Fullerton Fund Management Co Ltd. cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 20.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 697,527 shares of the financial services provider’s stock after selling 177,331 shares during the quarter. Bank of America comprises about 1.7% of Fullerton Fund Management Co Ltd.’s investment portfolio, making the stock its 18th largest position. Fullerton Fund Management Co Ltd.’s holdings in Bank of America were worth $38,364,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also made changes to their positions in BAC. Handelsbanken Fonder AB grew its stake in Bank of America by 53.0% in the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock valued at $254,625,000 after acquiring an additional 1,603,080 shares during the last quarter. Mufg Securities Americas Inc. grew its stake in Bank of America by 26.6% in the 3rd quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider’s stock valued at $10,262,000 after acquiring an additional 41,809 shares during the last quarter. B. Metzler seel. Sohn & Co. AG grew its stake in Bank of America by 11.2% in the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider’s stock valued at $34,974,000 after acquiring an additional 68,093 shares during the last quarter. Constant Guidance Financial LLC grew its stake in Bank of America by 603.4% in the 3rd quarter. Constant Guidance Financial LLC now owns 24,283 shares of the financial services provider’s stock valued at $1,253,000 after acquiring an additional 20,831 shares during the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new stake in Bank of America in the 3rd quarter valued at about $27,629,000. 70.71% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at Bank of America
In other news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the transaction, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.27% of the stock is currently owned by insiders.
Trending Headlines about Bank of America
- Positive Sentiment: Bank of America CEO Brian Moynihan said consumers are still spending on discretionary items despite inflation and affordability concerns, suggesting BAC’s customer base remains resilient and supporting a constructive outlook for card, deposit, and lending activity. Bank of America CEO Says Consumers Keep Spending Despite Affordability Concerns
- Positive Sentiment: Bank of America is expanding its “Scaminars” fraud-prevention campaign and using AI-powered detection tools, which could help reduce losses, protect clients, and strengthen the bank’s reputation with retail customers. Bank of America to Host Thousands of “Scaminars” to Help Protect Clients and Fight Fraud
- Positive Sentiment: Bank of America noted that Meta’s new AI search tools could create a larger monetization opportunity, highlighting BAC’s research influence and its bullish view on AI-driven growth themes. Meta introduces AI search and creative tools, Bank of America flags emerging monetization opportunity
- Neutral Sentiment: Bank of America maintained a Hold rating on PDD Holdings, citing softer-than-expected results; this is not directly about BAC, but it reflects ongoing analyst discipline across the firm’s coverage. Bank of America Securities Maintains Hold Rating on PDD Holdings (PDD) Stock
- Neutral Sentiment: Bank of America’s market commentary showing AI stock enthusiasm is still in the “boom phase” may support risk appetite in equities, but it is more of a market sentiment signal than a direct BAC-specific catalyst. AI Stock Rally Is in Boom Phase Not Euphoria, BofA Survey Shows
- Neutral Sentiment: Bank of America renewed its partnership with the Kansas City Current, a positive branding and community item, but it is unlikely to materially affect earnings or the stock near term. Kansas City Current, BofA Announces Multi-Year Partnership Renewal Featuring Enhanced Community Efforts
- Neutral Sentiment: Bank of America slightly reduced a derivative-based stake in CA Immobilien Anlagen, a routine disclosure that does not appear significant for BAC’s fundamentals. Bank of America slightly trims derivative-based stake in CA Immobilien Anlagen
Bank of America Trading Up 1.6%
Shares of BAC stock opened at $56.79 on Wednesday. The firm has a market cap of $402.99 billion, a P/E ratio of 14.06, a PEG ratio of 0.95 and a beta of 1.19. Bank of America Corporation has a 1-year low of $44.06 and a 1-year 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 firm’s 50-day simple moving average is $52.57 and its 200-day simple moving average is $52.47.
Bank of America (NYSE:BAC – Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company’s revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.90 EPS. As a group, equities analysts forecast that Bank of America Corporation will post 4.45 EPS for the current year.
Bank of America Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio is presently 27.72%.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on BAC. Argus increased their price objective on shares of Bank of America from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Autonomous Res lowered their price objective on shares of Bank of America from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Monday, April 6th. Robert W. Baird increased their price objective 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. Daiwa Securities Group raised their price target on shares of Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. Finally, Oppenheimer raised their price target on shares of Bank of America from $58.00 to $61.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $61.06.
Get Our Latest Analysis on BAC
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.
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