Principal Financial Group Inc. Decreases Holdings in Bank of America Corporation $BAC

Principal Financial Group Inc. lowered its stake in Bank of America Corporation (NYSE:BAC) by 1.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,530,373 shares of the financial services provider’s stock after selling 165,508 shares during the period. Principal Financial Group Inc. owned approximately 0.20% of Bank of America worth $749,620,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quaker Wealth Management LLC lifted its holdings in shares of Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 880 shares during the last quarter. RMG Wealth Management LLC purchased a new stake in Bank of America in the 2nd quarter worth about $28,000. Steph & Co. lifted its stake in Bank of America by 224.3% in the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 379 shares during the last quarter. CGC Financial Services LLC boosted its position in shares of Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares during the period. Finally, Marquette Asset Management LLC bought a new position in shares of Bank of America during the third quarter valued at approximately $30,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Up 0.3%

NYSE BAC opened at $53.25 on Friday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $57.55. The company has a 50 day moving average price of $54.15 and a 200 day moving average price of $51.56. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The firm has a market cap of $388.86 billion, a PE ratio of 13.90, a price-to-earnings-growth ratio of 1.30 and a beta of 1.29.

Bank of America (NYSE:BAC) last released its quarterly 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 business had revenue of $4.53 billion for the quarter, compared to analyst estimates 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 for the quarter was up 12.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.82 earnings per share. As a group, sell-side analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on BAC shares. UBS Group raised their price target on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Oppenheimer increased their target price 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. Wall Street Zen lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, January 5th. The Goldman Sachs Group raised their price target on shares of Bank of America from $65.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Finally, Truist Financial decreased their price objective on shares of Bank of America from $62.00 to $60.00 and set a “buy” rating for the company in a report on Thursday, January 15th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $60.00.

Bank of America News Summary

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

• Positive Sentiment: CEO Brian Moynihan flagged India as a major growth engine and signaled the bank will push for profitable expansion there — a directional growth story that supports long?term revenue upside if BofA deploys capital efficiently. BofA CEO Moynihan sees India as major growth engine
• Positive Sentiment: BofA expanded retail reach via new Trump-related accounts and an auto?finance arrangement — moves that can boost deposits and loan originations, supporting net interest income and fee revenue. Bank Of America Extends Reach With Trump Accounts And Auto Finance Deal
• Neutral Sentiment: BofA named Lo Piccolo as country head (replacing Mattarella) — an operational leadership change for international business that is unlikely to move near?term earnings but matters for execution abroad. Bank of America appoints Lo Piccolo as country head
• Neutral Sentiment: BofA made a $500,000 grant to FIND Regional Food Bank — positive for corporate social responsibility and local reputation but immaterial to fundamentals. BofA Awards $500,000 Grant to FIND Regional Food Bank
• Neutral Sentiment: BofA’s chief strategist warned the 30?year Treasury yield approaching a critical level — commentary that can influence bond markets and the bank’s interest?rate outlook; implications for margins depend on where long yields settle. Top Bank of America strategist says the long bond is nearing the key line in the sand
• Negative Sentiment: Daiwa Capital Markets lowered expectations for BAC’s share price — a direct analyst downgrade that can weigh on sentiment and short?term flows. Daiwa Capital Markets Has Lowered Expectations for Bank of America
• Negative Sentiment: Policy risk: media and MarketBeat commentary note that the Trump administration’s proposed 10% cap on credit?card interest rates is pressuring U.S. banks, including BofA, because it could materially reduce credit card yields and fee income if enacted. That regulatory uncertainty is a near?term headwind for valuation. MarketBeat Week in Review / credit card cap discussion

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.