IFM Investors Pty Ltd Buys 18,222 Shares of Bank of America Corporation $BAC

IFM Investors Pty Ltd increased its stake in Bank of America Corporation (NYSE:BAC) by 1.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,400,285 shares of the financial services provider’s stock after purchasing an additional 18,222 shares during the quarter. Bank of America makes up 0.6% of IFM Investors Pty Ltd’s investment portfolio, making the stock its 25th largest holding. IFM Investors Pty Ltd’s holdings in Bank of America were worth $68,264,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in BAC. DecisionMap Wealth Management LLC raised its position in shares of Bank of America by 4.7% in the fourth quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider’s stock valued at $223,000 after purchasing an additional 182 shares during the period. Money Concepts Capital Corp boosted 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 buying an additional 182 shares during the period. Holistic Financial Partners grew its stake in Bank of America by 2.4% in the 4th quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider’s stock valued at $434,000 after buying an additional 183 shares during the last quarter. Operose Advisors LLC grew its stake in Bank of America by 0.9% in the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock valued at $1,123,000 after buying an additional 185 shares during the last quarter. Finally, Asahi Life Asset Management CO. LTD. raised its holdings in Bank of America by 1.0% in the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock worth $1,092,000 after acquiring an additional 187 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In related news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the sale, the insider directly owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.27% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $56.97 on Wednesday. The company has a market capitalization of $404.31 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 0.97 and a beta of 1.18. Bank of America Corporation has a one year low of $44.75 and a one year high of $59.19. 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 business has a 50 day simple moving average of $53.51 and a 200 day simple moving average of $52.73.

Bank of America (NYSE:BAC) last announced its earnings results 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. The company had revenue of $30.27 billion for 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 quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.90 earnings per share. On average, sell-side analysts forecast that Bank of America Corporation will post 4.48 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Friday, June 5th. Bank of America’s dividend payout ratio is 27.72%.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Morgan Stanley raised its price target on Bank of America to $67 from $61 and kept an Overweight rating, reinforcing a bullish Wall Street view of BAC’s earnings power and valuation upside. Morgan Stanley raises price target on Bank of America
• Positive Sentiment: Separate coverage continued to point to Bank of America as a long-term holding and highlighted favorable positioning versus other megabanks, which can support investor sentiment around the stock. Bank Of America Corp (BAC) Is A Long Time Berkshire Hathaway Holding
• Positive Sentiment: Bank of America also received coverage tied to a constructive view on markets and chip-sector demand, signaling that its research franchise is still producing influential calls that can bolster the company’s market profile. Bank of America Details How ‘Micron/Anthropic Partnership’ Locks In ‘Greater Confidence in 2-3-Year Supply/Demand/Pricing Visibility’

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on BAC shares. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research report on Friday, April 24th. The Goldman Sachs Group lifted their price objective on Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Jefferies Financial Group boosted 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. Autonomous Res decreased their target price on Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Monday, April 6th. Finally, JPMorgan Chase & Co. lowered their target price on Bank of America from $61.50 to $57.50 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $61.60.

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.