Bank of America Corporation $BAC Position Increased by AIA Group Ltd

Key Points

• AIA Group Ltd boosted its Bank of America stake by 22.6% in the first quarter, adding 147,268 shares to reach 798,364 shares worth about $38.9 million.
• Wall Street sentiment remains constructive, with several firms raising price targets and 21 analysts rating BAC a Buy versus six Holds; the consensus target is $63.77.
• Bank of America reported better-than-expected quarterly EPS of $1.21 and also pays a quarterly dividend of $0.28 per share, implying an annual yield of about 1.8%.

AIA Group Ltd increased its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 22.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 798,364 shares of the financial services provider's stock after acquiring an additional 147,268 shares during the quarter. Bank of America makes up 0.6% of AIA Group Ltd's holdings, making the stock its 27th largest holding. AIA Group Ltd's holdings in Bank of America were worth $38,920,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of BAC. Abound Financial LLC purchased a new stake in shares of Bank of America in the fourth quarter worth approximately $26,000. Wiser Advisor Group LLC acquired a new stake in shares of Bank of America during the third quarter worth approximately $27,000. Legacy Bridge LLC grew its position in Bank of America by 182.3% during 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 in the last quarter. CrossGen Wealth LLC purchased a new position in Bank of America during the fourth quarter valued at approximately $30,000. Finally, Joseph Group Capital Management acquired a new position in Bank of America in the 4th quarter valued at approximately $32,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BAC has been the subject of several recent research reports. Keefe, Bruyette & Woods increased their price objective on Bank of America from $67.00 to $70.00 and gave the stock an "outperform" rating in a report on Wednesday. HSBC boosted their target price on Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of America in a research report on Friday, April 24th. Morgan Stanley raised their price target on Bank of America from $61.00 to $67.00 and gave the stock an "overweight" rating in a research note on Monday, June 29th. Finally, Barclays lifted their price target on Bank of America from $71.00 to $72.00 and gave the company an "overweight" rating in a report on Wednesday. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and a consensus price target of $63.77.

Insiders Place Their Bets

In other news, insider Geoffrey S. Greener sold 126,756 shares of the 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 sale, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The sale 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 corporate insiders.

Bank of America Price Performance

Shares of NYSE:BAC opened at $61.18 on Friday. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $62.12. The firm has a market capitalization of $434.16 billion, a PE ratio of 14.03, a PEG ratio of 0.98 and a beta of 1.17. The business's 50 day moving average is $55.30 and its 200-day moving average is $53.15. The company has a current ratio of 0.83, a quick ratio of 0.81 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping analysts' consensus estimates of $1.13 by $0.08. The company had revenue of $8.08 billion during 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 firm's revenue for the quarter was up 19.6% compared to the same quarter last year. During the same period last year, the firm earned $0.89 EPS. Sell-side analysts predict that Bank of America Corporation will post 4.64 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were given a dividend of $0.28 per share. The ex-dividend date was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 1.8%. Bank of America's dividend payout ratio is 25.69%.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America declared regular cash dividends on multiple preferred stock series, reinforcing its continued capital return to shareholders. Bank of America Declares Preferred Stock Dividends Payable in August and September 2026
• Positive Sentiment: Multiple firms lifted their outlooks on BAC, including higher earnings estimates for FY2026 and FY2027, suggesting improving expectations for profitability. Bank of America stock page
• Positive Sentiment: Bank of America’s recent Q2 results were broadly strong, with the company topping estimates and benefiting from robust trading and deal activity, which has helped support investor confidence in the stock. BofA rides market whiplash to trading records, deal activity shines
• Neutral Sentiment: Bank of America also announced internal AI leadership appointments to accelerate AI adoption in its global markets business, a strategic move that could improve efficiency over time but is not an immediate earnings driver. BofA names senior executives to drive AI adoption in global markets-memo

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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