Fortem Financial Group LLC Sells 21,587 Shares of Bank of America Corporation $BAC

Fortem Financial Group LLC cut its position in Bank of America Corporation (NYSE:BAC) by 51.4% in the first quarter, HoldingsChannel.com reports. The firm owned 20,424 shares of the financial services provider’s stock after selling 21,587 shares during the quarter. Fortem Financial Group LLC’s holdings in Bank of America were worth $996,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of BAC. Brighton Jones LLC raised its holdings in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after acquiring an additional 25,143 shares during the period. Sivia Capital Partners LLC lifted its position in shares of Bank of America by 40.5% in the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock valued at $1,013,000 after acquiring an additional 6,174 shares in the last quarter. Jump Financial LLC boosted its stake in shares of Bank of America by 38.4% in the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock worth $3,108,000 after acquiring an additional 18,227 shares during the period. Nebula Research & Development LLC bought a new position in shares of Bank of America in the second quarter worth about $1,396,000. Finally, Vivaldi Capital Management LP grew its position in shares of Bank of America by 4.2% during the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock worth $417,000 after purchasing an additional 355 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America News Summary

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

• Positive Sentiment: Bank of America’s internal research is being cited as bullish for the bank sector, with commentary that higher rates can still support net interest income even as the Fed holds rates steady, which could help BAC’s earnings outlook. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Positive Sentiment: Bank of America also drew attention for its view that lower-income households may be stabilizing, suggesting the consumer backdrop could be improving and reducing recession fears that would hurt loan growth and credit quality. Miserable K-shaped economy might actually be fading, as lower-income families bounce back, says Bank of America
• Neutral Sentiment: Bank of America revealed a roughly 3% indirect stake in Qiagen and reported similar holdings disclosures for Umicore; these are portfolio/ownership updates and are unlikely to have a direct impact on BAC’s core banking results. Bank of America Reveals 3.01% Indirect Stake in Qiagen Umicore – Transparency notifications by Bank of America Corporation
• Neutral Sentiment: Reports that a Fed official spoke at a private Bank of America client dinner may attract headlines, but it appears more like a reputational/regulatory talking point than a direct earnings driver. The Fed’s vice chair of supervision spoke at a private dinner Bank of America hosted for clients hours after the central bank announced its latest policy decision
• Negative Sentiment: Bank of America is facing fresh scrutiny tied to regulators’ upcoming “debanking” findings, which could create policy and compliance concerns for large banks like BAC. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings

Insider Transactions at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction on 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 sale, the insider owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. This 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. 0.27% of the stock is currently owned by insiders.

Bank of America Stock Performance

NYSE BAC opened at $56.26 on Friday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $57.98. The business has a 50 day simple moving average of $52.91 and a two-hundred day simple moving average of $52.54. The stock has a market capitalization of $399.27 billion, a PE ratio of 13.93, a P/E/G ratio of 0.95 and a beta of 1.18.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion for the quarter, compared to analysts’ expectations of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.90 EPS. On average, research analysts predict that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, June 5th. Bank of America’s payout ratio is currently 27.72%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BAC. Keefe, Bruyette & Woods lifted their target price on Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. Evercore dropped their price target on Bank of America from $70.00 to $61.00 and set an “outperform” rating for the company in a research note on Friday, May 15th. Truist Financial increased their price objective 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. Piper Sandler lifted their price objective on shares of 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, JPMorgan Chase & Co. lowered 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. Twenty-two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.06.

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.