Orange Investment Advisors Inc. Trims Holdings in Bank of America Corporation $BAC

Orange Investment Advisors Inc. trimmed its holdings in Bank of America Corporation (NYSE:BAC) by 24.0% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 61,614 shares of the financial services provider’s stock after selling 19,464 shares during the period. Orange Investment Advisors Inc.’s holdings in Bank of America were worth $3,389,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Legacy Bridge LLC raised its position in Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 330 shares during the period. Wiser Advisor Group LLC acquired a new stake in shares of Bank of America in the third quarter valued at $27,000. Collier Financial purchased a new stake in shares of Bank of America in the 3rd quarter valued at $30,000. Joseph Group Capital Management acquired a new position in Bank of America during the 4th quarter worth about $32,000. Finally, HFM Investment Advisors LLC boosted its holdings in Bank of America by 566.0% during the 4th quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 532 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

NYSE:BAC opened at $51.46 on Friday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. Bank of America Corporation has a 12 month low of $42.35 and a 12 month high of $57.55. The firm has a market capitalization of $365.16 billion, a PE ratio of 12.74, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21. The business’s fifty day moving average price is $50.59 and its 200 day moving average price is $52.38.

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, topping analysts’ consensus estimates of $1.00 by $0.11. The business had revenue of $30.27 billion for the quarter, compared to analysts’ expectations 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 revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 earnings per share. On average, sell-side analysts anticipate that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared 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 of this dividend 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 is 27.72%.

Insider Activity at Bank of America

In other news, insider Bernard A. Mensah sold 94,000 shares of the firm’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $46.94, for a total value of $4,412,360.00. Following the completion of the transaction, the insider owned 170,184 shares in the company, valued at $7,988,436.96. This trade represents a 35.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Thomas M. Scrivener sold 50,000 shares of the business’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the sale, the insider owned 227,973 shares in the company, valued at $11,357,614.86. This represents a 17.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 354,588 shares of company stock valued at $17,814,296. 0.27% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Jefferies Financial Group boosted their price target on shares of Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Argus raised their price target on shares of Bank of America from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. HSBC upped their price objective on Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. The Goldman Sachs Group lifted their target price on Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Finally, JPMorgan Chase & Co. lowered their target price on Bank of America from $61.50 to $57.50 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $61.06.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America published an outlook highlighting renewed opportunities in commercial real estate, farmland, timberland, and energy, which suggests its research team sees improving fundamentals in real assets and could support fee-generating client activity. Bank of America Outlook Sees Renewed Opportunity Across Commercial Real Estate, Farmland, Timberland and Energy
• Positive Sentiment: Bank of America remained active on the research front, reiterating a Buy rating on Alphabet and reinstating coverage on ServiceNow with a Buy call, reinforcing its influence in market-moving stock research and signaling a constructive view on risk assets.
• Neutral Sentiment: Bank of America’s disclosure of indirect crypto ETF exposure and research on Gen Z money habits is more informative than market-moving, but it underscores the bank’s participation in digital-asset-linked products and its focus on younger customers.
• Negative Sentiment: CFRA downgraded Bank of America (BAC) to Hold, which can weigh on sentiment by suggesting less upside from current valuation levels. CFRA downgrades Bank of America (BAC) to a Hold
• Negative Sentiment: News that Bank of America will pay a settlement over duplicate 7-Eleven ATM fees may add to concerns about litigation and operating risks, though the financial impact appears limited. Bank of America will pay settlement over duplicate 7-Eleven ATM fees

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.