American Trust Purchases 22,849 Shares of Bank of America Corporation $BAC

American Trust grew its position in shares of Bank of America Corporation (NYSE:BAC) by 105.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,489 shares of the financial services provider’s stock after purchasing an additional 22,849 shares during the period. American Trust’s holdings in Bank of America were worth $2,169,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in BAC. Abound Financial LLC purchased a new position in Bank of America during the fourth quarter worth about $26,000. Wiser Advisor Group LLC purchased a new stake in shares of Bank of America in the 3rd quarter valued at about $27,000. Legacy Bridge LLC boosted 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 last quarter. CrossGen Wealth LLC bought a new stake in shares of Bank of America during the 4th quarter valued at about $30,000. Finally, Joseph Group Capital Management purchased a new position in shares of Bank of America during the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 70.71% 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’s consumer team said its latest report showed spending up 6.3%, the fastest pace in four years, with wage growth broad-based across all income groups. That suggests the U.S. consumer remains resilient, which is supportive for BAC’s lending and fee income outlook. BofA Consumer Chief: Spending Jumps 6.3% With Wage Growth Across “All Income Groups”
• Positive Sentiment: Financial funds saw their biggest inflow since January, according to Bank of America, signaling improved investor appetite for the sector ahead of bank earnings season. That kind of rotation can lift BAC and other large-cap financials. Financial funds steal the spotlight with biggest inflow since January, Bofa says
• Positive Sentiment: Analysts and market coverage continue to frame Bank of America’s upcoming July 14 earnings report as potentially strong, with expectations for healthy net interest income, fee income, and double-digit EPS growth. Strong results could extend the recent move higher in BAC shares. Bank of America Reports Q2 Earnings Next Week. What Investors Should Expect.
• Neutral Sentiment: Bank of America also continues to generate headlines through its analyst research, including bullish views on names like Meta, Nvidia, Micron, Costco, and homebuilders. These reports help reinforce BAC’s influence on Wall Street, but they are only an indirect driver of BAC stock itself. Meta Stock’s AI Chip Ambitions Are Reaching a ‘Positive Inflection,’ Says Bank of America
• Neutral Sentiment: Bank of America, N.A. announced redemptions of $2.6 billion of senior notes due in August 2026. The move is routine balance-sheet management and is not likely to materially affect the stock on its own. Bank of America, N.A. Announces Redemptions of $2,000,000,000 5.526% Senior Bank Notes and $600,000,000 Floating Rate Senior Bank Notes, Due August 2026

Bank of America Price Performance

NYSE BAC traded up $0.42 on Friday, reaching $59.67. 21,908,911 shares of the company’s stock traded hands, compared to its average volume of 32,415,350. The stock has a market cap of $423.49 billion, a PE ratio of 14.77, a P/E/G ratio of 1.00 and a beta of 1.17. Bank of America Corporation has a 12 month low of $44.75 and a 12 month high of $60.83. The stock has a 50-day simple moving average of $54.50 and a 200 day simple moving average of $52.98. 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 (NYSE:BAC) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating 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 company had revenue of $30.27 billion during the quarter, compared to analysts’ expectations of $29.72 billion. During the same quarter in the prior year, the company earned $0.90 EPS. The firm’s revenue was up 10.7% on a year-over-year basis. As a group, research analysts predict that Bank of America Corporation will post 4.51 earnings per share for the current 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 paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 1.9%. Bank of America’s payout ratio is currently 27.72%.

Insider Transactions at Bank of America

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company’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 directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.27% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Citigroup upped their price objective on shares of Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Robert W. Baird boosted their price target on shares of Bank of America from $56.00 to $58.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. Oppenheimer lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $63.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday, April 16th. Finally, JPMorgan Chase & Co. upped their target price on shares of Bank of America from $57.50 to $62.50 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Twenty-one analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $62.19.

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.