Union Savings Bank Invests $568,000 in Bank of America Corporation $BAC

Union Savings Bank bought a new stake in Bank of America Corporation (NYSE:BAC) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 10,325 shares of the financial services provider’s stock, valued at approximately $568,000.

Several other institutional investors also recently bought and sold shares of BAC. Abound Financial LLC purchased a new position in Bank of America in the 4th quarter worth approximately $26,000. Legacy Bridge LLC boosted its stake in shares of Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 330 shares during the period. Wiser Advisor Group LLC bought a new position in shares of Bank of America in the third quarter worth approximately $27,000. CrossGen Wealth LLC bought a new position in shares of Bank of America in the fourth quarter worth approximately $30,000. Finally, Joseph Group Capital Management purchased a new position in shares of Bank of America in the fourth quarter worth $32,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Geoffrey S. Greener sold 126,756 shares of the 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 completion of the transaction, the insider directly owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.27% of the stock is owned by corporate insiders.

More Bank of America News

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

Bank of America Stock Performance

Shares of BAC stock opened at $56.26 on Friday. The firm has a market capitalization of $399.27 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 0.95 and a beta of 1.18. The stock has a fifty day moving average of $52.91 and a 200 day moving average of $52.54. Bank of America Corporation has a 52 week low of $44.75 and a 52 week high of $57.98. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating 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 business had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same period in the previous year, the firm earned $0.90 EPS. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. As a group, research analysts expect that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend 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 payout ratio is presently 27.72%.

Analysts Set New Price Targets

A number of research firms recently commented on BAC. Evercore lowered their price target on shares of Bank of America from $70.00 to $61.00 and set an “outperform” rating for the company in a report on Friday, May 15th. UBS Group raised their price target on shares of Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. JPMorgan Chase & Co. decreased their price objective on shares of Bank of America from $61.50 to $57.50 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. Morgan Stanley lowered their price objective on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Finally, Keefe, Bruyette & Woods raised their target price on Bank of America from $63.00 to $64.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. Twenty-two equities 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, the company has a consensus rating of “Moderate Buy” and an average target price of $61.06.

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.