Adams Diversified Equity Fund Inc. Increases Stock Position in Bank of America Corporation $BAC

Key Points

• Adams Diversified Equity Fund boosted its Bank of America stake by 4.1% in the first quarter, buying 36,800 more shares and bringing its total holding to 932,768 shares worth about $45.5 million.
• Analyst sentiment remains bullish, with several firms raising price targets or reaffirming Buy ratings; MarketBeat data shows 22 Buy ratings, five Holds, and a consensus target price of $61.35.
• Bank of America posted solid fundamentals, including first-quarter EPS of $1.11 versus the $1.00 estimate and revenue of $30.27 billion, while also paying a quarterly dividend of $0.28 per share.

Adams Diversified Equity Fund Inc. lifted its stake in Bank of America Corporation (NYSE:BAC) by 4.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 932,768 shares of the financial services provider's stock after acquiring an additional 36,800 shares during the quarter. Bank of America accounts for about 1.6% of Adams Diversified Equity Fund Inc.'s investment portfolio, making the stock its 12th largest holding. Adams Diversified Equity Fund Inc.'s holdings in Bank of America were worth $45,472,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in BAC. DecisionMap Wealth Management LLC grew its position in Bank of America by 4.7% in the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider's stock worth $223,000 after purchasing an additional 182 shares during the period. Money Concepts Capital Corp grew its stake in shares of Bank of America by 3.8% during the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock valued at $273,000 after purchasing an additional 182 shares during the period. Holistic Financial Partners grew its stake in shares of Bank of America by 2.4% during the 4th quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider's stock valued at $434,000 after purchasing an additional 183 shares during the period. Operose Advisors LLC increased its position in shares of Bank of America by 0.9% during the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider's stock valued at $1,123,000 after purchasing an additional 185 shares during the last quarter. Finally, Asahi Life Asset Management CO. LTD. increased its position in shares of Bank of America by 1.0% during the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider's stock valued at $1,092,000 after purchasing an additional 187 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America News Summary

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Morgan Stanley dropped their price objective on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. Citigroup increased their price target on shares of Bank of America from $62.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday. Truist Financial lifted their price target on shares of Bank of America from $61.00 to $64.00 and gave the stock a "buy" rating in a research note on Friday. Daiwa Securities Group boosted their price objective on shares of Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Tuesday, April 28th. Finally, Argus upped their price objective on Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $61.35.

Insider Buying and Selling

In other news, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction dated 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 transaction, the insider directly owned 1,373,397 shares in the company, 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 Securities & Exchange Commission, which is available at this hyperlink. 0.27% of the stock is currently owned by corporate insiders.

Bank of America Stock Performance

BAC opened at $57.92 on Friday. The company has a 50 day simple moving average of $53.36 and a two-hundred day simple moving average of $52.68. 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 has a market cap of $411.06 billion, a P/E ratio of 14.34, a PEG ratio of 0.98 and a beta of 1.18. 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 announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating the consensus estimate of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same period last year, the firm earned $0.90 EPS. The company's revenue was up 10.7% on a year-over-year basis. Equities analysts forecast that Bank of America Corporation will post 4.47 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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

Bank of America 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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