Bank of America Corporation $BAC Position Raised by Sumitomo Life Insurance Co.

Key Points

• Sumitomo Life Insurance Co. boosted its Bank of America stake by 8.4% in the fourth quarter, buying 12,583 additional shares and bringing its total to 161,890 shares worth about $8.9 million.
• Institutional ownership remains high, with several other funds also increasing positions and institutions collectively holding 70.71% of Bank of America’s stock.
• Bank of America’s fundamentals and outlook appear solid: it beat Q1 earnings and revenue estimates, pays a quarterly dividend of $0.28 per share, and Wall Street still rates the stock a “Moderate Buy” with an average target price of $61.06.

Sumitomo Life Insurance Co. increased its position in shares of Bank of America Corporation (NYSE:BAC) by 8.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 161,890 shares of the financial services provider's stock after purchasing an additional 12,583 shares during the period. Sumitomo Life Insurance Co.'s holdings in Bank of America were worth $8,904,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Tudor Financial Inc. raised its holdings in Bank of America by 3.6% during the fourth quarter. Tudor Financial Inc. now owns 20,933 shares of the financial services provider's stock worth $1,151,000 after purchasing an additional 728 shares in the last quarter. Wealthspire Advisors LLC raised its holdings in Bank of America by 43.2% during the fourth quarter. Wealthspire Advisors LLC now owns 136,730 shares of the financial services provider's stock worth $7,520,000 after purchasing an additional 41,268 shares in the last quarter. Atalanta Sosnoff Capital LLC raised its holdings in Bank of America by 68.8% during the fourth quarter. Atalanta Sosnoff Capital LLC now owns 1,646,235 shares of the financial services provider's stock worth $90,543,000 after purchasing an additional 671,208 shares in the last quarter. Gerber Kawasaki Wealth & Investment Management raised its holdings in Bank of America by 4.5% during the fourth quarter. Gerber Kawasaki Wealth & Investment Management now owns 15,599 shares of the financial services provider's stock worth $858,000 after purchasing an additional 666 shares in the last quarter. Finally, Summit Financial LLC raised its holdings in Bank of America by 2.6% during the fourth quarter. Summit Financial LLC now owns 152,463 shares of the financial services provider's stock worth $8,385,000 after purchasing an additional 3,932 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Key Bank of America News

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

• Positive Sentiment: Analysts and commentary highlighted BAC’s strong Q1 results, robust deposit base, and improving revenue prospects in markets and wealth management, supporting the case for continued momentum. Bank Of America (BAC) Stock Valuation After Strong Q1 Results And Upgraded Markets Revenue Outlook
• Positive Sentiment: Bank of America announced regular preferred-stock dividend declarations, reinforcing its capital-return profile and signaling balance-sheet stability. Bank of America Declares Preferred Stock Dividends Payable in July and August 2026
• Positive Sentiment: One report noted that Erste Group raised its FY2027 EPS estimate for BAC, suggesting some analysts see earnings power improving over time. Bank of America Corporation
• Neutral Sentiment: BofA’s own market commentary warned investors that optimism is elevated and that an AI-driven bubble may be vulnerable, but these views are more about the broader market than BAC’s fundamentals. Bank of America Sends a Stark Warning on the S&P 500
• Negative Sentiment: A DOJ subpoena report tied BAC to a sweeping bank industry probe into customer account closures, which could create legal, regulatory, and reputational overhang. JPMorgan, Bank of America receive subpoena from DOJ
• Negative Sentiment: Another article argued BAC has been going sideways and lagging the S&P 500 over the past six months, which may temper enthusiasm despite recent gains. 3 Reasons to Sell BAC and 1 Stock to Buy Instead

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent analyst reports. Robert W. Baird boosted their target price on Bank of America from $56.00 to $58.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. The Goldman Sachs Group boosted their target price on Bank of America from $58.00 to $63.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. UBS Group boosted their target price on Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Daiwa Securities Group boosted their target price on Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a report on Tuesday, April 28th. Finally, Morgan Stanley dropped their target price on Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. Twenty-two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and an average target price of $61.06.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred 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 transaction, the insider directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.27% of the company's stock.

Bank of America Trading Up 1.5%

Bank of America stock opened at $55.96 on Friday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $397.15 billion, a price-to-earnings ratio of 13.85, a price-to-earnings-growth ratio of 0.93 and a beta of 1.18. Bank of America Corporation has a 1 year low of $43.66 and a 1 year high of $57.55. The firm's 50 day moving average price is $52.29 and its two-hundred day moving average price is $52.41.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.11. The firm 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 firm's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.90 earnings per share. On average, research analysts predict that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, June 5th. Bank of America's payout ratio is presently 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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