Geode Capital Management LLC Sells 252,398 Shares of Bank of America Corporation $BAC

Geode Capital Management LLC decreased its holdings in Bank of America Corporation (NYSE:BAC) by 0.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 154,483,485 shares of the financial services provider’s stock after selling 252,398 shares during the quarter. Bank of America makes up 0.5% of Geode Capital Management LLC’s investment portfolio, making the stock its 23rd biggest holding. Geode Capital Management LLC’s holdings in Bank of America were worth $8,468,199,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of BAC. Brighton Jones LLC grew its stake in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares during the last quarter. Sivia Capital Partners LLC grew its stake in shares of Bank of America by 40.5% in the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock worth $1,013,000 after purchasing an additional 6,174 shares during the last quarter. Jump Financial LLC grew its stake in shares of Bank of America by 38.4% in the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock worth $3,108,000 after purchasing an additional 18,227 shares during the last quarter. Nebula Research & Development LLC bought a new stake in shares of Bank of America in the second quarter worth $1,396,000. Finally, Vivaldi Capital Management LP grew its stake in shares of Bank of America by 4.2% in the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock worth $417,000 after purchasing an additional 355 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $51.21 on Thursday. The firm’s 50-day moving average price is $50.94 and its 200-day moving average price is $52.34. Bank of America Corporation has a 1-year low of $43.36 and a 1-year high of $57.55. The firm has a market capitalization of $363.44 billion, a P/E ratio of 12.68, a P/E/G ratio of 0.88 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 data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same quarter in the prior year, the business earned $0.90 earnings per share. The business’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 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. The ex-dividend date 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%.

Insider Activity at Bank of America

In other news, insider Thomas M. Scrivener sold 50,000 shares of the company’s 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 transaction, the insider 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James P. Demare sold 83,832 shares of the company’s stock in a transaction dated 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 owned 307,240 shares in the company, valued at $15,362,000. This represents a 21.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 354,588 shares of company stock worth $17,814,296 over the last three months. 0.27% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

BAC has been the topic of several analyst reports. Royal Bank Of Canada reissued an “outperform” rating and issued a $59.00 price objective on shares of Bank of America in a research note on Thursday, April 16th. Daiwa Securities Group boosted their target price on shares of Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. UBS Group boosted their target price on shares of Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. HSBC boosted their target price on shares of Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Finally, Evercore dropped their target price on shares of Bank of America from $70.00 to $61.00 and set an “outperform” rating on the stock in a report on Friday, May 15th. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $61.06.

Bank of America News Roundup

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 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.