Hoertkorn Richard Charles Sells 157,828 Shares of Bank of America Corporation $BAC

Hoertkorn Richard Charles decreased its position in Bank of America Corporation (NYSE:BAC) by 58.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 113,287 shares of the financial services provider’s stock after selling 157,828 shares during the period. Bank of America accounts for 4.5% of Hoertkorn Richard Charles’ portfolio, making the stock its 8th largest position. Hoertkorn Richard Charles’ holdings in Bank of America were worth $5,523,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its stake in shares of 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 worth $4,785,000 after buying an additional 25,143 shares during the last quarter. Sivia Capital Partners LLC lifted its holdings in 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 buying an additional 6,174 shares during the period. Jump Financial LLC boosted its stake in 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 valued at $3,108,000 after acquiring an additional 18,227 shares during the last quarter. Nebula Research & Development LLC bought a new position in Bank of America in the second quarter valued at approximately $1,396,000. Finally, Vivaldi Capital Management LP grew its holdings in Bank of America by 4.2% during the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock worth $417,000 after acquiring an additional 355 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Down 2.5%

BAC opened at $58.38 on Thursday. The firm’s fifty day moving average is $54.24 and its two-hundred day moving average is $52.90. 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 firm has a market cap of $414.33 billion, a PE ratio of 14.45, a price-to-earnings-growth ratio of 1.00 and a beta of 1.17. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $60.83.

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, topping analysts’ consensus estimates 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 company had revenue of $30.27 billion for the quarter, compared to analysts’ expectations of $29.72 billion. During the same period last year, the firm posted $0.90 earnings per share. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Corporation will post 4.49 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were issued a dividend of $0.28 per share. The ex-dividend date was Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 1.9%. Bank of America’s payout ratio is currently 27.72%.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America extended OpenAI a $520 million credit line, its first loan to the AI company, signaling BAC is deepening relationships in one of the market’s fastest-growing sectors and strengthening its reputation as a major AI financier. BofA extends first $520 million loan to OpenAI ahead of IPO, source says
• Positive Sentiment: Analysts at Bank of America reiterated a Buy rating on Nvidia and called it a “unique, durable growth franchise,” reinforcing BAC’s credibility on AI-related equity research and its exposure to the broader AI investment theme. BofA Says Buy Nvidia (NVDA) Stock, Calls It a ‘Unique, Durable Growth Franchise’
• Positive Sentiment: Bank of America also reiterated a Buy on Nvidia and said current valuation already reflects overly cautious expectations, which may support investor sentiment toward BAC’s analyst franchise and AI-linked banking activity. Nvidia backed by Bank of America as analysts see AI leadership supporting further growth
• Positive Sentiment: Bank of America’s stock has also benefited from stronger sector sentiment and recent optimism around its stress-test results and payments initiatives, which suggests investors are still comfortable with BAC’s capital position and earnings outlook. Why Bank of America Stock Jumped in June

Insider Transactions at Bank of America

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 value of $6,719,335.56. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on BAC shares. The Goldman Sachs Group upped their target price on shares of Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Piper Sandler lifted their price objective on Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. Citigroup upped their price objective on Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research note on Friday, April 24th. Finally, Truist Financial raised their target price on Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Friday, June 26th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $62.19.

About Bank of America

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.