Bank of America Corporation $BAC Stake Boosted by Crossmark Global Holdings Inc.

Crossmark Global Holdings Inc. raised its holdings in shares of Bank of America Corporation (NYSE:BAC) by 16.2% in the 4th quarter, Holdings Channel reports. The firm owned 1,005,209 shares of the financial services provider’s stock after purchasing an additional 140,501 shares during the quarter. Bank of America comprises about 0.8% of Crossmark Global Holdings Inc.’s investment portfolio, making the stock its 18th biggest holding. Crossmark Global Holdings Inc.’s holdings in Bank of America were worth $55,287,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of BAC. Meridian Wealth Management LLC boosted its holdings in shares of Bank of America by 54.6% during the third quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider’s stock valued at $3,008,000 after acquiring an additional 20,591 shares during the period. Lockheed Martin Investment Management Co. increased its holdings in shares of Bank of America by 15.9% in the 3rd quarter. Lockheed Martin Investment Management Co. now owns 629,610 shares of the financial services provider’s stock worth $32,482,000 after acquiring an additional 86,290 shares during the period. World Equity Group Inc. lifted its position in Bank of America by 21.8% in the 3rd quarter. World Equity Group Inc. now owns 73,188 shares of the financial services provider’s stock valued at $3,779,000 after purchasing an additional 13,119 shares during the last quarter. AdvisorShares Investments LLC bought a new stake in Bank of America in the 3rd quarter valued at about $482,000. Finally, Mufg Securities Americas Inc. boosted its stake in Bank of America by 26.6% during the 3rd quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider’s stock valued at $10,262,000 after purchasing an additional 41,809 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC opened at $51.26 on Friday. 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 firm’s 50 day moving average is $50.44 and its 200-day moving average is $52.51. Bank of America Corporation has a 12-month low of $41.69 and a 12-month high of $57.55. The stock has a market capitalization of $363.79 billion, a P/E ratio of 12.69, a P/E/G ratio of 0.89 and a beta of 1.21.

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 analysts’ expectations of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period last year, the firm posted $0.90 earnings per share. Equities research analysts anticipate that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America’s payout ratio is presently 27.72%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. CICC Research started coverage on shares of Bank of America in a research note on Wednesday, January 14th. They issued an “outperform” rating and a $62.00 price target on the stock. Piper Sandler boosted their price objective on Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. The Goldman Sachs Group raised their target price on Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research note on Friday, April 24th. Finally, Robert W. Baird boosted their price target on Bank of America from $56.00 to $58.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $61.06.

Insider Buying and Selling

In other news, insider James P. Demare sold 83,832 shares of the company’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the sale, the insider directly owned 307,240 shares of the company’s stock, valued at $15,362,000. This represents a 21.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Thomas M. Scrivener sold 50,000 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the completion of the transaction, the insider owned 227,973 shares of the company’s stock, valued at $11,357,614.86. This trade represents a 17.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 354,588 shares of company stock valued at $17,814,296 over the last ninety days. 0.27% of the stock is currently owned by company insiders.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: UBS raised its price target on Bank of America to $63 from $62, reinforcing a constructive Wall Street view and suggesting further upside from current levels. UBS Raises PT
• Positive Sentiment: Bank of America expanded its defense financing role and is helping support drone and robotics production, which could translate into more lending, fee income, and long-term client relationships. Defense Financing
• Positive Sentiment: The bank acted as lead lender on a $1.8 billion refinance of 9 West 57th Street, highlighting continued strength in commercial real estate financing activity. 9 West 57th Refinance
• Neutral Sentiment: Bank of America shareholders backed the current leadership and governance structure at the annual meeting, reducing governance uncertainty but not likely driving a major near-term stock reaction. Shareholder Vote
• Neutral Sentiment: Reuters reported the hiring of tech dealmaker Richard Hardegree as vice chair of M&A, a sign of continued investment banking leadership buildup, though the stock impact is likely limited for now. M&A Hiring
• Neutral Sentiment: Bank of America’s commentary on card spending pointed to a sudden slowdown in U.S. consumer activity, but the bank said it is not yet sure of the cause. Spending Slump
• Negative Sentiment: High-profile insider selling by Geoffrey Greener, who sold about $6.7 million of BAC shares, is weighing on sentiment and can signal caution to investors. Insider Sale
• Negative Sentiment: Reports that Berkshire-related holder Greg Abel continued trimming BAC for a seventh straight quarter add to concerns about reduced conviction from a major long-term investor. Greg Abel Sells

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.