ABN AMRO Bank N.V. Sells 1,783,654 Shares of Bank of America Corporation $BAC

Key Points

• ABN AMRO Bank N.V. cut its Bank of America stake by 27.7% in the first quarter, selling 1.78 million shares. After the sale, it still held 4.66 million shares worth about $229.5 million.
• Bank of America posted solid quarterly results, with earnings of $1.11 per share topping estimates of $1.00 and revenue rising 10.7% year over year to $30.27 billion. The bank also maintained a quarterly dividend of $0.28 per share, or $1.12 annualized.
• Wall Street sentiment remains constructive, with analysts giving BAC a consensus “Moderate Buy” rating and an average price target of $61.35. Several firms recently raised targets or reiterated buy ratings, signaling expectations for further upside.

ABN AMRO Bank N.V. reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 27.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,660,755 shares of the financial services provider's stock after selling 1,783,654 shares during the period. Bank of America comprises about 2.5% of ABN AMRO Bank N.V.'s holdings, making the stock its 9th largest holding. ABN AMRO Bank N.V. owned about 0.07% of Bank of America worth $229,474,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of BAC. Abound Financial LLC purchased a new stake in Bank of America during the 4th quarter worth approximately $26,000. Wiser Advisor Group LLC acquired a new position in shares of Bank of America in the third quarter worth $27,000. Legacy Bridge LLC increased its position 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 acquiring an additional 330 shares during the period. CrossGen Wealth LLC purchased a new stake in shares of Bank of America during the fourth quarter worth $30,000. Finally, Joseph Group Capital Management acquired a new stake in shares of Bank of America in the fourth quarter valued at $32,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Down 0.5%

Bank of America stock opened at $57.92 on Friday. The stock has a market cap of $411.06 billion, a PE ratio of 14.34, a P/E/G ratio of 0.98 and a beta of 1.18. 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 stock's fifty day moving average is $53.36 and its two-hundred day moving average is $52.68. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $59.19.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter in the prior year, the business posted $0.90 EPS. The business's revenue for the quarter was up 10.7% on a year-over-year basis. On average, sell-side analysts expect that Bank of America Corporation will post 4.47 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America's dividend payout ratio (DPR) is 27.72%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on BAC shares. Keefe, Bruyette & Woods lifted their target price on Bank of America from $63.00 to $64.00 and gave the company an "outperform" rating in a report on Thursday, April 16th. Oppenheimer increased their price target on Bank of America from $58.00 to $61.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. Daiwa Securities Group lifted their price objective on Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research note on Tuesday, April 28th. HSBC boosted their price objective on Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Finally, Robert W. Baird raised their target price on shares of Bank of America from $56.00 to $58.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and an average price target of $61.35.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Citi raised its price target on Bank of America and kept a Buy rating, citing expectations for strong second-quarter results and reinforcing the view that BAC can deliver solid earnings growth. Bank of America (BAC) – Among the Top 10 Blue Chip Stocks with Growing Dividends
• Positive Sentiment: Barclays reaffirmed its Buy rating on BAC, adding to the bullish analyst backdrop and suggesting Wall Street still sees room for upside. Barclays Reaffirms Their Buy Rating on Bank of America (BAC)
• Positive Sentiment: Bank of America’s own research highlighted AI-driven semiconductor demand, projecting an additional $1 trillion in chip sales over five years, which supports a more constructive macro outlook for markets tied to technology spending and capital formation. BofA Sees AI Driving the Next $1 Trillion in Semiconductor Revenue
• Positive Sentiment: Reports that major banks passed the Fed stress test again and showed capital resilience may lift sentiment toward large money-center banks like BAC by reinforcing dividend and buyback flexibility. Fed Stress Test: JPM & Other Big Banks Pass Again, Show Resilience
• Neutral Sentiment: Other BofA commentary focused on housing trends, small- and mid-cap preferences, and wealthy-investor behavior, but these items are more market-color than direct catalysts for BAC shares. Bank of America sees major housing shift despite high mortgage rates
• Negative Sentiment: Bank of America also warned that the risk of a market correction is rising, a cautious tone that can temper enthusiasm for financial stocks even when fundamentals remain solid. Bank of America (BAC) Says Risks of a Market Correction Are Rising

Insider Activity at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction on 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 sale, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This trade represents a 8.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.27% of the stock is owned by company insiders.

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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