13,827 Shares in Bank of America Corporation $BAC Acquired by Lawood & Co.

Lawood & Co. acquired a new stake in Bank of America Corporation (NYSE:BAC) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 13,827 shares of the financial services provider’s stock, valued at approximately $760,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. DNB Asset Management AS boosted its stake in shares of Bank of America by 4.2% during the fourth quarter. DNB Asset Management AS now owns 4,832,975 shares of the financial services provider’s stock valued at $265,814,000 after purchasing an additional 192,672 shares during the period. Commerzbank Aktiengesellschaft FI grew its holdings in shares of Bank of America by 49.2% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 264,474 shares of the financial services provider’s stock worth $14,546,000 after purchasing an additional 87,260 shares during the last quarter. HFM Investment Advisors LLC increased its stake in Bank of America by 566.0% in the 4th quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider’s stock worth $34,000 after buying an additional 532 shares during the period. Convergence Investment Partners LLC increased its stake in Bank of America by 2.0% in the 4th quarter. Convergence Investment Partners LLC now owns 87,605 shares of the financial services provider’s stock worth $4,818,000 after buying an additional 1,728 shares during the period. Finally, IMG Wealth Management Inc. lifted its holdings in Bank of America by 7.9% during the 4th quarter. IMG Wealth Management Inc. now owns 5,151 shares of the financial services provider’s stock valued at $283,000 after buying an additional 376 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC opened at $49.77 on Friday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The company has a 50 day moving average price of $50.40 and a 200-day moving average price of $52.44. Bank of America Corporation has a fifty-two week low of $42.35 and a fifty-two week high of $57.55. The stock has a market capitalization of $353.18 billion, a PE ratio of 12.32, a PEG ratio of 0.84 and a beta of 1.21.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. The company had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. Bank of America’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.90 earnings per share. Equities analysts predict that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be issued a $0.28 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. Bank of America’s dividend payout ratio (DPR) is currently 27.72%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BAC. 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. Morgan Stanley lowered their price target on Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a report on Tuesday, March 31st. JPMorgan Chase & Co. dropped their price objective on Bank of America from $61.50 to $57.50 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Piper Sandler lifted their target price on Bank of America from $53.00 to $59.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. Finally, Robert W. Baird upped their target price on Bank of America from $56.00 to $58.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average 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 is being highlighted as a potential beneficiary of a “higher-for-longer” or steeper yield-curve environment, which could support lending margins and fixed-rate asset repricing for large banks. Article Title
• Positive Sentiment: Investors are also viewing Bank of America as one of the better-value large banks, with commentary pointing to its relatively attractive valuation and Buffett-backed reputation as reasons it could hold up well versus peers. Article Title
• Neutral Sentiment: Analysts are also using Bank of America’s research platform to make calls on other stocks, including Alphabet, Taiwan Semiconductor, ASML, Nvidia, Akamai, IQVIA, and VNET. These notes reinforce BofA’s influence on markets, but they do not directly change BAC’s fundamentals. Article Title
• Negative Sentiment: Evercore lowered its price target on Bank of America from $70 to $61, which is a modest caution signal even though the firm kept an Outperform rating. Article Title

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America 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 transaction, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was 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 at the SEC website. Also, insider Bernard A. Mensah sold 94,000 shares of the business’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the completion of the transaction, the insider owned 170,184 shares of the company’s stock, valued at $7,988,436.96. This represents a 35.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 354,588 shares of company stock valued at $17,814,296. 0.27% of the stock is currently owned by 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.