Bank of America Corporation $BAC Shares Acquired by Carnegie Investment Counsel

Key Points

• Carnegie Investment Counsel boosted its Bank of America stake by 3.8%, buying 20,049 shares to hold 549,983 shares valued at about $30.25 million at quarter-end.
• Several analysts trimmed price targets, but consensus remains a Moderate Buy with an average target of $59.10 (23 Buy ratings, 5 Hold ratings).
• Bank of America reported an EPS beat of $0.98 vs. $0.96 consensus, pays a $0.28 quarterly dividend (2.1% yield), and insiders have sold roughly 227,832 shares (~$11.1M) in the past 90 days.

Carnegie Investment Counsel lifted its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 3.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 549,983 shares of the financial services provider's stock after buying an additional 20,049 shares during the period. Carnegie Investment Counsel's holdings in Bank of America were worth $30,249,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Capital World Investors boosted its stake in shares of Bank of America by 11.0% during the third quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider's stock worth $7,448,816,000 after buying an additional 14,275,810 shares during the period. Fisher Asset Management LLC lifted its position in Bank of America by 2.5% in the third quarter. Fisher Asset Management LLC now owns 52,677,988 shares of the financial services provider's stock valued at $2,717,657,000 after purchasing an additional 1,272,315 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Bank of America by 640.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock valued at $2,399,798,000 after purchasing an additional 40,235,201 shares during the period. Legal & General Group Plc lifted its position in Bank of America by 3.4% in the third quarter. Legal & General Group Plc now owns 43,924,104 shares of the financial services provider's stock valued at $2,266,045,000 after purchasing an additional 1,458,551 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Bank of America by 2.1% in the third quarter. Dimensional Fund Advisors LP now owns 30,648,910 shares of the financial services provider's stock valued at $1,581,350,000 after purchasing an additional 640,462 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on BAC shares. Keefe, Bruyette & Woods reduced their price objective on shares of Bank of America from $64.00 to $63.00 and set an "outperform" rating for the company in a research report on Thursday, January 15th. Daiwa Securities Group reduced their price objective on shares of Bank of America from $62.00 to $58.00 and set a "buy" rating for the company in a research report on Tuesday. Jefferies Financial Group started coverage on shares of Bank of America in a research report on Thursday, March 26th. They issued a "buy" rating and a $60.00 price objective for the company. Morgan Stanley reduced their price objective on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a research report on Tuesday, March 31st. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Bank of America from $61.50 to $57.50 and set an "overweight" rating for the company in a research report on Tuesday. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $59.10.

Bank of America Price Performance

BAC stock opened at $52.56 on Friday. The firm has a 50 day moving average of $50.59 and a 200-day moving average of $52.19. Bank of America Corporation has a 12-month low of $34.81 and a 12-month high of $57.55. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The company has a market cap of $375.56 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 0.92 and a beta of 1.23.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.96 by $0.02. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The company had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $27.73 billion. During the same period last year, the firm earned $0.82 EPS. The company's revenue for the quarter was up 12.3% on a year-over-year basis. As a group, equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 6th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, March 6th. Bank of America's dividend payout ratio (DPR) is 29.24%.

Insider Transactions at Bank of America

In other news, insider Thomas M. Scrivener sold 50,000 shares of the firm's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the transaction, the insider directly owned 227,973 shares of the company's stock, valued at $11,357,614.86. This trade represents a 17.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James P. Demare sold 83,832 shares of the firm's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the transaction, the insider directly owned 307,240 shares of the company's stock, valued at approximately $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 227,832 shares of company stock valued at $11,094,960 in the last ninety days. Corporate insiders own 0.27% of the company's stock.

Key Stories Impacting Bank of America

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

• Positive Sentiment: KBW says largest banks now trade at higher multiples than smaller banks, a relative-valuation tailwind for big-cap lenders like BAC as investors re-rate scale and franchise advantages. Largest banks trade at higher multiples than smaller banks now, says KBW's Chris McGratty
• Positive Sentiment: Several analysts have revised earnings forecasts ahead of BAC’s Q1 report (consensus ~ $1.01/sh), which raises expectations that a modest beat could lift the stock on the print. Bank of America Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
• Positive Sentiment: An analyst raised FY2026 EPS forecasts for BAC, signaling some upward revision risk to estimates that could support the stock if confirmed by results. FY2026 EPS Forecast for Bank of America Increased by Analyst
• Positive Sentiment: BAC is highlighted for OCIO leadership and involvement in potential large AI data-center financing (Oracle project), which points to meaningful investment-banking/credit revenue opportunities. Bank Of America’s OCIO Leadership And AI Financing Set Against Valuation
• Neutral Sentiment: BofA research upgraded its semiconductor view and flagged AI “picks-and-shovels” (Cadence, Synopsys) — a sign of research strength that indirectly supports fee businesses but doesn’t move BAC’s core banking metrics. Bank of America Wants You to Buy the Dip in These 2 Picks-and-Shovels AI Stocks
• Neutral Sentiment: BofA reiterates a view that the Fed is likely to cut rates this year — a macro forecast that has mixed implications for bank net interest margins and stock multiple direction. BofA explains why Fed is likely to deliver rate cuts this year
• Negative Sentiment: UBS trimmed its BAC price target to $62, signaling reduced upside from that shop and contributing to downward pressure on the stock. UBS Group Cuts Bank of America NYSE: BAC Price Target to $62.00
• Negative Sentiment: JPMorgan also lowered its BAC price target to $57.50, adding to analyst-driven headwinds into the earnings print. JPMorgan Chase & Co. Lowers Bank of America NYSE: BAC Price Target to $57.50

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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