Rayburn West Financial Services LLC Makes New Investment in Bank of America Corporation $BAC

Rayburn West Financial Services LLC bought a new position in Bank of America Corporation (NYSE:BAC) during the 4th quarter, Holdings Channel.com reports. The institutional investor bought 91,223 shares of the financial services provider’s stock, valued at approximately $5,017,000. Bank of America comprises about 3.1% of Rayburn West Financial Services LLC’s holdings, making the stock its 7th largest holding.

Several other hedge funds have also modified their holdings of the stock. DecisionMap Wealth Management LLC boosted its position in shares of Bank of America by 4.7% in the fourth quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider’s stock worth $223,000 after acquiring an additional 182 shares during the last quarter. Money Concepts Capital Corp boosted its position in shares of Bank of America by 3.8% in 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 during the last quarter. Holistic Financial Partners boosted its position in shares of Bank of America by 2.4% in 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 during the last quarter. Asahi Life Asset Management CO. LTD. boosted its position in shares of Bank of America by 1.0% in the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock worth $1,092,000 after acquiring an additional 187 shares during the last quarter. Finally, Riverview Capital Advisers LLC boosted its position in shares of Bank of America by 4.2% in the third quarter. Riverview Capital Advisers LLC now owns 4,686 shares of the financial services provider’s stock worth $242,000 after acquiring an additional 188 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Thomas M. Scrivener sold 50,000 shares of Bank of America stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the sale, the insider owned 227,973 shares in the company, valued at $11,357,614.86. This trade represents a 17.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 shares were sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the sale, the insider owned 307,240 shares in the company, valued at $15,362,000. This represents a 21.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 354,588 shares of company stock worth $17,814,296. Company insiders own 0.27% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research analyst reports. Piper Sandler raised their target price on shares of Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Daiwa Securities Group raised their target price on shares of Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 28th. Erste Group Bank cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. Argus raised their target price on shares of Bank of America from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Finally, Evercore raised their target price on shares of Bank of America from $55.00 to $61.00 and gave the stock an “outperform” rating in a research report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $61.06.

Bank of America Trading Down 1.9%

NYSE BAC opened at $49.83 on Thursday. Bank of America Corporation has a one year low of $42.35 and a one year high of $57.55. The company’s 50 day moving average price is $50.42 and its 200 day moving average price is $52.48. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market capitalization of $353.65 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 0.86 and a beta of 1.21.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same quarter last year, the firm posted $0.90 earnings per share. Bank of America’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, sell-side analysts predict that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed 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 is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is currently 27.72%.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America’s own analysts upgraded Akamai Technologies to Buy, highlighting a broader shift toward viewing network and infrastructure names as AI beneficiaries; that reinforces BofA’s role as an active and influential deal/rating house in AI-linked stocks. Akamai Technologies upgraded by Bank of America on AI infrastructure shift
• Positive Sentiment: Bank of America is also being portrayed as an AI-era winner itself, with coverage noting branch expansion plus AI tools could help deepen customer relationships, support deposit growth, and strengthen its hybrid banking model. Can Branch Expansion Give Bank of America an Edge in the AI Era?
• Positive Sentiment: News that Bank of America joined LTX as a fully integrated liquidity provider on an AI-powered corporate bond trading platform highlights continued investment in electronic trading and fixed-income technology, which could improve efficiency and market share over time. Bank Of America Deepens AI Bond Trading Role With LTX Partnership
• Positive Sentiment: Industry data showed large U.S. banks, including Bank of America, led record share repurchases in the first quarter, which supports per-share earnings and signals strong capital generation. Bank Stock Buybacks Hit a Record in First Quarter. Citi, BofA, and Goldman Were Leaders.
• Neutral Sentiment: Seeking Alpha’s “Undercovered Dozen” piece included Bank of America among lesser-covered stocks, but it does not appear to introduce a major new catalyst by itself. Undercovered Dozen: Bank Of America, Plug Power, Dycom And More
• Negative Sentiment: BofA Securities settled an insider-trading-related case with India’s Sebi, a headline that may create some reputational noise, though the financial penalty was relatively small. BofA Securities settles insider trading case with Sebi

Bank of America Company 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.