Bank of America Corporation $BAC Stake Lowered by Madison Asset Management LLC

Madison Asset Management LLC reduced its position in Bank of America Corporation (NYSE:BAC) by 19.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 204,939 shares of the financial services provider’s stock after selling 49,148 shares during the period. Madison Asset Management LLC’s holdings in Bank of America were worth $9,991,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Bank of America by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock valued at $35,809,225,000 after acquiring an additional 23,351,183 shares in the last quarter. Norges Bank bought a new stake in Bank of America in the fourth quarter worth approximately $4,774,210,000. Bank of New York Mellon Corp grew its position in Bank of America by 5.4% in the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock worth $3,169,062,000 after acquiring an additional 2,929,779 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of Bank of America by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock worth $2,958,110,000 after purchasing an additional 1,105,833 shares during the last quarter. Finally, Deutsche Bank AG increased its stake in shares of Bank of America by 5.9% during the 4th quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider’s stock worth $2,594,488,000 after purchasing an additional 2,611,776 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Key Bank of America News

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

• Positive Sentiment: Bank of America’s new BofA Rewards program crossed 3 million enrollments in just seven weeks, with most sign-ups happening digitally. That rapid adoption suggests the bank is successfully deepening customer relationships and could support future deposit growth and cross-selling. 3 Million+ Clients Enroll in New BofA Rewards™ Program in First Seven Weeks
• Positive Sentiment: Bank of America also enhanced its EricaAssist tool with generative AI, giving more than 18,000 employees faster real-time guidance to resolve client needs. Investors may view this as an efficiency and service-quality improvement that can help lower costs over time. BofA enhances AI-powered tool to resolve client needs faster
• Positive Sentiment: Oppenheimer reportedly added Bank of America to its latest buy ideas list with a near-perfect quant rating, reinforcing the bullish case for BAC among analysts. Bank of America leads Oppenheimer’s latest buy additions with near-perfect quant rating
• Positive Sentiment: The bank promoted Thorsten Pauli to lead Asia Pacific capital markets, a move that underscores continued focus on investment banking and global markets opportunities. Bank of America (BAC) Names Thorsten Pauli To Lead Asia Pacific Capital Markets
• Positive Sentiment: Bank of America’s small business digital banking platform again ranked first in a Keynova Group scorecard, which may bolster the view that BAC is gaining share through better digital products. Small Business Digital Banking Advances with Payment Innovations and Upgraded Invoicing and Receivables Capabilities
• Neutral Sentiment: Several stories highlighted Bank of America research on other companies, including Micron, Meta, Apple, CoreWeave, and Citizens Financial. These items mainly reflect BAC’s analyst franchise rather than a direct change in Bank of America’s fundamentals.
• Neutral Sentiment: The bank also released workplace wellbeing and broader economic commentary, which add color to the macro backdrop but are less likely to move BAC shares by themselves. BofA Report: Financial Wellbeing of Employees at U.S. Companies Hits Four-Year High, Even as Cost-of-Living Pressures Persist

Bank of America Stock Up 1.2%

NYSE BAC opened at $61.12 on Wednesday. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $62.12. The stock has a market cap of $433.71 billion, a PE ratio of 14.02, a PEG ratio of 0.97 and a beta of 1.17. The firm has a 50-day simple moving average of $55.71 and a 200 day simple moving average of $53.21. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm had revenue of $8.08 billion for the quarter, compared to analyst estimates of $30.78 billion. During the same quarter in the previous year, the firm posted $0.89 EPS. The business’s revenue for the quarter was up 19.6% on a year-over-year basis. On average, research analysts forecast that Bank of America Corporation will post 4.66 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were paid a $0.28 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. Bank of America’s payout ratio is 25.69%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BAC. Autonomous Res cut their target price on Bank of America from $62.00 to $54.00 and set a “neutral” rating on the stock in a report on Monday, April 6th. Jefferies Financial Group reissued a “buy” rating and set a $75.00 price objective on shares of Bank of America in a report on Tuesday, July 14th. UBS Group raised their price objective on Bank of America from $63.00 to $68.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Truist Financial boosted their target price on Bank of America from $64.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Finally, The Goldman Sachs Group upped their target price on Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $63.77.

Insider Activity at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is owned by insiders.

Bank of America 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.