Integrated Investment Consultants LLC Increases Stock Position in Bank of America Corporation $BAC

Integrated Investment Consultants LLC grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 140.9% in the 4th quarter, Holdings Channel reports. The institutional investor owned 50,014 shares of the financial services provider’s stock after buying an additional 29,252 shares during the quarter. Integrated Investment Consultants LLC’s holdings in Bank of America were worth $2,751,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Meridian Wealth Management LLC raised its holdings in shares of Bank of America by 54.6% during the third quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider’s stock worth $3,008,000 after acquiring an additional 20,591 shares during the period. Lockheed Martin Investment Management Co. raised its holdings in shares of Bank of America by 15.9% during the third quarter. Lockheed Martin Investment Management Co. now owns 629,610 shares of the financial services provider’s stock worth $32,482,000 after acquiring an additional 86,290 shares during the period. AdvisorShares Investments LLC acquired a new stake in shares of Bank of America during the third quarter worth $482,000. Mufg Securities Americas Inc. raised its holdings in shares of Bank of America by 26.6% during the third quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider’s stock worth $10,262,000 after acquiring an additional 41,809 shares during the period. Finally, B. Metzler seel. Sohn & Co. AG raised its holdings in shares of Bank of America by 11.2% during the third quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider’s stock worth $34,974,000 after acquiring an additional 68,093 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BAC. Daiwa Securities Group raised their price objective on shares of Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Oppenheimer raised their price objective on shares of Bank of America from $58.00 to $61.00 and gave the stock an “outperform” rating in a report on Thursday, April 16th. The Goldman Sachs Group raised their price objective on shares of Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Truist Financial raised their price objective on shares of Bank of America from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Finally, UBS Group lifted their price target on shares of Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $61.06.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America is being highlighted as a potential beneficiary of a “higher-for-longer” or steeper yield-curve environment, which could support lending margins and fixed-rate asset repricing for large banks. Article Title
• Positive Sentiment: Investors are also viewing Bank of America as one of the better-value large banks, with commentary pointing to its relatively attractive valuation and Buffett-backed reputation as reasons it could hold up well versus peers. Article Title
• Neutral Sentiment: Analysts are also using Bank of America’s research platform to make calls on other stocks, including Alphabet, Taiwan Semiconductor, ASML, Nvidia, Akamai, IQVIA, and VNET. These notes reinforce BofA’s influence on markets, but they do not directly change BAC’s fundamentals. Article Title
• Negative Sentiment: Evercore lowered its price target on Bank of America from $70 to $61, which is a modest caution signal even though the firm kept an Outperform rating. Article Title

Insider Activity

In other news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider James P. Demare sold 83,832 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the transaction, the insider owned 307,240 shares in the company, valued at $15,362,000. This represents a 21.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 354,588 shares of company stock valued at $17,814,296 over the last quarter. 0.27% of the stock is currently owned by company insiders.

Bank of America Stock Down 0.0%

Shares of BAC stock opened at $49.77 on Monday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a 1 year low of $42.35 and a 1 year high of $57.55. The firm’s fifty day moving average price is $50.40 and its two-hundred day moving average price is $52.44. The firm has a market capitalization of $353.18 billion, a P/E ratio of 12.32, a PEG ratio of 0.84 and a beta of 1.21.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (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 period in the previous year, the business earned $0.90 EPS. The company’s revenue was up 10.7% compared to the same quarter last year. On average, equities analysts predict that Bank of America Corporation will post 4.46 EPS for the current fiscal 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 annualized dividend and a dividend yield of 2.3%. Bank of America’s payout ratio is currently 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.