Income Insurance Ltd Buys Shares of 21,821 Bank of America Corporation $BAC

Income Insurance Ltd bought a new stake in Bank of America Corporation (NYSE:BAC) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 21,821 shares of the financial services provider’s stock, valued at approximately $1,200,000. Bank of America makes up about 0.8% of Income Insurance Ltd’s portfolio, making the stock its 22nd largest holding.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. D Orazio & Associates Inc. grew its holdings in shares of Bank of America by 46.4% during the fourth quarter. D Orazio & Associates Inc. now owns 6,322 shares of the financial services provider’s stock valued at $348,000 after buying an additional 2,003 shares during the last quarter. Bryn Mawr Trust Advisors LLC raised its stake in Bank of America by 9.1% in the 4th quarter. Bryn Mawr Trust Advisors LLC now owns 20,573 shares of the financial services provider’s stock worth $1,132,000 after acquiring an additional 1,715 shares during the last quarter. Advisor OS LLC raised its stake in Bank of America by 8.8% in the 4th quarter. Advisor OS LLC now owns 47,820 shares of the financial services provider’s stock worth $2,630,000 after acquiring an additional 3,874 shares during the last quarter. Plato Investment Management Ltd raised its stake in Bank of America by 5.6% in the 4th quarter. Plato Investment Management Ltd now owns 187,505 shares of the financial services provider’s stock worth $10,363,000 after acquiring an additional 9,901 shares during the last quarter. Finally, Midwest Trust Co raised its stake in Bank of America by 11.4% in the 4th quarter. Midwest Trust Co now owns 55,129 shares of the financial services provider’s stock worth $3,032,000 after acquiring an additional 5,647 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Bank of America

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

• Positive Sentiment: UBS raised its price target on Bank of America to $63 from $62, reinforcing a constructive Wall Street view and suggesting further upside from current levels. UBS Raises PT
• Positive Sentiment: Bank of America expanded its defense financing role and is helping support drone and robotics production, which could translate into more lending, fee income, and long-term client relationships. Defense Financing
• Positive Sentiment: The bank acted as lead lender on a $1.8 billion refinance of 9 West 57th Street, highlighting continued strength in commercial real estate financing activity. 9 West 57th Refinance
• Neutral Sentiment: Bank of America shareholders backed the current leadership and governance structure at the annual meeting, reducing governance uncertainty but not likely driving a major near-term stock reaction. Shareholder Vote
• Neutral Sentiment: Reuters reported the hiring of tech dealmaker Richard Hardegree as vice chair of M&A, a sign of continued investment banking leadership buildup, though the stock impact is likely limited for now. M&A Hiring
• Neutral Sentiment: Bank of America’s commentary on card spending pointed to a sudden slowdown in U.S. consumer activity, but the bank said it is not yet sure of the cause. Spending Slump
• Negative Sentiment: High-profile insider selling by Geoffrey Greener, who sold about $6.7 million of BAC shares, is weighing on sentiment and can signal caution to investors. Insider Sale
• Negative Sentiment: Reports that Berkshire-related holder Greg Abel continued trimming BAC for a seventh straight quarter add to concerns about reduced conviction from a major long-term investor. Greg Abel Sells

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on BAC shares. 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 note on Tuesday, April 7th. Daiwa Securities Group raised their target price on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. Jefferies Financial Group raised their target price on Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. CICC Research started coverage on Bank of America in a research note on Wednesday, January 14th. They issued an “outperform” rating and a $62.00 target price for the company. Finally, Piper Sandler raised their target price 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. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $61.06.

Insider Activity

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were 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 owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider James P. Demare sold 83,832 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the transaction, the insider owned 307,240 shares of the company’s stock, valued at approximately $15,362,000. This trade represents a 21.44% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 354,588 shares of company stock worth $17,814,296. 0.27% of the stock is currently owned by insiders.

Bank of America Trading Down 2.8%

NYSE BAC opened at $51.26 on Friday. The company has a market capitalization of $363.79 billion, a PE ratio of 12.69, a P/E/G ratio of 0.87 and a beta of 1.21. The company has a fifty day moving average of $50.44 and a 200 day moving average of $52.51. Bank of America Corporation has a 1 year low of $41.69 and a 1 year high of $57.55. 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 (NYSE:BAC) last issued its quarterly earnings data 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. The business 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%. The company’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 earnings per share. Research analysts forecast that Bank of America Corporation will post 4.46 earnings per share for the current year.

Bank of America Announces Dividend

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 given 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 2.2%. Bank of America’s dividend payout ratio is 27.72%.

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.