Maltese Capital Management LLC Sells 60,000 Shares of Bank of America Corporation $BAC

Maltese Capital Management LLC reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 24.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 190,000 shares of the financial services provider’s stock after selling 60,000 shares during the period. Bank of America accounts for about 1.5% of Maltese Capital Management LLC’s holdings, making the stock its 22nd biggest position. Maltese Capital Management LLC’s holdings in Bank of America were worth $9,802,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Morse Asset Management Inc grew its holdings in shares of Bank of America by 3,644.0% in the third quarter. Morse Asset Management Inc now owns 20,929 shares of the financial services provider’s stock valued at $1,080,000 after acquiring an additional 20,370 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its stake in Bank of America by 17.3% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 1,259,938 shares of the financial services provider’s stock valued at $65,000,000 after purchasing an additional 185,731 shares during the period. Moore Capital Management LP increased its position in shares of Bank of America by 2.2% during the 3rd quarter. Moore Capital Management LP now owns 2,628,480 shares of the financial services provider’s stock valued at $135,603,000 after purchasing an additional 55,840 shares during the last quarter. L2 Asset Management LLC boosted its holdings in shares of Bank of America by 0.8% in the 3rd quarter. L2 Asset Management LLC now owns 57,029 shares of the financial services provider’s stock worth $2,942,000 after buying an additional 464 shares during the last quarter. Finally, Laird Norton Wetherby Wealth Management LLC grew its position in Bank of America by 0.7% during the third quarter. Laird Norton Wetherby Wealth Management LLC now owns 179,777 shares of the financial services provider’s stock valued at $9,275,000 after buying an additional 1,272 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, insider Thomas M. Scrivener sold 50,000 shares of Bank of America stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the transaction, the insider directly owned 227,973 shares of the company’s stock, valued at $11,357,614.86. This trade represents a 17.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at 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 sale, the insider directly owned 170,184 shares in the company, valued at $7,988,436.96. The trade was a 35.58% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 227,832 shares of company stock valued at $11,094,960. Corporate insiders own 0.30% of the company’s stock.

Bank of America Trading Up 0.8%

Shares of BAC stock opened at $47.07 on Tuesday. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The business has a 50-day moving average of $52.32 and a 200 day moving average of $52.46. The stock has a market capitalization of $337.84 billion, a PE ratio of 12.29, a P/E/G ratio of 1.14 and a beta of 1.28. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $57.55.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.02. The firm had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $27.73 billion. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The business’s revenue was up 12.3% on a year-over-year basis. During the same quarter last year, the business earned $0.82 earnings per share. As a group, sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Friday, March 6th. Bank of America’s payout ratio is presently 29.24%.

Bank of America News Roundup

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

• Positive Sentiment: Q1 net interest income (NII) is tracking at least 7% higher year-over-year, which supports near-term earnings and helps offset pressure on other revenue lines. Read More.
• Positive Sentiment: Market commentary is flagging BAC as a deep-value, dividend-paying bank after recent sector selloff (forward P/E in value territory and a ~2.5% yield); that framing can attract value-oriented buyers if sector sentiment stabilizes. Read More.
• Positive Sentiment: Product/brand move — BofA and Zelle launched faster charitable disbursements from donor-advised funds, a modest but constructive customer-engagement initiative that can deepen deposit and payments relationships over time. Read More.
• Neutral Sentiment: BofA research raised semiconductor estimates, saying the Iran conflict is unlikely to meaningfully disrupt chip supply chains; useful for sector allocation but only an indirect read-through for bank trading or lending exposure. Read More.
• Neutral Sentiment: Commodities/research note: BofA raised its Brent oil forecast after Strait of Hormuz disruptions — market volatility in energy can boost trading/markets revenue but also raises macro risk. Read More.
• Negative Sentiment: Legal/regulatory hit — Bank of America agreed to settle a civil lawsuit brought by women accusing the bank of failing to report suspicious Jeffrey Epstein-related transactions. Settlement details are being reported; even if financial impact is manageable, reputational and regulatory scrutiny are negatives for sentiment. Read More.
• Negative Sentiment: Insider selling — International President Bernard Mensah disclosed a sale of ~94,000 shares (~$4.4M). Large insider sales can weigh on near-term sentiment even if they are routine or for diversification. Read More.
• Negative Sentiment: Macro risk warning — BofA economists say investors may be underestimating how the Iran war could disrupt the global economy; elevated geopolitical risk raises downside for markets and bank credit/trading exposure. Read More.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. CICC Research started coverage on shares of Bank of America in a research note on Wednesday, January 14th. They set an “outperform” rating and a $62.00 price objective for the company. Daiwa Securities Group cut their price objective on Bank of America from $66.00 to $62.00 and set a “buy” rating for the company in a report on Tuesday, January 27th. Morgan Stanley lowered their target price on shares of Bank of America from $68.00 to $64.00 and set an “overweight” rating on the stock in a research note on Thursday, January 15th. Piper Sandler lifted their price objective on shares of Bank of America from $56.00 to $57.00 and gave the stock a “neutral” rating in a report on Thursday, January 15th. Finally, Oppenheimer lifted their price target on Bank of America from $55.00 to $63.00 and gave the stock an “outperform” rating in a research note on Thursday, December 18th. Twenty-one research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $60.30.

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.