Pitcairn Co. Has $3.56 Million Stock Position in Bank of America Corporation $BAC

Pitcairn Co. cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 34.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 69,016 shares of the financial services provider’s stock after selling 36,200 shares during the period. Pitcairn Co.’s holdings in Bank of America were worth $3,561,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the stock. Smith Moore & CO. increased its position in shares of Bank of America by 2.7% during the 3rd quarter. Smith Moore & CO. now owns 13,693 shares of the financial services provider’s stock worth $706,000 after purchasing an additional 355 shares during the last quarter. United Capital Management of KS Inc. grew its stake in shares of Bank of America by 1.6% in the third quarter. United Capital Management of KS Inc. now owns 152,051 shares of the financial services provider’s stock valued at $7,844,000 after buying an additional 2,406 shares in the last quarter. Tower Bridge Advisors increased its holdings in Bank of America by 0.9% during the third quarter. Tower Bridge Advisors now owns 74,178 shares of the financial services provider’s stock worth $3,827,000 after buying an additional 660 shares during the last quarter. Advisory Alpha LLC raised its position in Bank of America by 3.0% during the third quarter. Advisory Alpha LLC now owns 34,098 shares of the financial services provider’s stock worth $1,722,000 after acquiring an additional 995 shares in the last quarter. Finally, NewSquare Capital LLC lifted its stake in Bank of America by 31.6% in the third quarter. NewSquare Capital LLC now owns 5,907 shares of the financial services provider’s stock valued at $305,000 after acquiring an additional 1,418 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America Private Bank launched an Art Consulting service to help wealth clients treat art as an investable asset, which can deepen client relationships and boost advisory/relationship fee income. Read More.
• Positive Sentiment: BofA Securities acted as lead underwriter/advisor on SM Energy’s $1B senior notes offering, highlighting ongoing investment-banking deal flow that supports non?interest fee revenue. Read More.
• Neutral Sentiment: Bank of America disclosed a stake crossing in Galapagos under transparency rules; this is a regulatory filing about holdings rather than a business development for BAC itself. Read More.
• Neutral Sentiment: VantageScore’s CEO will appear at BofA’s upcoming Information & Business Services conference — evidence BofA continues to host investor events that support its securities business but with limited direct impact on the bank’s fundamentals. Read More.
• Neutral Sentiment: Coverage and analyst activity mentioning BAC (Zacks trending piece) indicate retail/investor interest in the stock; attention can drive volume but is not a clear directional catalyst. Read More.
• Negative Sentiment: Analysis flagging that BAC’s recent share momentum is cooling raises near-term valuation pressure and may be a direct reason shares are trading lower today. Read More.
• Negative Sentiment: Bank of America warns broader market risk from the U.S.-Iran war (e.g., collapsed Strait of Hormuz volumes) could spark volatility and downside for banks via economic and oil?price shocks. That macro risk is a headwind for financial stocks including BAC. Read More.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BAC. Piper Sandler boosted their price objective on shares of Bank of America from $56.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday, January 15th. Wells Fargo & Company boosted their price target on Bank of America from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Argus raised their price objective on Bank of America from $58.00 to $59.00 and gave the company a “buy” rating in a research report on Thursday, January 15th. CICC Research assumed coverage on Bank of America in a research note on Wednesday, January 14th. They set an “outperform” rating and a $62.00 target price for the company. Finally, Keefe, Bruyette & Woods dropped their price target on Bank of America from $64.00 to $63.00 and set an “outperform” rating on the stock in a research note on Thursday, January 15th. Twenty-two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $60.30.

Bank of America Price Performance

Bank of America stock opened at $49.81 on Friday. The company has a market capitalization of $357.47 billion, a price-to-earnings ratio of 13.01, a PEG ratio of 1.23 and a beta of 1.28. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $57.55. The stock’s 50 day moving average is $53.42 and its 200-day moving average is $52.48.

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 for the quarter, topping the consensus estimate of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The business had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $27.73 billion. During the same period last year, the firm posted $0.82 EPS. The firm’s revenue for the quarter was up 12.3% compared to the same quarter last year. Equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 6th will be paid a $0.28 dividend. The ex-dividend date is Friday, March 6th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s dividend payout ratio is 29.24%.

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.