Westpac Banking Corp Sells 77,706 Shares of Bank of America Corporation $BAC

by · The Markets Daily

Westpac Banking Corp lowered its stake in Bank of America Corporation (NYSE:BAC) by 50.7% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 75,625 shares of the financial services provider’s stock after selling 77,706 shares during the period. Westpac Banking Corp’s holdings in Bank of America were worth $4,159,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of BAC. Norges Bank bought a new position in Bank of America in the fourth quarter valued at approximately $4,774,210,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Bank of America by 640.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock valued at $2,399,798,000 after buying an additional 40,235,201 shares in the last quarter. Vanguard Group Inc. lifted its stake in Bank of America by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock valued at $35,809,225,000 after buying an additional 23,351,183 shares in the last quarter. Capital World Investors lifted its stake in 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 buying an additional 14,275,810 shares in the last quarter. Finally, American Assets Investment Management LLC lifted its stake in Bank of America by 1,248.5% in the fourth quarter. American Assets Investment Management LLC now owns 15,224,325 shares of the financial services provider’s stock valued at $837,338,000 after buying an additional 14,095,375 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BAC shares. 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 boosted their price objective on shares of Bank of America from $58.00 to $61.00 and gave the stock an “outperform” rating in a research report on Thursday, April 16th. HSBC boosted their price objective on shares of Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. The Goldman Sachs Group boosted their price objective on shares of Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Finally, Truist Financial boosted their price objective on shares of Bank of America from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $61.06.

Read Our Latest Stock Report on BAC

Insider Buying and Selling

In related news, insider Thomas M. Scrivener sold 50,000 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the transaction, the insider directly owned 227,973 shares in the company, valued at approximately $11,357,614.86. The trade was a 17.99% 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 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 transaction of $6,719,335.56. Following the transaction, the insider 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 270,756 shares of company stock worth $13,622,696. 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: Commentary on BAC’s “hidden asset” — its large deposit franchise — highlights the bank’s stable funding base and long-term earnings power, which can support the stock’s valuation. Bank of America’s Deposit Franchise Is the Hidden Asset Investors Keep Missing
  • Positive Sentiment: Another recent piece framed Bank of America as a banking powerhouse with strong capital flow potential, reinforcing the idea that the stock remains attractive to value and income-focused investors. Bank of America: Let The Capital Flow To Your Portfolio With This Banking Powerhouse
  • Neutral Sentiment: Bank of America Securities was cited in market commentary on the Indian rupee, but that view is more about FX and emerging markets than BAC’s own fundamentals, so it is unlikely to move the stock directly.
  • Neutral Sentiment: One story noted that BAC’s latest analyst update did not change its price target, suggesting no major new catalyst from Wall Street on the day. How A Flat Price Target Is Shaping The Story For Bank Of America (BAC)
  • Negative Sentiment: A report said former Epstein banker Paul Morris is leaving Bank of America’s Merrill unit, which may create a modest reputational overhang, though the direct financial impact appears limited.

Bank of America Stock Performance

Shares of BAC stock opened at $52.50 on Wednesday. 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 quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The firm has a market cap of $372.55 billion, a PE ratio of 12.99, a P/E/G ratio of 0.87 and a beta of 1.18. Bank of America Corporation has a 12 month low of $43.66 and a 12 month high of $57.55.

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 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. Equities research analysts expect that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Announces Dividend

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 2.1%. The ex-dividend date is Friday, June 5th. Bank of America’s payout ratio is presently 27.72%.

About Bank of America

(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.

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