Integrated Investment Consultants LLC Boosts Stake in Bank of America Corporation $BAC

Integrated Investment Consultants LLC increased its stake in Bank of America Corporation (NYSE:BAC) by 140.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 50,014 shares of the financial services provider’s stock after purchasing 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.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Abound Financial LLC purchased a new stake in Bank of America in the fourth quarter worth about $26,000. Wiser Advisor Group LLC purchased a new position in shares of Bank of America during the 3rd quarter valued at about $27,000. 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 buying an additional 330 shares in the last quarter. CrossGen Wealth LLC bought a new position in shares of Bank of America during the 4th quarter valued at approximately $30,000. Finally, Joseph Group Capital Management purchased a new stake in Bank of America in the 4th quarter worth approximately $32,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

More Bank of America News

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

• Positive Sentiment: Bank of America’s internal research is being cited as bullish for the bank sector, with commentary that higher rates can still support net interest income even as the Fed holds rates steady, which could help BAC’s earnings outlook. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Positive Sentiment: Bank of America also drew attention for its view that lower-income households may be stabilizing, suggesting the consumer backdrop could be improving and reducing recession fears that would hurt loan growth and credit quality. Miserable K-shaped economy might actually be fading, as lower-income families bounce back, says Bank of America
• Neutral Sentiment: Bank of America revealed a roughly 3% indirect stake in Qiagen and reported similar holdings disclosures for Umicore; these are portfolio/ownership updates and are unlikely to have a direct impact on BAC’s core banking results. Bank of America Reveals 3.01% Indirect Stake in Qiagen Umicore – Transparency notifications by Bank of America Corporation
• Neutral Sentiment: Reports that a Fed official spoke at a private Bank of America client dinner may attract headlines, but it appears more like a reputational/regulatory talking point than a direct earnings driver. The Fed’s vice chair of supervision spoke at a private dinner Bank of America hosted for clients hours after the central bank announced its latest policy decision
• Negative Sentiment: Bank of America is facing fresh scrutiny tied to regulators’ upcoming “debanking” findings, which could create policy and compliance concerns for large banks like BAC. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings

Insider Activity at Bank of America

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the 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 transaction, the insider owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. This represents a 8.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. HSBC raised their target price on shares of Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Oppenheimer increased their price objective on shares of Bank of America from $58.00 to $61.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Friday, April 24th. Royal Bank Of Canada restated an “outperform” rating and set a $59.00 target price on shares of Bank of America in a research note on Thursday, April 16th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $61.50 to $57.50 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.06.

Bank of America Trading Up 0.1%

Bank of America stock opened at $56.26 on Friday. Bank of America Corporation has a 1 year low of $44.75 and a 1 year high of $57.98. The firm’s 50 day moving average price is $52.91 and its 200-day moving average price is $52.54. 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 stock has a market cap of $399.27 billion, a P/E ratio of 13.93, a PEG ratio of 0.95 and a beta of 1.18.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. The firm had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. Bank of America’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 earnings per share. On average, equities analysts predict that Bank of America Corporation will post 4.45 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. Shareholders of record on Friday, June 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 2.0%. Bank of America’s payout ratio is presently 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.