Texas Capital Bank Wealth Management Services Inc Has $4.52 Million Stock Holdings in Bank of America Corporation $BAC

Texas Capital Bank Wealth Management Services Inc increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 37.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,181 shares of the financial services provider’s stock after purchasing an additional 22,488 shares during the quarter. Texas Capital Bank Wealth Management Services Inc’s holdings in Bank of America were worth $4,520,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in BAC. Wiser Advisor Group LLC acquired a new position in Bank of America during the 3rd quarter worth approximately $27,000. Legacy Bridge LLC increased its position in 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 purchasing an additional 330 shares in the last quarter. Collier Financial acquired a new position in Bank of America during the 3rd quarter worth approximately $30,000. Joseph Group Capital Management acquired a new position in Bank of America during the 4th quarter worth approximately $32,000. Finally, HFM Investment Advisors LLC increased its position in Bank of America by 566.0% during the 4th quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 532 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America News Summary

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on BAC shares. Truist Financial upped their price objective 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. The Goldman Sachs Group upped their price target on shares of Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Friday, April 24th. Daiwa Securities Group upped their price target on shares of Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, April 28th. Finally, Evercore decreased their price target 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, May 15th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $61.06.

Bank of America Trading Down 1.9%

NYSE:BAC opened at $51.21 on Thursday. The firm’s fifty day moving average is $50.94 and its 200-day moving average is $52.34. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. Bank of America Corporation has a 52 week low of $43.36 and a 52 week high of $57.55. The firm has a market cap 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.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same period in the prior year, the firm posted $0.90 EPS. The company’s quarterly revenue was up 10.7% on a year-over-year basis. Equities analysts expect that Bank of America Corporation will post 4.45 earnings per share for the current 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 dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is 27.72%.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 83,832 shares of the stock in a transaction dated 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 sale, the insider owned 307,240 shares in the company, valued at $15,362,000. This represents a 21.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider owned 1,373,397 shares of the company’s stock, valued at approximately $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 valued at $17,814,296 over the last ninety days. 0.27% of the stock is currently owned by corporate insiders.

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.