MKP Capital Management L.L.C. Makes New Investment in Bank of America Corporation $BAC

MKP Capital Management L.L.C. bought a new position in Bank of America Corporation (NYSE:BAC) during the 4th quarter, HoldingsChannel reports. The firm bought 1,100,000 shares of the financial services provider’s stock, valued at approximately $60,500,000. Bank of America accounts for 2.2% of MKP Capital Management L.L.C.’s investment portfolio, making the stock its 7th biggest holding.

Several other hedge funds also recently bought and sold shares of the company. DecisionMap Wealth Management LLC raised its holdings in Bank of America by 4.7% in the fourth quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider’s stock worth $223,000 after purchasing an additional 182 shares during the period. Money Concepts Capital Corp lifted its stake in Bank of America by 3.8% in the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock valued at $273,000 after buying an additional 182 shares in the last quarter. Holistic Financial Partners lifted its stake 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 valued at $434,000 after buying an additional 183 shares in the last quarter. Operose Advisors LLC lifted its stake 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 valued at $1,123,000 after buying an additional 185 shares in the last quarter. Finally, Asahi Life Asset Management CO. LTD. lifted its stake 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 valued at $1,092,000 after buying an additional 187 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on BAC. Jefferies Financial Group lifted their price target on shares of Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Piper Sandler lifted their price target on shares of Bank of America from $53.00 to $59.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Robert W. Baird lifted their price target on shares of Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Oppenheimer lifted their price target on shares of Bank of America from $58.00 to $61.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. Finally, HSBC lifted their price target on shares of Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $61.06.

Insider Activity

In related news, insider Geoffrey S. Greener sold 126,756 shares of the business’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 transaction, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James P. Demare sold 83,832 shares of the business’s stock in a transaction on 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 transaction, the insider owned 307,240 shares in the company, valued at approximately $15,362,000. The trade was a 21.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 354,588 shares of company stock valued at $17,814,296 in the last ninety days. Corporate insiders own 0.27% of the company’s stock.

More Bank of America News

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

• Positive Sentiment: Analysts and market commentary continue to highlight Bank of America’s deposit franchise as a key structural advantage, supporting stable funding and long-term profitability. Bank of America’s Deposit Franchise Is the Hidden Asset Investors Keep Missing
• Positive Sentiment: Reuters-reported expectations for a 15% jump in second-quarter trading revenue suggest stronger near-term income, helped by market volatility and higher client activity. Bank of America (BAC) Expects Q2 Trading Revenue to Jump 15%, Reuters Reports
• Positive Sentiment: CEO Brian Moynihan’s recent comments that the company feels good about the near-term outlook and has raised its full-year net interest income outlook also added to sentiment. Bank of America’s Deposit Franchise Is the Hidden Asset Investors Keep Missing
• Neutral Sentiment: Bank of America Securities also hosted investor forums and conference coverage around hedge fund and quant-market activity, which reflects the firm’s strong capital-markets positioning but is not a direct earnings catalyst for BAC shares. BofA Securities Asia Forum Gathers Global Investors Amid Surge in Hedge Funds Allocations

Bank of America Price Performance

Shares of BAC opened at $51.48 on Tuesday. The company has a market cap of $365.36 billion, a price-to-earnings ratio of 12.74, a PEG ratio of 0.87 and a beta of 1.21. Bank of America Corporation has a 1-year low of $43.36 and a 1-year high of $57.55. The company’s fifty day simple moving average is $51.20 and its 200 day simple moving average is $52.30. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC) last issued its 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. The business had revenue of $30.27 billion for 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 firm’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.90 earnings per share. On average, research analysts forecast that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America’s payout ratio is presently 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.