Kentucky Retirement Systems grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 108.0% during the 1st quarter, HoldingsChannel.com reports. The fund owned 880,612 shares of the financial services provider’s stock after purchasing an additional 457,142 shares during the quarter. Bank of America accounts for about 1.5% of Kentucky Retirement Systems’ holdings, making the stock its 7th biggest holding. Kentucky Retirement Systems’ holdings in Bank of America were worth $42,930,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of BAC. Abound Financial LLC acquired a new position in Bank of America during the 4th quarter valued at approximately $26,000. Wiser Advisor Group LLC acquired a new stake in shares of Bank of America during the third quarter worth $27,000. Legacy Bridge LLC lifted its stake in shares of Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after buying an additional 330 shares during the period. CrossGen Wealth LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at $30,000. Finally, Joseph Group Capital Management purchased a new stake in shares of Bank of America during the fourth quarter valued at $32,000. 70.71% of the stock is currently 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 Bank of America 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 sale, the insider directly owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. 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 company insiders.
Bank of America Stock Down 2.4%
Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm had revenue of $8.08 billion for the quarter, compared to analyst estimates of $30.78 billion. During the same period last year, the company posted $0.89 EPS. Bank of America’s quarterly revenue was up 19.6% compared to the same quarter last year. Equities analysts forecast that Bank of America Corporation will post 4.67 earnings per share for the current fiscal year.
Bank of America Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.1%. This is a boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. Bank of America’s dividend payout ratio (DPR) is 29.36%.
Key Stories Impacting Bank of America
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: JPMorgan raised its BAC price target and rating. JPMorgan increased its target from $62.50 to $68.00 and assigned an “overweight” rating, implying meaningful potential upside based on the referenced price. Benzinga article
- Positive Sentiment: Higher earnings forecasts support the long-term outlook. Erste Group raised its FY2026 EPS estimate for Bank of America to $4.64 from $4.53 and its FY2027 estimate to $5.20 from $5.13. The FY2027 forecast is above the broader consensus cited in the report. Erste Group earnings estimate article
- Positive Sentiment: Analyst commentary remains generally favorable. Recent coverage highlights BAC’s second-quarter performance relative to diversified-bank peers and identifies the company as a potential beneficiary of artificial-intelligence adoption through operating-efficiency and margin gains. Bank of America AI beneficiaries article
- Neutral Sentiment: Bank of America disclosed changes in its Umicore stake. Umicore reported that BAC repeatedly crossed the 3% transparency threshold, with the position remaining around that level. The disclosure does not indicate a material change to BAC’s core business. Umicore stake article
- Negative Sentiment: Broad bank-sector selling weighed on BAC. Goldman Sachs, Morgan Stanley, JPMorgan, Citigroup, Wells Fargo and Bank of America all declined as investors positioned ahead of the Fed meeting. Uncertainty over whether rates will remain unchanged—or potentially move higher—has increased volatility across financial stocks. Bank stocks ahead of Fed meeting article
Analyst Upgrades and Downgrades
BAC has been the subject of a number of research analyst reports. The Goldman Sachs Group raised their target price on Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Citigroup lifted their target price on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Robert W. Baird upped their target price on Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Evercore set a $63.00 price target on shares of Bank of America and gave the stock an “outperform” rating in a report on Monday, July 6th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $75.00 price target on shares of Bank of America in a research report on Tuesday, July 14th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.00.
Bank of America Company Profile
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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