Phoenix Financial Ltd. Has $12.58 Million Stake in Bank of America Corporation $BAC

Phoenix Financial Ltd. trimmed its position in Bank of America Corporation (NYSE:BAC) by 16.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 226,814 shares of the financial services provider’s stock after selling 44,944 shares during the period. Phoenix Financial Ltd.’s holdings in Bank of America were worth $12,577,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Wiser Advisor Group LLC bought a new stake in Bank of America in the 3rd quarter valued at approximately $27,000. Legacy Bridge LLC grew its stake 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 worth $28,000 after acquiring an additional 330 shares in the last quarter. Collier Financial acquired a new stake in shares of Bank of America in the third quarter valued at approximately $30,000. Joseph Group Capital Management bought a new stake in shares of Bank of America in the fourth quarter worth $32,000. Finally, Coston McIsaac & Partners boosted its holdings in Bank of America by 90.2% during the fourth quarter. Coston McIsaac & Partners now owns 662 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 314 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America and other major banks are seen as potential winners if rates stay elevated longer, since higher rates can support net interest income and keep banking margins healthier. Higher-for-longer rate outlook puts bank stocks back on watch
• Positive Sentiment: Bank of America’s analyst calls on semiconductors, including upgraded price targets for Nvidia and Micron, reinforce BAC’s role as a leading Wall Street research franchise and may support investor sentiment around its markets and advisory businesses. BofA Hikes Nvidia Price Target to $320 — Calls It Top Sector Pick
• Positive Sentiment: Bank of America remains well-regarded for digital banking, tying U.S. Bank for first place in a competitive retail digital experience ranking, which supports its long-term consumer franchise. Banks Give Customers Online Controls for Privacy & Marketing Preferences
• Positive Sentiment: BofA added to its AI and electronic trading push by joining LTX as a liquidity provider on an AI-powered corporate bond platform, highlighting continued investment in technology-driven fixed income trading. Bank Of America Deepens AI Bond Trading Role With LTX Partnership
• Neutral Sentiment: Several articles focus on BofA’s analyst coverage of other stocks, which mostly reflects the firm’s market influence rather than a direct change in BAC fundamentals. Bank of America massively resets Micron stock price target after surge
• Neutral Sentiment: Qiagen disclosed Bank of America as a voting stakeholder, but the filing appears to be a routine ownership update and is unlikely to move BAC shares by itself. Bank of America Discloses 3.11% Voting Stake in Qiagen

Analysts Set New Price Targets

BAC has been the subject of a number of analyst reports. Piper Sandler raised their target price on shares of Bank of America from $53.00 to $59.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. reduced their price objective on shares of Bank of America from $61.50 to $57.50 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. HSBC raised their price objective on Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Morgan Stanley dropped their target price on Bank of America from $67.00 to $61.00 and set an “overweight” rating on the stock in a report on Tuesday, March 31st. Finally, Autonomous Res reduced their price target on Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Monday, April 6th. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.06.

Insider Activity at Bank of America

In related news, insider Bernard A. Mensah sold 94,000 shares of the company’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $46.94, for a total value of $4,412,360.00. Following the transaction, the insider owned 170,184 shares in the company, valued at approximately $7,988,436.96. This represents a 35.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas M. Scrivener sold 50,000 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the transaction, the insider directly owned 227,973 shares in the company, valued at approximately $11,357,614.86. This represents a 17.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 354,588 shares of company stock worth $17,814,296. 0.27% of the stock is owned by corporate insiders.

Bank of America Price Performance

NYSE:BAC opened at $49.89 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The stock’s 50 day moving average price is $50.42 and its two-hundred day moving average price is $52.46. The firm has a market capitalization of $354.05 billion, a price-to-earnings ratio of 12.35, a P/E/G ratio of 0.84 and a beta of 1.21. Bank of America Corporation has a 12-month low of $42.35 and a 12-month high of $57.55.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same period in the previous year, the company posted $0.90 EPS. The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, analysts anticipate that Bank of America Corporation will post 4.46 earnings per share for the current year.

Bank of America Dividend Announcement

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

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.