Athena Wealth Management LLC Increases Stake in Bank of America Corporation $BAC

Key Points

• Athena Wealth Management boosted its Bank of America stake by 56% in the first quarter, buying 9,499 additional shares and lifting its total holding to 26,463 shares worth about $1.29 million.
• Bank of America reported better-than-expected first-quarter earnings, with EPS of $1.11 versus the $1.00 consensus and revenue of $30.27 billion, up 10.7% year over year.
• The bank also declared a quarterly dividend of $0.28 per share, and analysts remain broadly positive with a consensus rating of “Moderate Buy” and an average price target of $61.06.

Athena Wealth Management LLC increased its position in shares of Bank of America Corporation (NYSE:BAC) by 56.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 26,463 shares of the financial services provider's stock after buying an additional 9,499 shares during the period. Bank of America accounts for 1.1% of Athena Wealth Management LLC's holdings, making the stock its 20th biggest position. Athena Wealth Management LLC's holdings in Bank of America were worth $1,290,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Abound Financial LLC purchased a new position in shares of Bank of America in the 4th quarter valued at about $26,000. Wiser Advisor Group LLC purchased a new position in Bank of America during the third quarter worth approximately $27,000. Legacy Bridge LLC grew its holdings in Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 330 shares during the period. CrossGen Wealth LLC acquired a new stake in Bank of America in the fourth quarter valued at approximately $30,000. Finally, Joseph Group Capital Management purchased a new stake in shares of Bank of America in the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Insider Activity

In related news, insider Geoffrey S. Greener sold 126,756 shares of the firm's stock in a transaction dated 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 completion of the sale, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This trade represents 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 this link. 0.27% of the stock is owned by company insiders.

Bank of America Stock Performance

BAC opened at $57.37 on Tuesday. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $57.98. The firm has a market capitalization of $407.10 billion, a PE ratio of 14.20, a PEG ratio of 0.95 and a beta of 1.19. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The firm's 50-day moving average price is $53.00 and its 200 day moving average price is $52.56.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. The business had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business's revenue was up 10.7% on a year-over-year basis. During the same period last year, the company posted $0.90 EPS. As a group, sell-side analysts expect that Bank of America Corporation will post 4.45 EPS 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. Shareholders of record on Friday, June 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend 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 dividend payout ratio (DPR) is 27.72%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. HSBC increased their target price on Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Daiwa Securities Group boosted their price target on shares of Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a report on Tuesday, April 28th. Erste Group Bank cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 4th. Robert W. Baird increased their price objective 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. Finally, Truist Financial lifted their target price on shares of Bank of America from $57.00 to $61.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $61.06.

More Bank of America News

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

• Positive Sentiment: Bank of America’s economists now expect three Fed rate hikes in 2026 and no cuts until 2028, a more hawkish outlook that could support bank lending margins and interest income.
• Positive Sentiment: Several articles highlighted BAC as a top financial stock and a long-term Berkshire Hathaway holding, reinforcing investor confidence in the franchise and its valuation appeal.
• Neutral Sentiment: A Zacks note said BAC looks inexpensive versus peers, but also flagged rising costs and a mixed earnings outlook, making the valuation case less clear in the near term. Article Title
• Neutral Sentiment: Another piece quoted BofA strategist Savita Subramanian on market opportunities and earnings momentum, but it was mainly a broader market commentary rather than a direct catalyst for BAC. Article Title

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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