Bank of America Corporation $BAC Shares Bought by Eastern Bank

Key Points

• Eastern Bank increased its Bank of America stake by 4% in the second quarter, adding 58,561 shares to own 1.52 million shares valued at approximately $86.8 million.
• Institutional investors and hedge funds collectively own 70.71% of Bank of America, while multiple analysts recently raised their price targets; the stock carries a “Moderate Buy” consensus rating with an average target of $64.08.
• Bank of America raised its quarterly dividend from $0.28 to $0.32 per share, implying an annualized dividend of $1.28 and a 2.0% yield.

Eastern Bank grew its stake in Bank of America Corporation (NYSE:BAC) by 4.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,523,363 shares of the financial services provider's stock after purchasing an additional 58,561 shares during the period. Bank of America comprises approximately 1.3% of Eastern Bank's investment portfolio, making the stock its 20th largest holding. Eastern Bank's holdings in Bank of America were worth $86,801,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Abound Financial LLC acquired a new stake in Bank of America during the fourth quarter valued at $26,000. Legacy Bridge LLC raised its position 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 acquiring an additional 330 shares during the period. Wiser Advisor Group LLC acquired a new position in shares of Bank of America in the third quarter worth about $27,000. CrossGen Wealth LLC purchased a new stake in shares of Bank of America during the 4th quarter worth about $30,000. Finally, Joseph Group Capital Management purchased a new stake in shares of Bank of America during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Financial stocks, including BAC, have benefited from record highs following strong second-quarter bank results and a rotation away from technology shares. This broader sector momentum is providing a favorable backdrop for Bank of America. Financials Hit Record Highs as the AI Trade Unravels—Can They Keep Leading?
• Positive Sentiment: Bank of America reiterated a bullish view on Apple, arguing that investors may be underestimating the technology company’s outlook. The call highlights the strength of BAC’s research franchise and could support its investment-banking and wealth-management relationships. Bank of America doubles down on Apple stock for rest of 2026
• Positive Sentiment: BAC announced more than $1 million in additional funding for Texas flood recovery, bringing its total regional support to $3 million. The initiative may strengthen the bank’s community reputation, although the direct financial impact is limited. BofA Commits Over $1 Million to Support Texas Flood Recovery
• Neutral Sentiment: Bank of America adjusted its stake in Umicore around the 3% disclosure threshold. The filing indicates a change in holdings but does not by itself signal a material shift in BAC’s operating outlook. Bank of America adjusts stake in Umicore around 3% disclosure threshold
• Negative Sentiment: Citi hired Rohan Sen, a Bank of America managing director who spent 11 years at the company, to lead technology-services coverage. The departure is a modest negative for BAC’s investment-banking talent base, though the broader hiring impact is unclear. Citi Recruits Bank of America Vet Rohan Sen Amid Investment Banking Hiring Spree
• Negative Sentiment: A new disclosure regarding the OCC’s 2024 consent order says resolving the matter could include monetary penalties. The uncertainty over potential costs and continued compliance work is the clearest company-specific risk in the latest news. Bank of America's new disclosure highlights compliance risk

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Morgan Stanley lifted their price target on Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a research note on Monday, June 29th. Citigroup increased their price target on Bank of America from $62.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, June 23rd. Wells Fargo & Company raised their price objective on Bank of America from $67.00 to $69.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Argus set a $70.00 price objective on Bank of America in a research report on Wednesday, July 15th. Finally, Royal Bank Of Canada upped their target price on Bank of America from $59.00 to $65.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 15th. Twenty-one investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $64.08.

Bank of America Trading Up 0.8%

Shares of BAC stock opened at $62.47 on Tuesday. The company's 50-day moving average price is $57.71 and its 200-day moving average price is $53.60. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. The stock has a market cap of $443.30 billion, a price-to-earnings ratio of 14.33, a PEG ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $62.99.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.0%. This is a boost from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. Bank of America's payout ratio is presently 25.69%.

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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