Cinctive Capital Management LP Has $21.08 Million Stake in Bank of America Corporation $BAC

Cinctive Capital Management LP lessened its stake in shares of Bank of America Corporation (NYSE:BAC) by 21.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 383,251 shares of the financial services provider’s stock after selling 105,865 shares during the period. Bank of America accounts for about 1.1% of Cinctive Capital Management LP’s portfolio, making the stock its 13th largest position. Cinctive Capital Management LP’s holdings in Bank of America were worth $21,079,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Abound Financial LLC acquired a new position in shares of Bank of America during the 4th quarter valued at $26,000. Legacy Bridge LLC lifted its position in shares of Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 330 shares during the period. Wiser Advisor Group LLC acquired a new position in shares of Bank of America during the 3rd quarter valued at $27,000. Joseph Group Capital Management acquired a new position in shares of Bank of America during the 4th quarter valued at $32,000. Finally, HFM Investment Advisors LLC lifted its position in shares of 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. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the firm’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 completion of the sale, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.27% of the company’s stock.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America was added to the Investor’s Business Daily Breakout Stocks Index and moved into a new buy zone, with the stock showing clear signs of investor demand. AI Strategy, Double-Digit Growth Put BofA Stock In Focus
• Positive Sentiment: Analysts and market coverage are highlighting BAC’s strong multi-year gains and continued appeal as a reasonably valued financial stock, which may be supporting sentiment despite the run-up in the share price. Bank of America (BAC) Stock After Strong Multi?Year Gains Still Reasonably Priced?
• Positive Sentiment: Bank of America executives said AI could expand its dominance in municipal underwriting, reinforcing the bank’s technology-driven growth narrative and potential for higher fee income. BofA Exec Sees AI Expanding Its Domination of Muni Underwriting
• Positive Sentiment: A new Bank of America study found wealthy clients are facing more complex financial planning needs due to longer lifespans and faster wealth transfer, which could support demand for the bank’s private banking and wealth management services. BofA Study Finds Longevity and Accelerating Wealth Transfer Are Making Family Finances More Complex
• Neutral Sentiment: Bank of America’s latest investor survey pointed to resilient economic conditions and a higher equity overweight among fund managers, but this is more a read on market positioning than a direct earnings catalyst. Bank of America takes firm position on inflation, economy
• Neutral Sentiment: The company also renewed its partnership with the Kansas City Current, a positive branding move but not likely to have a material near-term impact on BAC shares. Kansas City Current, BofA Announces Multi-Year Partnership Renewal Featuring Enhanced Community Efforts
• Negative Sentiment: Analyst price-target moves were mixed, with some firms cutting estimates, suggesting the market still has some concerns about BAC’s valuation and earnings outlook after a strong rally. Bank of America (BAC) Stock Draws Fresh Price Target Split After Mixed Analyst Revisions

Bank of America Price Performance

BAC opened at $56.55 on Thursday. Bank of America Corporation has a fifty-two week low of $44.21 and a fifty-two week high of $57.98. The firm has a 50-day moving average of $52.70 and a 200 day moving average of $52.49. 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 cap of $401.28 billion, a P/E ratio of 14.00, a PEG ratio of 0.96 and a beta of 1.18.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter last year, the company posted $0.90 earnings per share. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, research analysts expect that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is 27.72%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BAC. Jefferies Financial Group boosted their target price on shares of Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Daiwa Securities Group boosted their target price on shares of Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, April 28th. Erste Group Bank downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. Oppenheimer upped 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. Finally, UBS Group upped their price objective on shares of Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Twenty-two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $61.06.

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.