Bank of America Corporation $BAC Stock Position Increased by South Dakota Investment Council

Posted by Brian Himes on Jul 31st, 2026

South Dakota Investment Council raised its position in shares of Bank of America Corporation (NYSE:BAC – Free Report) by 11.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 77,494 shares of the financial services provider’s stock after purchasing an additional 8,100 shares during the period. South Dakota Investment Council’s holdings in Bank of America were worth $3,778,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Abound Financial LLC acquired a new stake in Bank of America in the 4th quarter valued at approximately $26,000. Legacy Bridge LLC boosted its position in 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 acquiring an additional 330 shares during the period. Wiser Advisor Group LLC acquired a new position in Bank of America during the 3rd quarter worth $27,000. CrossGen Wealth LLC bought a new position in shares of Bank of America in the fourth quarter worth $30,000. Finally, Joseph Group Capital Management bought a new position in shares of Bank of America in the fourth quarter worth $32,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of recent analyst reports. HSBC lifted their price objective on shares of Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Oppenheimer lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. UBS Group raised their target price on shares of Bank of America from $63.00 to $68.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Evercore set a $63.00 price target on shares of Bank of America and gave the stock an “outperform” rating in a research report on Monday, July 6th. Finally, Robert W. Baird upped their price target on shares of Bank of America from $58.00 to $62.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $64.00.

Read Our Latest Stock Report on BAC

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 shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the transaction, the insider 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.27% of the company’s stock.

Bank of America Trading Up 1.1%

Shares of Bank of America stock opened at $61.76 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The firm has a market cap of $438.25 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 0.98 and a beta of 1.17. The business has a fifty day simple moving average of $57.29 and a 200-day simple moving average of $53.49. Bank of America Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $62.99.

Bank of America (NYSE:BAC – Get Free Report) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.08. The business had revenue of $31.56 billion during the quarter, compared to analysts’ expectations of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The company’s quarterly revenue was up 19.6% on a year-over-year basis. During the same quarter last year, the business posted $0.89 earnings per share. On average, equities analysts forecast that Bank of America Corporation will post 4.67 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be given a dividend of $0.32 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.1%. Bank of America’s payout ratio is 25.69%.

Key Headlines Impacting Bank of America

Here are the key news stories impacting Bank of America this week:

Positive Sentiment: Bank of America plans to acquire U.K.-based cybersecurity consultancy MDSec Consulting, expanding its ability to defend against AI-driven cyberattacks and ransomware. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approval. Financial terms were not disclosed. Bank of America to acquire information security consultancy MDSec Consulting Limited
Positive Sentiment: Merrill Lynch recruited a 14-person advisory team managing approximately $13 billion from Morgan Stanley’s Graystone Consulting. The move could strengthen Bank of America’s wealth-management franchise and add affluent retail and institutional relationships. Merrill Lynch Recruits $13 Billion Team From Morgan Stanley’s Graystone Consulting
Positive Sentiment: JPMorgan raised its price target on BAC to $68 from $62.50 and assigned an Overweight rating, implying roughly 10% potential upside from the referenced price. The upgrade reinforces the view that Bank of America’s valuation remains attractive relative to its earnings outlook. JPMorgan raises Bank of America price target
Positive Sentiment: Recent coverage highlights BAC’s second-quarter earnings and revenue beats, resilient consumer spending, a 14% dividend increase and valuation near 13 times forward earnings. These factors have helped financial stocks outperform as investors rotate away from pressured technology and AI shares. Bank of America Stock Could Stay Reasonable Despite Fresh AI Expansion News
Neutral Sentiment: Loans backed by securities are increasingly popular among wealthy borrowers. This could support lending opportunities for Bank of America and Merrill, although the article does not identify BAC-specific business gains. How the Ultra-Rich Are Borrowing Millions Against Stock Instead of Selling
Negative Sentiment: Analysts delivered a harsh assessment of the Federal Reserve’s decision to hold interest rates steady while inflation remains elevated. Uncertainty over the path of rates can pressure bank valuations, margins and investor sentiment. Wall Street Delivers Harsh Verdict on Warsh Fed
Negative Sentiment: Bank stocks recently retreated from record levels ahead of the Fed meeting, showing that BAC’s strong rally remains vulnerable to interest-rate and macroeconomic developments. Bank Stocks Drop From Record Highs Ahead of Fed Meeting

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.