and its focus on younger customers.
• Negative Sentiment: CFRA downgraded Bank of America (BAC) to Hold, which can weigh on sentiment by suggesting less upside from current valuation levels. CFRA downgrades Bank of America (BAC) to a Hold
• Negative Sentiment: News that Bank of America will pay a settlement over duplicate 7-Eleven ATM fees may add to concerns about litigation and operating risks, though the financial impact appears limited. Bank of America will pay settlement over duplicate 7-Eleven ATM fees

Insider Buying and Selling at Bank of America

In other Bank of America news, insider James P. Demare sold 83,832 shares of the business’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total value of $4,191,600.00. Following the sale, the insider directly owned 307,240 shares in the company, valued at approximately $15,362,000. The trade was a 21.44% 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 this hyperlink. Also, insider Bernard A. Mensah sold 94,000 shares of the business’s stock in a transaction dated 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 approximately $7,988,436.96. This trade represents a 35.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 354,588 shares of company stock valued at $17,814,296 in the last ninety days. 0.27% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on BAC shares. 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. The Goldman Sachs Group upped their price objective 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. Daiwa Securities Group upped their price objective on shares of Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Oppenheimer upped their price objective on shares of Bank of America from $58.00 to $61.00 and gave the stock an “outperform” rating in a report on Thursday, April 16th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $59.00 price objective on shares of Bank of America in a report 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 company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $61.06.

About Bank of America

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.