Banque Cantonale Vaudoise Sells 47,437 Shares of Bank of America Corporation $BAC

Banque Cantonale Vaudoise lessened its stake in shares of Bank of America Corporation (NYSE:BAC – Free Report) by 12.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 343,696 shares of the financial services provider’s stock after selling 47,437 shares during the period. Bank of America comprises approximately 0.7% of Banque Cantonale Vaudoise’s investment portfolio, making the stock its 21st largest holding. Banque Cantonale Vaudoise’s holdings in Bank of America were worth $18,904,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Brighton Jones LLC increased its stake in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares during the last quarter. Sivia Capital Partners LLC lifted its stake in 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 purchasing an additional 6,174 shares during the last quarter. Jump Financial LLC grew its holdings in Bank of America by 38.4% during the second 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 period. Nebula Research & Development LLC bought a new position in Bank of America during the second quarter worth about $1,396,000. Finally, Vivaldi Capital Management LP increased its position in Bank of America by 4.2% during the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock worth $417,000 after buying an additional 355 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

A number of research firms recently weighed in on BAC. Truist Financial boosted their target price on Bank of America from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. JPMorgan Chase & Co. reduced their price objective on shares of Bank of America from $61.50 to $57.50 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a research report on Thursday, April 16th. Finally, Autonomous Res reduced their target price on shares of Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Monday, April 6th. Twenty-two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $61.06.

Get Our Latest Analysis on Bank of America

Insider Buying and Selling at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction that occurred 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 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 SEC, which is accessible through this link. Also, insider James P. Demare sold 83,832 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total value of $4,191,600.00. Following the sale, the insider directly owned 307,240 shares in the company, valued at $15,362,000. This represents a 21.44% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 354,588 shares of company stock worth $17,814,296. 0.27% of the stock is currently owned by company insiders.
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BAC stock opened at $50.67 on Wednesday. Bank of America Corporation has a fifty-two week low of $42.35 and a fifty-two week 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. The stock has a market capitalization of $359.59 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 0.86 and a beta of 1.21. The business’s fifty day moving average price is $50.46 and its two-hundred day moving average price is $52.41.

Bank of America (NYSE:BAC – Get Free Report) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $30.27 billion during the quarter, compared to analysts’ expectations of $29.72 billion. During the same quarter in the previous year, the business posted $0.90 earnings per share. Bank of America’s quarterly revenue was up 10.7% on a year-over-year basis. On average, equities analysts anticipate that Bank of America Corporation will post 4.46 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio is presently 27.72%.

Here are the key news stories impacting Bank of America this week:
• CFRA cut Bank of America (BAC) to Hold, suggesting limited near-term upside after the recent run in large bank stocks and weighing on sentiment toward the shares. Bank of America Cut to Hold by CFRA: Is the Big Bank Trade Running Out of Gas?
• Bank of America released a Better Money Habits study showing Gen Z is increasingly managing expenses on its own, but the report is mainly a consumer insight update and does not directly change earnings expectations. BofA Study Finds Fewer Gen Z Rely on Family for Financial Assistance, Even With 42% Living Paycheck to Paycheck
• Financial stocks were weaker ahead of the open, pointing to broader sector pressure that can spill over into BAC even without company-specific news.

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.
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