Park National Corp OH Purchases 9,685 Shares of Bank of America Corporation $BAC

Park National Corp OH raised its position in shares of Bank of America Corporation (NYSE:BAC) by 14.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,648 shares of the financial services provider’s stock after buying an additional 9,685 shares during the quarter. Park National Corp OH’s holdings in Bank of America were worth $3,785,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in shares of Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC raised its position in shares of Bank of America by 40.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock valued at $1,013,000 after buying an additional 6,174 shares in the last quarter. Jump Financial LLC lifted its holdings in shares of Bank of America by 38.4% in the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock valued at $3,108,000 after acquiring an additional 18,227 shares during the last quarter. Nebula Research & Development LLC bought a new position in shares of Bank of America in the 2nd quarter valued at about $1,396,000. Finally, Vivaldi Capital Management LP grew its position in Bank of America by 4.2% in the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock worth $417,000 after acquiring an additional 355 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Bank of America stock opened at $56.26 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. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $57.98. The firm has a market capitalization of $399.27 billion, a P/E ratio of 13.93, a price-to-earnings-growth ratio of 0.95 and a beta of 1.18. The company’s 50-day moving average is $52.91 and its 200 day moving average is $52.54.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter last year, the firm earned $0.90 earnings per share. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. Research analysts forecast that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared 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. The ex-dividend date is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of America’s dividend payout ratio is presently 27.72%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BAC. Daiwa Securities Group boosted their price objective 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. HSBC raised their price objective on Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Truist Financial boosted their target price on Bank of America from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Morgan Stanley decreased their price target on Bank of America from $67.00 to $61.00 and set an “overweight” rating on the stock in a report on Tuesday, March 31st. Finally, Autonomous Res lowered their price target on Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Monday, April 6th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $61.06.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America’s internal research is being cited as bullish for the bank sector, with commentary that higher rates can still support net interest income even as the Fed holds rates steady, which could help BAC’s earnings outlook. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Positive Sentiment: Bank of America also drew attention for its view that lower-income households may be stabilizing, suggesting the consumer backdrop could be improving and reducing recession fears that would hurt loan growth and credit quality. Miserable K-shaped economy might actually be fading, as lower-income families bounce back, says Bank of America
• Neutral Sentiment: Bank of America revealed a roughly 3% indirect stake in Qiagen and reported similar holdings disclosures for Umicore; these are portfolio/ownership updates and are unlikely to have a direct impact on BAC’s core banking results. Bank of America Reveals 3.01% Indirect Stake in Qiagen Umicore – Transparency notifications by Bank of America Corporation
• Neutral Sentiment: Reports that a Fed official spoke at a private Bank of America client dinner may attract headlines, but it appears more like a reputational/regulatory talking point than a direct earnings driver. The Fed’s vice chair of supervision spoke at a private dinner Bank of America hosted for clients hours after the central bank announced its latest policy decision
• Negative Sentiment: Bank of America is facing fresh scrutiny tied to regulators’ upcoming “debanking” findings, which could create policy and compliance concerns for large banks like BAC. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings

Insider Activity at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the firm’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 transaction, the insider owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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.