Dai ichi Life Insurance Company Ltd reduced its stake in Bank of America Corporation (NYSE:BAC) by 18.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 459,655 shares of the financial services provider’s stock after selling 105,804 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Bank of America were worth $22,408,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Renaissance Technologies LLC bought a new stake in Bank of America during the 1st quarter valued at about $67,507,000. Bollard Group LLC lifted its stake in shares of Bank of America by 11.3% in the first quarter. Bollard Group LLC now owns 192,945 shares of the financial services provider’s stock worth $9,406,000 after buying an additional 19,665 shares in the last quarter. Hilltop Holdings Inc. grew its holdings in shares of Bank of America by 51.3% during the first quarter. Hilltop Holdings Inc. now owns 38,237 shares of the financial services provider’s stock valued at $1,864,000 after buying an additional 12,957 shares during the last quarter. Morningstar Investment Management LLC grew its holdings in shares of Bank of America by 8.7% during the first quarter. Morningstar Investment Management LLC now owns 38,527 shares of the financial services provider’s stock valued at $1,878,000 after buying an additional 3,079 shares during the last quarter. Finally, Pennington Partners & CO. LLC increased its position in shares of Bank of America by 4.2% during the first quarter. Pennington Partners & CO. LLC now owns 7,576 shares of the financial services provider’s stock valued at $369,000 after acquiring an additional 308 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.
Key Headlines Impacting Bank of America
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: Bank of America raised its quarterly dividend by 14% to $0.32 per share, a clear signal of strong capital generation and management’s commitment to shareholder returns. Bank of America hikes common stock dividend by 14%
- Positive Sentiment: The dividend boost was also highlighted in company announcements and market coverage, likely supporting sentiment that BAC’s balance sheet and earnings power remain solid. Bank of America Increases Common Stock Dividend 14% to 0.32 Per Share
- Positive Sentiment: Bank of America also continued to get attention for its investment research, including bullish calls on AI beneficiaries like Micron and Alphabet, which can reinforce the firm’s reputation and market visibility. Why BofA Thinks Micron Stock Could Be One of AI’s Biggest Long-Term Winners
- Neutral Sentiment: One report noted Bank of America’s well-known stock-market “sell signal” indicator is at its highest level since 2021, which may be seen as a cautionary macro signal rather than a direct BAC-specific issue. BofA’s famed sell signal for stocks is at its highest level since 2021
- Neutral Sentiment: Additional coverage on federal debt, inflation, and global bond weakness reflects the broader macro backdrop BAC operates in, but these items do not directly change the bank’s near-term fundamentals. Trump Called Himself the ‘King of Debt.’ Now Bank of America Says the U.S. Will Spend $2 Trillion More Than It Brings In This Year
Bank of America Stock Performance
Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.08. The business had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The company’s quarterly revenue was up 19.6% on a year-over-year basis. During the same period last year, the firm earned $0.89 earnings per share. On average, research analysts anticipate that Bank of America Corporation will post 4.65 earnings per share for the current year.
Bank of America Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a yield of 2.1%. This is an increase from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s payout ratio is 25.69%.
Insider Buying and Selling
In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.27% of the company’s stock.
Analyst Ratings Changes
BAC has been the topic of several analyst reports. Morgan Stanley upped their price objective on Bank of America from $61.00 to $67.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. Keefe, Bruyette & Woods lifted their target price on Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a report on Wednesday, July 15th. Daiwa Securities Group boosted their price target on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. Oppenheimer downgraded Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Finally, Argus set a $70.00 price objective on Bank of America in a research report on Wednesday, July 15th. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $63.77.
Read Our Latest Analysis on Bank of America
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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