Bank of America Corporation $BAC Shares Bought by Constant Guidance Financial LLC

Constant Guidance Financial LLC raised its stake in Bank of America Corporation (NYSE:BAC) by 89.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 46,021 shares of the financial services provider’s stock after buying an additional 21,738 shares during the quarter. Bank of America accounts for 1.7% of Constant Guidance Financial LLC’s portfolio, making the stock its 13th biggest position. Constant Guidance Financial LLC’s holdings in Bank of America were worth $2,531,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Foundations Investment Advisors LLC boosted its stake in Bank of America by 2.2% in the fourth quarter. Foundations Investment Advisors LLC now owns 55,001 shares of the financial services provider’s stock valued at $3,025,000 after acquiring an additional 1,188 shares during the period. Baker Avenue Asset Management LP boosted its stake in Bank of America by 7.7% in the fourth quarter. Baker Avenue Asset Management LP now owns 83,808 shares of the financial services provider’s stock valued at $4,609,000 after acquiring an additional 5,994 shares during the period. Godfrey Financial Associates Inc. acquired a new position in Bank of America in the fourth quarter valued at approximately $282,000. Thoroughbred Financial Services LLC boosted its stake in Bank of America by 3.3% in the fourth quarter. Thoroughbred Financial Services LLC now owns 135,316 shares of the financial services provider’s stock valued at $7,442,000 after acquiring an additional 4,296 shares during the period. Finally, IPG Investment Advisors LLC boosted its stake in Bank of America by 149.6% in the fourth quarter. IPG Investment Advisors LLC now owns 48,500 shares of the financial services provider’s stock valued at $2,668,000 after acquiring an additional 29,069 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Royal Bank Of Canada restated an “outperform” rating and issued a $59.00 target price on shares of Bank of America in a research note on Thursday, April 16th. Jefferies Financial Group lifted their target price on Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Truist Financial lifted their target price on Bank of America from $57.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $63.00 to $64.00 and gave the stock an “outperform” rating in a research report on Thursday, April 16th. Finally, Morgan Stanley reduced their price objective on Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a research report on Tuesday, March 31st. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $61.06.

Insider Buying and Selling

In other Bank of America 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 value of $4,191,600.00. Following the transaction, the insider owned 307,240 shares of the company’s stock, valued at approximately $15,362,000. This represents a 21.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 354,588 shares of company stock worth $17,814,296 over the last three months. Corporate insiders own 0.27% of the company’s stock.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America’s analysts continued to highlight attractive opportunities in other companies, including upgraded calls on names like Intuit, Walmart, Spotify, Nvidia, and Oklo, underscoring the firm’s active and influential research platform. Article
• Positive Sentiment: Bank of America said Brazil could see a surge of IPOs after a long drought, which points to a possible rebound in investment-banking activity and future fee opportunities. Article
• Positive Sentiment: Bank of America cleared a derivatives hurdle in its regulatory “living will,” removing an overhang and signaling continued progress on capital-planning and risk-management requirements. Article
• Positive Sentiment: Berkshire Hathaway reportedly has not sold its Bank of America stake, which some investors may view as a confidence signal for BAC’s long-term value. Article
• Neutral Sentiment: Bank of America’s presentation at the Bernstein Strategic Decisions Conference kept BAC in focus, but the transcript itself did not provide a clear new stock-moving catalyst. Article
• Neutral Sentiment: The company also drew attention from conference-related announcements and charitable news, including Boston Marathon fundraising tied to Bank of America sponsorship, which is positive for brand visibility but not a major earnings driver. Article

Bank of America Price Performance

Shares of NYSE:BAC opened at $51.21 on Thursday. Bank of America Corporation has a 12 month low of $43.36 and a 12 month high of $57.55. The stock has a market cap of $363.44 billion, a price-to-earnings ratio of 12.68, a PEG ratio of 0.88 and a beta of 1.21. The stock’s 50 day moving average price is $50.94 and its 200 day moving average price is $52.34. 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 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 firm had revenue of $30.27 billion for the quarter, compared to analysts’ expectations of $29.72 billion. During the same quarter in the previous year, the company earned $0.90 earnings per share. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America’s dividend payout ratio is currently 27.72%.

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.