Intrust Bank NA Sells 87,868 Shares of Bank of America Corporation $BAC

Intrust Bank NA trimmed its holdings in Bank of America Corporation (NYSE:BAC) by 48.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 94,162 shares of the financial services provider’s stock after selling 87,868 shares during the period. Intrust Bank NA’s holdings in Bank of America were worth $5,179,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of BAC. Handelsbanken Fonder AB grew its stake in shares of Bank of America by 53.0% during the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock valued at $254,625,000 after purchasing an additional 1,603,080 shares during the period. Meridian Wealth Management LLC grew its stake in shares of Bank of America by 54.6% during the 3rd quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider’s stock valued at $3,008,000 after purchasing an additional 20,591 shares during the period. Lockheed Martin Investment Management Co. grew its stake in shares of Bank of America by 15.9% during the 3rd quarter. Lockheed Martin Investment Management Co. now owns 629,610 shares of the financial services provider’s stock valued at $32,482,000 after purchasing an additional 86,290 shares during the period. AdvisorShares Investments LLC bought a new position in shares of Bank of America during the 3rd quarter valued at approximately $482,000. Finally, Mufg Securities Americas Inc. grew its stake in shares of 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 acquiring an additional 41,809 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of recent analyst reports. Truist Financial raised 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 note on Thursday, April 16th. The Goldman Sachs Group upped their price target on shares of Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. UBS Group upped their price target on shares of Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Keefe, Bruyette & Woods upped their price target on shares of 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, HSBC upped their price target on shares of Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have assigned 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 price target of $61.06.

Insider Transactions at Bank of America

In other news, insider James P. Demare sold 83,832 shares of the company’s stock in a transaction that occurred 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 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value 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 trade represents a 8.45% decrease in their ownership of the stock. 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 90 days. Insiders own 0.27% of the company’s stock.

Trending Headlines about Bank of America

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

• Negative Sentiment: CFRA cut Bank of America (BAC) to Hold, suggesting limited near-term upside after the recent run in large bank stocks and weighing on sentiment toward the shares. Bank of America Cut to Hold by CFRA: Is the Big Bank Trade Running Out of Gas?
• Neutral Sentiment: Bank of America released a Better Money Habits study showing Gen Z is increasingly managing expenses on its own, but the report is mainly a consumer insight update and does not directly change earnings expectations. BofA Study Finds Fewer Gen Z Rely on Family for Financial Assistance, Even With 42% Living Paycheck to Paycheck
• Neutral Sentiment: Financial stocks were weaker ahead of the open, pointing to broader sector pressure that can spill over into BAC even without company-specific news. Sector Update: Financial Stocks Fall Pre-Bell Tuesday

Bank of America Trading Down 0.0%

BAC stock opened at $50.67 on Wednesday. Bank of America Corporation has a 1-year low of $42.35 and a 1-year high of $57.55. 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 company has a market capitalization of $359.59 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 0.86 and a beta of 1.21. The business has a 50 day simple moving average of $50.46 and a two-hundred day simple moving average of $52.41.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share 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 period in the prior 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. Research analysts anticipate that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Announces Dividend

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