ProShare Advisors LLC Acquires 51,643 Shares of Bank of America Corporation $BAC

ProShare Advisors LLC increased its holdings in Bank of America Corporation (NYSE:BAC) by 3.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,426,236 shares of the financial services provider’s stock after buying an additional 51,643 shares during the period. ProShare Advisors LLC’s holdings in Bank of America were worth $78,443,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. DecisionMap Wealth Management LLC lifted its position in shares of Bank of America by 4.7% during 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 during the period. Money Concepts Capital Corp lifted its holdings in shares of Bank of America by 3.8% during the 4th 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 period. Holistic Financial Partners lifted its stake 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 purchasing an additional 183 shares during the last quarter. Asahi Life Asset Management CO. LTD. lifted its stake 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 worth $1,092,000 after purchasing an additional 187 shares during the last quarter. Finally, Riverview Capital Advisers LLC lifted its stake in Bank of America by 4.2% during the third quarter. Riverview Capital Advisers LLC now owns 4,686 shares of the financial services provider’s stock worth $242,000 after purchasing an additional 188 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America News Summary

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

• Negative Sentiment: CFRA cut Bank of America (BAC) to Hold, suggesting limited near-term upside after the recent run in large bank stocks and weighing on sentiment toward the shares. Bank of America Cut to Hold by CFRA: Is the Big Bank Trade Running Out of Gas?
• Neutral Sentiment: Bank of America released a Better Money Habits study showing Gen Z is increasingly managing expenses on its own, but the report is mainly a consumer insight update and does not directly change earnings expectations. BofA Study Finds Fewer Gen Z Rely on Family for Financial Assistance, Even With 42% Living Paycheck to Paycheck
• Neutral Sentiment: Financial stocks were weaker ahead of the open, pointing to broader sector pressure that can spill over into BAC even without company-specific news. Sector Update: Financial Stocks Fall Pre-Bell Tuesday

Analyst Ratings Changes

BAC has been the subject of several recent analyst reports. Truist Financial upped their target price on Bank of America from $57.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Jefferies Financial Group upped their price objective on Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. The Goldman Sachs Group upped their price objective 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. Argus upped their price objective on 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, UBS Group upped their price objective on Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $61.06.

Insider Buying and Selling at Bank of America

In other news, insider Thomas M. Scrivener sold 50,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider owned 227,973 shares of the company’s stock, valued at approximately $11,357,614.86. This trade represents a 17.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James P. Demare sold 83,832 shares of the firm’s stock in a transaction 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 transaction, the insider directly owned 307,240 shares of the company’s stock, valued at $15,362,000. The trade was a 21.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 354,588 shares of company stock worth $17,814,296 over the last ninety days. Insiders own 0.27% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $50.67 on Wednesday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market cap of $359.59 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 0.86 and a beta of 1.21. Bank of America Corporation has a one year low of $42.35 and a one year high of $57.55. The firm has a 50 day simple moving average of $50.46 and a 200 day simple moving average of $52.41.

Bank of America (NYSE:BAC) last posted its 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. The firm had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period last year, the company earned $0.90 earnings per share. Research analysts predict that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a $0.28 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is currently 27.72%.

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.