Artisan Partners Limited Partnership Increases Stock Holdings in Bank of America Corporation $BAC

Key Points

• Artisan Partners increased its Bank of America stake by 3.5% in the fourth quarter, adding 107,084 shares to reach 3,145,027 shares valued at about $173 million.
• Analysts remain generally bullish on BAC, with 22 Buy ratings and five Hold ratings, giving the stock a Moderate Buy consensus and a consensus price target of $61.06.
• Bank of America reported stronger-than-expected quarterly results, including $1.11 EPS versus the $1.00 estimate and 10.7% revenue growth year over year, while also declaring a $0.28 quarterly dividend.

Artisan Partners Limited Partnership boosted its position in Bank of America Corporation (NYSE:BAC) by 3.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,145,027 shares of the financial services provider's stock after purchasing an additional 107,084 shares during the period. Artisan Partners Limited Partnership's holdings in Bank of America were worth $172,976,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of BAC. Abound Financial LLC purchased a new position in Bank of America in the fourth quarter worth about $26,000. Wiser Advisor Group LLC bought a new position in shares of Bank of America in the third quarter worth about $27,000. Legacy Bridge LLC raised its stake in shares of Bank of America by 182.3% in 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. Joseph Group Capital Management bought a new position in shares of Bank of America in the fourth quarter worth about $32,000. Finally, HFM Investment Advisors LLC raised its stake in shares of Bank of America by 566.0% in the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock worth $34,000 after buying an additional 532 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on BAC. UBS Group raised their price objective on Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $59.00 price objective on shares of Bank of America in a research note on Thursday, April 16th. The Goldman Sachs Group raised their price objective 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. Truist Financial raised their price objective on Bank of America from $57.00 to $61.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Finally, Autonomous Res decreased their price objective on Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a research note on Monday, April 6th. Twenty-two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.06.

Bank of America Stock Performance

NYSE:BAC opened at $56.79 on Wednesday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. Bank of America Corporation has a 1 year low of $44.06 and a 1 year high of $57.55. The stock's 50 day simple moving average is $52.57 and its two-hundred day simple moving average is $52.47. The company has a market cap of $402.99 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 0.95 and a beta of 1.19.

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 earnings per share (EPS) for the quarter, topping 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 previous year, the company posted $0.90 EPS. The company's revenue was up 10.7% compared to the same quarter last year. As a group, equities analysts anticipate that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be issued a $0.28 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of America's payout ratio is 27.72%.

Insider Activity 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 completion of the transaction, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.27% of the company's stock.

More Bank of America News

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

• Positive Sentiment: Bank of America CEO Brian Moynihan said consumers are still spending on discretionary items despite inflation and affordability concerns, suggesting BAC’s customer base remains resilient and supporting a constructive outlook for card, deposit, and lending activity. Bank of America CEO Says Consumers Keep Spending Despite Affordability Concerns
• Positive Sentiment: Bank of America is expanding its “Scaminars” fraud-prevention campaign and using AI-powered detection tools, which could help reduce losses, protect clients, and strengthen the bank’s reputation with retail customers. Bank of America to Host Thousands of "Scaminars" to Help Protect Clients and Fight Fraud
• Positive Sentiment: Bank of America noted that Meta’s new AI search tools could create a larger monetization opportunity, highlighting BAC’s research influence and its bullish view on AI-driven growth themes. Meta introduces AI search and creative tools, Bank of America flags emerging monetization opportunity
• Neutral Sentiment: Bank of America maintained a Hold rating on PDD Holdings, citing softer-than-expected results; this is not directly about BAC, but it reflects ongoing analyst discipline across the firm’s coverage. Bank of America Securities Maintains Hold Rating on PDD Holdings (PDD) Stock
• Neutral Sentiment: Bank of America’s market commentary showing AI stock enthusiasm is still in the “boom phase” may support risk appetite in equities, but it is more of a market sentiment signal than a direct BAC-specific catalyst. AI Stock Rally Is in Boom Phase Not Euphoria, BofA Survey Shows
• Neutral Sentiment: Bank of America renewed its partnership with the Kansas City Current, a positive branding and community item, but it is unlikely to materially affect earnings or the stock near term. Kansas City Current, BofA Announces Multi-Year Partnership Renewal Featuring Enhanced Community Efforts
• Neutral Sentiment: Bank of America slightly reduced a derivative-based stake in CA Immobilien Anlagen, a routine disclosure that does not appear significant for BAC’s fundamentals. Bank of America slightly trims derivative-based stake in CA Immobilien Anlagen

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.