Bank of America Corporation $BAC Shares Acquired by Versor Investments LP

Versor Investments LP raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 196.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 27,900 shares of the financial services provider’s stock after purchasing an additional 18,500 shares during the period. Versor Investments LP’s holdings in Bank of America were worth $1,534,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in BAC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Bank of America by 640.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock valued at $2,399,798,000 after acquiring an additional 40,235,201 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Bank of America by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock valued at $35,809,225,000 after acquiring an additional 23,351,183 shares during the last quarter. Capital World Investors increased its position 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 during the last quarter. American Assets Investment Management LLC increased its position in shares of Bank of America by 1,248.5% during the fourth quarter. American Assets Investment Management LLC now owns 15,224,325 shares of the financial services provider’s stock valued at $837,338,000 after acquiring an additional 14,095,375 shares during the last quarter. Finally, Danske Bank A S acquired a new stake in shares of Bank of America during the third quarter valued at about $224,863,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on BAC shares. UBS Group lifted their price target on shares of Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. CICC Research began coverage on shares of Bank of America in a report on Wednesday, January 14th. They issued an “outperform” rating and a $62.00 price objective for the company. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a report on Thursday, April 16th. Truist Financial lifted their price objective on shares of Bank of America from $57.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Finally, Autonomous Res dropped their price objective on shares of Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Monday, April 6th. Twenty-two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $61.06.

Bank of America Stock Down 1.5%

Shares of Bank of America stock opened at $50.53 on Tuesday. Bank of America Corporation has a 52-week low of $42.35 and a 52-week high of $57.55. The company has a 50 day moving average of $50.39 and a 200 day moving average of $52.49. 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 market capitalization of $358.56 billion, a P/E ratio of 12.51, a P/E/G 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 earnings per share (EPS) 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 company had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter in the previous year, the firm earned $0.90 earnings per share. The firm’s quarterly revenue was up 10.7% on a year-over-year basis. As a group, research analysts forecast that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Dividend Announcement

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

Insider Activity

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred on 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 transaction, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider James P. Demare sold 83,832 shares of Bank of America stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the transaction, the insider owned 307,240 shares of the company’s stock, valued at $15,362,000. This represents a 21.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 354,588 shares of company stock worth $17,814,296 over the last three months. Insiders own 0.27% of the company’s stock.

Bank of America News Summary

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

• Negative Sentiment: Bank of America Securities India settled a SEBI insider-trading-related case by paying ?58.5 lakh, resolving allegations that it failed to maintain required digital records. While the settlement closes the matter, it adds a compliance headline that can weigh on sentiment. BofA Securities settles insider trading case with Sebi
• Negative Sentiment: Another report confirmed the same SEBI settlement, keeping regulatory risk and reputational concerns in focus for the BAC brand. BofA settles allegation of insider trading rule violation with Sebi
• Neutral Sentiment: Bank of America’s fair-value estimate was nudged slightly higher in a finance article, but the move was described as incremental rather than a major change in the investment case. The article also noted mixed analyst views, with some firms raising targets and others cutting them, suggesting no clear consensus shift yet. How The Bank Of America (BAC) Investment Story Is Shifting As Analyst Views Rebalance
• Neutral Sentiment: Bank of America also got press for advising on a Brazilian payments company’s planned U.S. IPO, which highlights continued deal-making activity but is not a direct earnings driver for BAC shares. Brazil’s Mastercard Rival Elo Taps Bank of America, Other Banks for US IPO
• Positive Sentiment: A local business report said Bank of America is seeing strong growth in the Bay Area despite new competitors, which supports the view that the bank is still expanding in attractive markets. Bank of America chalks up strong Bay Area growth even as new rivals pounce

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.