CIBC Asset Management Inc Has $112.36 Million Stock Position in Bank of America Corporation $BAC

CIBC Asset Management Inc lifted its stake in Bank of America Corporation (NYSE:BAC) by 46.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,043,401 shares of the financial services provider’s stock after buying an additional 649,356 shares during the period. CIBC Asset Management Inc’s holdings in Bank of America were worth $112,356,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in BAC. DecisionMap Wealth Management LLC raised its holdings in Bank of America by 4.7% in the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider’s stock valued at $223,000 after acquiring an additional 182 shares in the last quarter. Money Concepts Capital Corp raised its holdings in Bank of America by 3.8% in the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock valued at $273,000 after acquiring an additional 182 shares in the last quarter. Holistic Financial Partners lifted its position in Bank of America by 2.4% in the fourth quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider’s stock worth $434,000 after purchasing an additional 183 shares during the period. Operose Advisors LLC lifted its position in Bank of America by 0.9% in the fourth quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock worth $1,123,000 after purchasing an additional 185 shares during the period. Finally, Asahi Life Asset Management CO. LTD. lifted its position in Bank of America by 1.0% in the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock worth $1,092,000 after purchasing an additional 187 shares during the period. Institutional investors own 70.71% of the company’s stock.

Trending Headlines about Bank of America

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

• Positive Sentiment: Investors are being reminded of Bank of America’s strong deposit franchise, a key structural advantage that can support net interest income and long-term earnings stability. Bank of America’s Deposit Franchise Is the Hidden Asset Investors Keep Missing
• Positive Sentiment: A Seeking Alpha piece frames BAC as an attractive banking name for capital deployment, reinforcing the view that the stock still offers value for investors seeking exposure to a large, profitable lender. Bank of America: Let The Capital Flow To Your Portfolio With This Banking Powerhouse
• Neutral Sentiment: A note about Bank of America’s latest analyst update said the price target was left unchanged, which suggests a wait-and-see stance rather than a major shift in the investment case. How A Flat Price Target Is Shaping The Story For Bank Of America (BAC)
• Neutral Sentiment: One reported item says former Epstein banker Paul Morris left Bank of America’s Merrill unit, but the article does not indicate a material business impact on BAC. Former Epstein banker Paul Morris leaves Bank of America’s Merrill unit – report
• Negative Sentiment: Broader market coverage shows Wall Street analysts growing more skeptical after the recent rally, which could temper enthusiasm for financial stocks like BAC if sentiment rotates away from stretched valuations. Wall Street Analysts Turn Skeptical After Two-Month Stocks Rally

Analyst Ratings Changes

Several research analysts recently commented on the company. JPMorgan Chase & Co. reduced their target price on Bank of America from $61.50 to $57.50 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. Evercore reduced their target price on 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. Piper Sandler raised their price target on shares of Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. Daiwa Securities Group raised their price target on shares of Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. Finally, Jefferies Financial Group raised their price target on shares of Bank of America from $60.00 to $65.00 and gave the stock 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 MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $61.06.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was 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 directly owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through 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 value of $4,412,360.00. Following the sale, the insider directly 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 three months, insiders sold 270,756 shares of company stock valued at $13,622,696. 0.27% of the stock is currently owned by insiders.

Bank of America Stock Performance

BAC stock opened at $52.50 on Wednesday. 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 company has a 50 day moving average price of $51.20 and a 200 day moving average price of $52.30. Bank of America Corporation has a fifty-two week low of $43.66 and a fifty-two week high of $57.55. The stock has a market capitalization of $372.55 billion, a PE ratio of 12.99, a price-to-earnings-growth ratio of 0.87 and a beta of 1.18.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $29.72 billion. During the same quarter in the previous year, the company posted $0.90 EPS. Bank of America’s revenue was up 10.7% on a year-over-year basis. Analysts forecast that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s payout ratio is currently 27.72%.

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.