First City Capital Management Inc. Cuts Stock Position in Bank of America Corporation $BAC

First City Capital Management Inc. cut its position in shares of Bank of America Corporation (NYSE:BAC) by 21.4% during the 1st quarter, Holdings Channel.com reports. The firm owned 42,385 shares of the financial services provider’s stock after selling 11,544 shares during the period. Bank of America accounts for approximately 1.1% of First City Capital Management Inc.’s holdings, making the stock its 20th largest holding. First City Capital Management Inc.’s holdings in Bank of America were worth $2,066,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of BAC. Signal Advisors Wealth LLC lifted its position in Bank of America by 11.3% in the 1st quarter. Signal Advisors Wealth LLC now owns 20,711 shares of the financial services provider’s stock worth $1,010,000 after buying an additional 2,095 shares during the last quarter. Sovereign Financial Group Inc. grew its position in Bank of America by 1.1% during the first quarter. Sovereign Financial Group Inc. now owns 39,207 shares of the financial services provider’s stock valued at $1,911,000 after acquiring an additional 420 shares during the last quarter. Athena Wealth Management LLC raised its stake in shares of Bank of America by 56.0% during the first quarter. Athena Wealth Management LLC now owns 26,463 shares of the financial services provider’s stock worth $1,290,000 after acquiring an additional 9,499 shares in the last quarter. Anchyra Partners LLC lifted its holdings in shares of Bank of America by 1.4% in the 1st quarter. Anchyra Partners LLC now owns 19,580 shares of the financial services provider’s stock worth $955,000 after acquiring an additional 274 shares during the last quarter. Finally, Summit Wealth Partners LLC bought a new stake in shares of Bank of America in the 1st quarter worth approximately $926,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.27% of the company’s stock.

Bank of America Stock Up 1.0%

Shares of NYSE BAC opened at $57.97 on Wednesday. The firm’s fifty day moving average is $53.11 and its 200 day moving average is $52.59. Bank of America Corporation has a 52 week low of $44.75 and a 52 week high of $58.01. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The company has a market cap of $411.39 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 0.97 and a beta 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 for the quarter, beating the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion during the quarter, compared to analysts’ expectations of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.90 EPS. On average, equities research analysts expect that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio is currently 27.72%.

More Bank of America News

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

• Positive Sentiment: Bank of America’s revised Fed call suggests a higher-rate environment that could help preserve net interest income and support bank profitability if credit quality remains stable.
• Positive Sentiment: The bank’s own consumer and housing research showed more Americans now favor buying over renting, a potentially supportive sign for mortgage and consumer lending demand. BofA Study: More Americans Favor Buying Over Renting for the First Time Since 2023
• Neutral Sentiment: BAC also disclosed a 2.95% stake in Qiagen via shares and swaps, which is a portfolio update but not likely to materially change the bank’s near-term earnings outlook. Bank of America reports 2.95% stake in Qiagen via shares and swaps
• Negative Sentiment: A more aggressive Fed path could also weigh on loan growth and increase recession concerns, which may limit upside for BAC if investors focus more on slower credit demand than on margin expansion.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Daiwa Securities Group increased 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. The Goldman Sachs Group boosted 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 note on Thursday, April 16th. Argus upped their price target on shares of Bank of America from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. UBS Group raised their price objective on Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Finally, Morgan Stanley lowered their target price on Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $61.23.

Bank of America 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.