Lansforsakringar Fondforvaltning AB publ Sells 177,585 Shares of Bank of America Corporation $BAC

Lansforsakringar Fondforvaltning AB publ reduced its holdings in Bank of America Corporation (NYSE:BAC) by 4.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,119,363 shares of the financial services provider’s stock after selling 177,585 shares during the period. Bank of America accounts for about 1.1% of Lansforsakringar Fondforvaltning AB publ’s portfolio, making the stock its 14th largest holding. Lansforsakringar Fondforvaltning AB publ’s holdings in Bank of America were worth $200,818,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. DecisionMap Wealth Management LLC grew its holdings in shares of Bank of America by 4.7% in the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider’s stock valued at $223,000 after acquiring an additional 182 shares in the last quarter. Money Concepts Capital Corp raised its holdings in Bank of America by 3.8% during the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock worth $273,000 after acquiring an additional 182 shares in the last quarter. Holistic Financial Partners raised its holdings in Bank of America by 2.4% during the fourth quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider’s stock worth $434,000 after acquiring an additional 183 shares in the last quarter. Operose Advisors LLC boosted its position in Bank of America by 0.9% during the fourth quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock valued at $1,123,000 after purchasing an additional 185 shares during the last quarter. Finally, Asahi Life Asset Management CO. LTD. boosted its position in Bank of America by 1.0% during the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock valued at $1,092,000 after purchasing an additional 187 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction 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 transaction, the insider directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.27% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BAC shares. The Goldman Sachs Group boosted their price target on Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Keefe, Bruyette & Woods increased their price objective on Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a report on Thursday, April 16th. Jefferies Financial Group raised their target price on shares of Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Morgan Stanley boosted their target price on shares of Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Citigroup upped their price target on shares of Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Twenty-two 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, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.60.

Bank of America News Summary

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

• Positive Sentiment: Morgan Stanley raised its price target on Bank of America to $67 from $61 and reiterated an Overweight rating, signaling improved upside expectations for the stock. Morgan Stanley raises Bank of America price target
• Positive Sentiment: Truist also lifted its target to $64 from $61 and kept a Buy rating, citing better-than-expected trading growth. Truist increases Bank of America price target
• Positive Sentiment: Bank of America’s research team also issued bullish sector commentary on semiconductors and AI-related names, reinforcing the firm’s active and influential market outlook. Bank of America semiconductor research
• Neutral Sentiment: Bank of America extended its Kansas City Current partnership and highlighted its FIFA World Cup fan-band promotion, which is positive for brand visibility but not a major direct earnings driver. Bank of America partnership update
• Negative Sentiment: The SEC fined Merrill Lynch $7.5 million for suspicious activity reporting failures, creating a modest regulatory and compliance headwind for BAC, though the settlement was limited and the company said it has strengthened monitoring. SEC fines Merrill Lynch

Bank of America Price Performance

NYSE:BAC opened at $57.94 on Tuesday. 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 stock’s 50 day moving average price is $53.45 and its two-hundred day moving average price is $52.71. The firm has a market capitalization of $411.20 billion, a price-to-earnings ratio of 14.34, a P/E/G ratio of 0.98 and a beta of 1.19. Bank of America Corporation has a 12-month low of $44.75 and a 12-month high of $59.19.

Bank of America (NYSE:BAC) last released 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 return on equity of 11.49% and a net margin of 16.78%.The company had revenue of $30.27 billion during the quarter, compared to analysts’ expectations of $29.72 billion. During the same period last year, the firm posted $0.90 earnings per share. The business’s revenue was up 10.7% on a year-over-year basis. On average, analysts anticipate that Bank of America Corporation will post 4.47 earnings per share for the current year.

Bank of America Announces Dividend

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

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.