Leonteq Securities AG Sells 18,039 Shares of Bank of America Corporation $BAC

Leonteq Securities AG lowered its stake in Bank of America Corporation (NYSE:BAC) by 9.0% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 182,007 shares of the financial services provider’s stock after selling 18,039 shares during the quarter. Leonteq Securities AG’s holdings in Bank of America were worth $8,873,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Vanguard Group Inc. boosted its holdings in Bank of America by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock worth $35,809,225,000 after acquiring an additional 23,351,183 shares in the last quarter. Capital World Investors increased its holdings in shares of Bank of America by 11.0% during the third quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider’s stock valued at $7,448,816,000 after acquiring an additional 14,275,810 shares in the last quarter. Norges Bank bought a new position in shares of Bank of America during the fourth quarter valued at $4,774,210,000. Bank of New York Mellon Corp raised its position in shares of Bank of America by 5.4% in the 4th quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock worth $3,169,062,000 after purchasing an additional 2,929,779 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its stake in Bank of America by 2.1% in the 4th quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock worth $2,958,110,000 after purchasing an additional 1,105,833 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on BAC shares. The Goldman Sachs Group increased their price objective on shares of Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Robert W. Baird lifted their target price on shares of Bank of America from $56.00 to $58.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. Daiwa Securities Group upped their target price on shares of Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. Jefferies Financial Group increased their price target on shares of Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Finally, Piper Sandler raised their price target on shares of Bank of America from $53.00 to $59.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $61.60.

Bank of America Trading Up 0.5%

Bank of America stock opened at $58.67 on Friday. Bank of America Corporation has a one year low of $44.75 and a one year high of $59.19. The business’s fifty day moving average is $53.71 and its 200 day moving average is $52.78. The stock has a market capitalization of $416.35 billion, a PE ratio of 14.52, a price-to-earnings-growth ratio of 0.98 and a beta of 1.17. 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 (NYSE:BAC) last issued its earnings results 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. The business had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.Bank of America’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.90 EPS. On average, sell-side analysts predict that Bank of America Corporation will post 4.49 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America’s payout ratio is presently 27.72%.

Bank of America News Roundup

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

• Positive Sentiment: Analysts continue to view BAC as undervalued, with Morgan Stanley recently raising its price target and calling the stock attractive relative to peers, which supports the bullish case for the shares. Bank of America (BAC) Stock Looks Reasonable On Earnings But Stretched Versus Fair Value
• Positive Sentiment: The bank’s recent earnings strength and expectations for another strong quarter remain a key tailwind, with investors focusing on continued profit growth and solid revenue trends ahead of the next report. Bank of America (BAC) Stock Looks Reasonable On Earnings But Stretched Versus Fair Value
• Neutral Sentiment: Several articles framed BAC as a reasonable value-and-income play versus Wells Fargo and highlighted ongoing strength in the megabank group, but these pieces are more comparative than company-specific catalysts. More Bang for Your Buck: Is Bank of America or Wells Fargo the Better Value-and-Income Buy?
• Neutral Sentiment: Bank of America’s own strategists have been active in market commentary, including warnings about a possible S&P 500 correction and broader rotation into “boring” stocks, but those views mainly reflect macro positioning rather than a direct BAC earnings catalyst. S&P 500 Faces Risk of a ‘Three-Wave Correction,’ Warns Bank of America
• Negative Sentiment: Senate Democrats are asking the Fed inspector general to review whether a Fed official violated rules by speaking at a private Bank of America client dinner, creating a modest regulatory and reputational overhang for BAC. US Senator Warren calls for Fed watchdog review of Bowman’s BofA dinner, WSJ reports
• Negative Sentiment: Bank of America’s Merrill Lynch unit was also fined by the SEC, which adds to headline risk even though the penalty appears relatively limited in size. Bank of America’s Merrill Lynch unit fined $7.5M by U.S. SEC

Insider Buying and Selling at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the 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 transaction, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is owned by insiders.

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.