Diversified Trust Co Lowers Stock Position in Bank of America Corporation $BAC
Diversified Trust Co reduced its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 14. 8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 265,009 shares of the financial
Diversified Trust Co reduced its position in shares of Bank of America Corporation (NYSE:BAC-Free Report) by 14. 8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 265,009 shares of the financial services provider's stock after selling 45,870 shares during the period. Diversified Trust Co's holdings in Bank of America were worth $12,919,000 at the end of the most recent quarter. Chime Finally Turns Profitable—But Risks RemainSeveral other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Abound Financial LLC purchased a new stake in Bank of America in the 4th quarter valued at about $26,000. Legacy Bridge LLC lifted its position in shares of Bank of America by 182. 3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after buying an additional 330 shares in the last quarter. Wiser Advisor Group LLC purchased a new position in shares of Bank of America in the 3rd quarter worth approximately $27,000. CrossGen Wealth LLC purchased a new position in shares of Bank of America in the 4th quarter worth approximately $30,000. Finally, Joseph Group Capital Management bought a new position in shares of Bank of America in the fourth quarter valued at approximately $32,000. 70. 71% of the stock is currently owned by hedge funds and other institutional investors. GetBank of Americaalerts:Trending Headlines about Bank of AmericaHere are the key news stories impacting Bank of America this week:Positive Sentiment:Bank of America’s internal research is being cited as bullish for the bank sector, with commentary that higher rates can still support net interest income even as the Fed holds rates steady, which could help BAC’s earnings outlook. Fed Holds Rates But Signals Hike: Key Takeaways for Bank InvestorsPositive Sentiment:Bank of America also drew attention for its view that lower-income households may be stabilizing, suggesting the consumer backdrop could be improving and reducing recession fears that would hurt loan growth and credit quality. Miserable K-shaped economy might actually be fading, as lower-income families bounce back, says Bank of AmericaNeutral Sentiment:Bank of America revealed a roughly 3% indirect stake in Qiagen and reported similar holdings disclosures for Umicore; these are portfolio/ownership updates and are unlikely to have a direct impact on BAC’s core banking results. Bank of America Reveals 3. 01% Indirect Stake in QiagenUmicore - Transparency notifications by Bank of America CorporationNeutral Sentiment:Reports that a Fed official spoke at a private Bank of America client dinner may attract headlines, but it appears more like a reputational/regulatory talking point than a direct earnings driver. The Fed's vice chair of supervision spoke at a private dinner Bank of America hosted for clients hours after the central bank announced its latest policy decisionNegative Sentiment:Bank of America is facing fresh scrutiny tied to regulators’ upcoming “debanking” findings, which could create policy and compliance concerns for large banks like BAC. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking FindingsInsider Transactions at Bank of AmericaWells Fargo’s Comeback Is Real—But Not Risk-FreeIn related news, insiderGeoffrey S. Greenersold 126,756 shares of the business's stock in a transaction dated 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 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible throughthis hyperlink. Corporate insiders own 0. 27% of the company's stock. Bank of America Price PerformanceShares ofNYSE BACopened at $56. 26 on Friday. The stock has a fifty day simple moving average of $52. 91 and a two-hundred day simple moving average of $52. 54. Bank of America Corporation has a 1-year low of $44. 75 and a 1-year high of $57. 98. The firm has a market cap of $399. 27 billion, a price-to-earnings ratio of 13. 93, a price-to-earnings-growth ratio of 0. 95 and a beta of 1. 18. The company has a current ratio of 0. 81, a quick ratio of 0. 81 and a debt-to-equity ratio of 1. 18. The New Fed Chair Trade: Who Wins When Warsh Takes the Helm?Bank of America (NYSE:BAC-Get Free Report) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $1. 11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1. 00 by $0. 11. Bank of America had a return on equity of 11. 49% and a net margin of 16. 78%. The firm had revenue of $30. 27 billion for the quarter, compared to analyst estimates of $29. 72 billion. During the same period in the previous year, the company posted $0. 90 earnings per share. The business's revenue was up 10. 7% on a year-over-year basis. Analysts anticipate that Bank of America Corporation will post 4. 45 earnings per share for the current year. Bank of America Announces DividendThe company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a $0. 28 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1. 12 annualized dividend and a yield of 2. 0%. Bank of America's dividend payout ratio (DPR) is 27. 72%. Analyst Ratings ChangesA number of analysts recently commented on the company. Evercore decreased their price target on Bank of America from $70. 00 to $61. 00 and set an "outperform" rating for the company in a research report on Friday, May 15th. Truist Financial boosted their price objective on Bank of America from $57. 00 to $61. 00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Piper Sandler upped their price objective on Bank of America from $53. 00 to $59. 00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. UBS Group boosted their price target on shares of Bank of America from $62. 00 to $63. 00 in a report on Wednesday, May 6th. Finally, Argus increased their price target on shares of Bank of America from $59. 00 to $62. 00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat. com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $61. 06. Check Out Our Latest Report on Bank of AmericaBank of America Profile(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. See AlsoFive stocks we like better than Bank of America3 Retail Winners Using Cash Flow to Stay Ahead3 Tech ETFs That Could Bounce Back After the AI Selloff3 Penny Stocks Under $5 Backed by Real Revenue Growth3 Non-Pharma Firms That Could Benefit From the GLP-1 TrendThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat. com. Should You Invest $1,000 in Bank of America Right Now?Before you consider Bank of America, you'll want to hear this. 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