North Dakota State Investment Board Makes New $12.72 Million Investment in Bank of America Corporation $BAC

North Dakota State Investment Board bought a new position in Bank of America Corporation (NYSE:BAC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 231,252 shares of the financial services provider’s stock, valued at approximately $12,719,000. Bank of America makes up approximately 0.5% of North Dakota State Investment Board’s investment portfolio, making the stock its 27th biggest position.

Other hedge funds have also added to or reduced their stakes in the company. Wiser Advisor Group LLC bought a new stake in shares of Bank of America during the third quarter valued at approximately $27,000. Legacy Bridge LLC increased its holdings in shares of Bank of America by 182.3% during the fourth 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 in the last quarter. Collier Financial bought a new stake in shares of Bank of America during the third quarter valued at approximately $30,000. Joseph Group Capital Management bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $32,000. Finally, HFM Investment Advisors LLC increased its holdings in shares of Bank of America by 566.0% during the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 532 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

BAC has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research note on Friday, April 24th. Royal Bank Of Canada reissued an “outperform” rating and set a $59.00 target price on shares of Bank of America in a research report on Thursday, April 16th. Truist Financial boosted their target price on shares of Bank of America from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Evercore decreased their target price on shares of Bank of America from $70.00 to $61.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Oppenheimer boosted their target price on shares of Bank of America from $58.00 to $61.00 and gave the stock an “outperform” rating in a research report on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.06.

Bank of America Trading Down 0.0%

Shares of Bank of America stock opened at $49.77 on Monday. The stock has a fifty day simple moving average of $50.40 and a 200 day simple moving average of $52.44. Bank of America Corporation has a 12-month low of $42.35 and a 12-month high of $57.55. The company has a market capitalization of $353.18 billion, a P/E ratio of 12.32, a price-to-earnings-growth ratio of 0.84 and a beta of 1.21. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (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 business had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter in the prior year, the company posted $0.90 earnings per share. Bank of America’s revenue was up 10.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio is 27.72%.

Bank of America News Summary

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

• Positive Sentiment: Bank of America is being highlighted as a potential beneficiary of a “higher-for-longer” or steeper yield-curve environment, which could support lending margins and fixed-rate asset repricing for large banks. Article Title
• Positive Sentiment: Investors are also viewing Bank of America as one of the better-value large banks, with commentary pointing to its relatively attractive valuation and Buffett-backed reputation as reasons it could hold up well versus peers. Article Title
• Neutral Sentiment: Analysts are also using Bank of America’s research platform to make calls on other stocks, including Alphabet, Taiwan Semiconductor, ASML, Nvidia, Akamai, IQVIA, and VNET. These notes reinforce BofA’s influence on markets, but they do not directly change BAC’s fundamentals. Article Title
• Negative Sentiment: Evercore lowered its price target on Bank of America from $70 to $61, which is a modest caution signal even though the firm kept an Outperform rating. Article Title

Insiders Place Their Bets

In other Bank of America news, insider Bernard A. Mensah sold 94,000 shares of the company’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $46.94, for a total value of $4,412,360.00. Following the completion of the transaction, the insider owned 170,184 shares in the company, valued at $7,988,436.96. This represents a 35.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James P. Demare sold 83,832 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total value of $4,191,600.00. Following the completion of the transaction, the insider owned 307,240 shares of the company’s stock, valued at $15,362,000. This trade represents a 21.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 354,588 shares of company stock worth $17,814,296 over the last 90 days. Company insiders own 0.27% of the company’s stock.

Bank of America Company 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.