Key Points
- Insider sale: Bank of America insider Bernard Mensah sold 94,000 shares at an average price of $46.94 on March 12, a $4.41 million transaction that cut his ownership by 35.58% to 170,184 shares (SEC filing).
- Dividend announced: BAC declared a quarterly dividend of $0.28 per share (annualized $1.12, yield ~2.4%) with record date March 6 and payment on March 27.
- Analyst and market view: Analysts hold a "Moderate Buy" consensus with a $60.30 price target, but the stock faces near-term pressure from sector rate volatility and high-profile selling (including reports of Buffett trimming his stake).
Bank of America Corporation (NYSE:BAC) insider Bernard Mensah sold 94,000 shares of the business's stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the completion of the sale, the insider owned 170,184 shares in the company, valued at approximately $7,988,436.96. This trade represents a 35.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.
Bank of America Stock Down 0.9%
Shares of NYSE:BAC opened at $46.72 on Friday. The company has a market cap of $335.32 billion, a price-to-earnings ratio of 12.20, a PEG ratio of 1.15 and a beta of 1.28. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $57.55. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The company has a 50-day moving average price of $52.52 and a 200 day moving average price of $52.45.
Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The company had revenue of $4.53 billion for the quarter, compared to analysts' expectations of $27.73 billion. During the same period in the previous year, the firm posted $0.82 earnings per share. The firm's revenue for the quarter was up 12.3% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.
Bank of America Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 6th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.12 annualized dividend and a dividend yield of 2.4%. Bank of America's payout ratio is currently 29.24%.
Key Headlines Impacting Bank of America
Here are the key news stories impacting Bank of America this week:
Analyst Ratings Changes
BAC has been the subject of several recent analyst reports. HSBC lifted their price objective on shares of Bank of America from $55.00 to $57.00 and gave the stock a "hold" rating in a research note on Friday, February 6th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of America in a research note on Tuesday, January 27th. Truist Financial cut their price target on shares of Bank of America from $62.00 to $60.00 and set a "buy" rating on the stock in a report on Thursday, January 15th. Royal Bank Of Canada raised their price objective on shares of Bank of America from $56.00 to $59.00 and gave the stock an "outperform" rating in a research note on Friday, December 12th. Finally, Piper Sandler boosted their target price on Bank of America from $56.00 to $57.00 and gave the company a "neutral" rating in a research report on Thursday, January 15th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $60.30.
View Our Latest Report on Bank of America
Institutional Investors Weigh In On Bank of America
Several large investors have recently added to or reduced their stakes in BAC. Vanguard Group Inc. increased its position in shares of Bank of America by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock worth $35,809,225,000 after acquiring an additional 23,351,183 shares during the period. Capital World Investors boosted its holdings in shares of Bank of America by 11.0% in the third quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider's stock valued at $7,448,816,000 after purchasing an additional 14,275,810 shares during the period. Norges Bank bought a new position in Bank of America in the second quarter worth approximately $5,091,641,000. Bank of New York Mellon Corp grew its stake in Bank of America by 5.4% in the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider's stock worth $3,169,062,000 after purchasing an additional 2,929,779 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in Bank of America by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider's stock worth $2,958,110,000 after purchasing an additional 1,105,833 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.
About Bank of America
(
Get Free Report)
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
