Insight Advisors LLC PA Purchases 13,648 Shares of Bank of America Corporation $BAC

Insight Advisors LLC PA grew its position in Bank of America Corporation (NYSE:BAC) by 165.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 21,873 shares of the financial services provider’s stock after buying an additional 13,648 shares during the period. Insight Advisors LLC PA’s holdings in Bank of America were worth $1,066,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Abound Financial LLC acquired a new position in Bank of America in the fourth quarter valued at about $26,000. Wiser Advisor Group LLC bought a new stake in shares of Bank of America in the third quarter worth about $27,000. Legacy Bridge LLC raised its position in shares of Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 330 shares during the period. CrossGen Wealth LLC acquired a new stake in shares of Bank of America during the fourth quarter worth about $30,000. Finally, Joseph Group Capital Management bought a new position in shares of Bank of America during the 4th quarter valued at about $32,000. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on BAC shares. Royal Bank Of Canada boosted their price objective on Bank of America from $59.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, July 15th. Wells Fargo & Company raised their target price on shares of Bank of America from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $57.50 to $62.50 and gave the company an “overweight” rating in a research note on Monday, July 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $63.77.

More Bank of America News

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

• Positive Sentiment: Bank of America’s new BofA Rewards program crossed 3 million enrollments in just seven weeks, with most sign-ups happening digitally. That rapid adoption suggests the bank is successfully deepening customer relationships and could support future deposit growth and cross-selling. 3 Million+ Clients Enroll in New BofA Rewards™ Program in First Seven Weeks
• Positive Sentiment: Bank of America also enhanced its EricaAssist tool with generative AI, giving more than 18,000 employees faster real-time guidance to resolve client needs. Investors may view this as an efficiency and service-quality improvement that can help lower costs over time. BofA enhances AI-powered tool to resolve client needs faster
• Positive Sentiment: Oppenheimer reportedly added Bank of America to its latest buy ideas list with a near-perfect quant rating, reinforcing the bullish case for BAC among analysts. Bank of America leads Oppenheimer’s latest buy additions with near-perfect quant rating
• Positive Sentiment: The bank promoted Thorsten Pauli to lead Asia Pacific capital markets, a move that underscores continued focus on investment banking and global markets opportunities. Bank of America (BAC) Names Thorsten Pauli To Lead Asia Pacific Capital Markets
• Positive Sentiment: Bank of America’s small business digital banking platform again ranked first in a Keynova Group scorecard, which may bolster the view that BAC is gaining share through better digital products. Small Business Digital Banking Advances with Payment Innovations and Upgraded Invoicing and Receivables Capabilities
• Neutral Sentiment: Several stories highlighted Bank of America research on other companies, including Micron, Meta, Apple, CoreWeave, and Citizens Financial. These items mainly reflect BAC’s analyst franchise rather than a direct change in Bank of America’s fundamentals.
• Neutral Sentiment: The bank also released workplace wellbeing and broader economic commentary, which add color to the macro backdrop but are less likely to move BAC shares by themselves. BofA Report: Financial Wellbeing of Employees at U.S. Companies Hits Four-Year High, Even as Cost-of-Living Pressures Persist

Bank of America Stock Up 1.2%

NYSE:BAC opened at $61.12 on Wednesday. The stock has a 50-day simple moving average of $55.71 and a 200 day simple moving average of $53.21. Bank of America Corporation has a 52-week low of $44.75 and a 52-week high of $62.12. The company has a market cap of $433.71 billion, a PE ratio of 14.02, a PEG ratio of 0.97 and a beta of 1.17. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. The firm had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The business’s revenue was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.89 EPS. On average, sell-side analysts expect that Bank of America Corporation will post 4.66 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America’s payout ratio is currently 25.69%.

Insider Buying and Selling

In related news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $72,803,774.97. This trade 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 accessible through this hyperlink. Insiders own 0.27% of the company’s stock.

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.