Strs Ohio Has $91.43 Million Stock Position in Bank of America Corporation $BAC

Strs Ohio lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 5.3% during the first quarter, HoldingsChannel reports. The firm owned 1,875,554 shares of the financial services provider’s stock after selling 105,323 shares during the quarter. Strs Ohio’s holdings in Bank of America were worth $91,433,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in BAC. Brighton Jones LLC raised its position 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 worth $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC grew its position in shares of Bank of America by 40.5% in the 2nd 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 during the period. Jump Financial LLC increased its stake in shares of Bank of America by 38.4% during the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock worth $3,108,000 after purchasing an additional 18,227 shares during the last quarter. Nebula Research & Development LLC acquired a new position in shares of Bank of America during the 2nd quarter worth about $1,396,000. Finally, Vivaldi Capital Management LP raised its holdings in shares of Bank of America by 4.2% in the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock valued at $417,000 after purchasing an additional 355 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insiders Place Their Bets

In related news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction on 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 sale, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.27% of the company’s stock.

Bank of America Stock Up 0.5%

Shares of BAC opened at $58.67 on Friday. The firm has a market cap of $416.35 billion, a P/E ratio of 14.52, a price-to-earnings-growth ratio of 0.98 and a beta of 1.17. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. Bank of America Corporation has a 52 week low of $44.75 and a 52 week high of $59.19. The firm’s 50-day simple moving average is $53.71 and its 200 day simple moving average is $52.78.

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. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same period last year, the business posted $0.90 earnings per share. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, analysts forecast that Bank of America Corporation will post 4.49 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is presently 27.72%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on BAC shares. Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research note on Friday, April 24th. Jefferies Financial Group raised their price objective on Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. HSBC lifted their target price on Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Finally, Oppenheimer lowered Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $61.60.

Trending Headlines about Bank of America

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

• Positive Sentiment: Analysts continue to view BAC as undervalued, with Morgan Stanley recently raising its price target and calling the stock attractive relative to peers, which supports the bullish case for the shares. Bank of America (BAC) Stock Looks Reasonable On Earnings But Stretched Versus Fair Value
• Positive Sentiment: The bank’s recent earnings strength and expectations for another strong quarter remain a key tailwind, with investors focusing on continued profit growth and solid revenue trends ahead of the next report. Bank of America (BAC) Stock Looks Reasonable On Earnings But Stretched Versus Fair Value
• Neutral Sentiment: Several articles framed BAC as a reasonable value-and-income play versus Wells Fargo and highlighted ongoing strength in the megabank group, but these pieces are more comparative than company-specific catalysts. More Bang for Your Buck: Is Bank of America or Wells Fargo the Better Value-and-Income Buy?
• Neutral Sentiment: Bank of America’s own strategists have been active in market commentary, including warnings about a possible S&P 500 correction and broader rotation into “boring” stocks, but those views mainly reflect macro positioning rather than a direct BAC earnings catalyst. S&P 500 Faces Risk of a ‘Three-Wave Correction,’ Warns Bank of America
• Negative Sentiment: Senate Democrats are asking the Fed inspector general to review whether a Fed official violated rules by speaking at a private Bank of America client dinner, creating a modest regulatory and reputational overhang for BAC. US Senator Warren calls for Fed watchdog review of Bowman’s BofA dinner, WSJ reports
• Negative Sentiment: Bank of America’s Merrill Lynch unit was also fined by the SEC, which adds to headline risk even though the penalty appears relatively limited in size. Bank of America’s Merrill Lynch unit fined $7.5M by U.S. SEC

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.