Aristotle Atlantic Partners LLC Sells 14,802 Shares of Bank of America Corporation $BAC

Aristotle Atlantic Partners LLC lessened its stake in Bank of America Corporation (NYSE:BAC) by 3.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 452,265 shares of the financial services provider’s stock after selling 14,802 shares during the period. Aristotle Atlantic Partners LLC’s holdings in Bank of America were worth $24,875,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Abound Financial LLC bought a new stake in shares of Bank of America in the 4th quarter valued at about $26,000. Wiser Advisor Group LLC acquired a new position in Bank of America in the third quarter valued at $27,000. Legacy Bridge LLC lifted its holdings in Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after buying an additional 330 shares during the period. Joseph Group Capital Management acquired a new position in Bank of America in the fourth quarter valued at $32,000. Finally, HFM Investment Advisors LLC lifted its holdings in Bank of America by 566.0% in the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider’s stock valued at $34,000 after buying an additional 532 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on BAC shares. Jefferies Financial Group boosted their target price on shares of Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, April 16th. JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $61.50 to $57.50 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Truist Financial boosted their target price on shares of Bank of America from $57.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, April 16th. 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. Finally, Argus lifted their price objective on shares of Bank of America from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $61.06.

Key Bank of America News

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

• Positive Sentiment: Bank of America was added to the Investor’s Business Daily Breakout Stocks Index and moved into a new buy zone, with the stock showing clear signs of investor demand. AI Strategy, Double-Digit Growth Put BofA Stock In Focus
• Positive Sentiment: Analysts and market coverage are highlighting BAC’s strong multi-year gains and continued appeal as a reasonably valued financial stock, which may be supporting sentiment despite the run-up in the share price. Bank of America (BAC) Stock After Strong Multi?Year Gains Still Reasonably Priced?
• Positive Sentiment: Bank of America executives said AI could expand its dominance in municipal underwriting, reinforcing the bank’s technology-driven growth narrative and potential for higher fee income. BofA Exec Sees AI Expanding Its Domination of Muni Underwriting
• Positive Sentiment: A new Bank of America study found wealthy clients are facing more complex financial planning needs due to longer lifespans and faster wealth transfer, which could support demand for the bank’s private banking and wealth management services. BofA Study Finds Longevity and Accelerating Wealth Transfer Are Making Family Finances More Complex
• Neutral Sentiment: Bank of America’s latest investor survey pointed to resilient economic conditions and a higher equity overweight among fund managers, but this is more a read on market positioning than a direct earnings catalyst. Bank of America takes firm position on inflation, economy
• Neutral Sentiment: The company also renewed its partnership with the Kansas City Current, a positive branding move but not likely to have a material near-term impact on BAC shares. Kansas City Current, BofA Announces Multi-Year Partnership Renewal Featuring Enhanced Community Efforts
• Negative Sentiment: Analyst price-target moves were mixed, with some firms cutting estimates, suggesting the market still has some concerns about BAC’s valuation and earnings outlook after a strong rally. Bank of America (BAC) Stock Draws Fresh Price Target Split After Mixed Analyst Revisions

Bank of America Stock Performance

Shares of BAC opened at $56.55 on Thursday. 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 stock has a 50-day moving average of $52.70 and a 200-day moving average of $52.49. The company has a market cap of $401.28 billion, a PE ratio of 14.00, a P/E/G ratio of 0.96 and a beta of 1.18. Bank of America Corporation has a one year low of $44.21 and a one year high of $57.98.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating 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 company had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same period last year, the business posted $0.90 EPS. The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is currently 27.72%.

Insider Activity

In related news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction 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 transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.27% of the stock is currently owned by corporate insiders.

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.