Bank of America Corporation $BAC Shares Sold by Arax Advisory Partners

Key Points

• Arax Advisory Partners cut its Bank of America stake by 62.5% in the fourth quarter, selling 107,125 shares and leaving it with 64,279 shares worth about $3.54 million.
• Wall Street remains broadly positive on BAC, with 22 analysts rating it a Buy and a consensus “Moderate Buy” rating alongside an average price target of $61.06.
• Bank of America reported solid first-quarter results, including EPS of $1.11 versus $1.00 expected and revenue of $30.27 billion, while also declaring a quarterly dividend of $0.28 per share.

Arax Advisory Partners reduced its position in Bank of America Corporation (NYSE:BAC - Free Report) by 62.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 64,279 shares of the financial services provider's stock after selling 107,125 shares during the quarter. Arax Advisory Partners' holdings in Bank of America were worth $3,535,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Wiser Advisor Group LLC purchased a new stake in Bank of America in the 3rd quarter valued at $27,000. Legacy Bridge LLC grew its holdings in Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock valued at $28,000 after buying an additional 330 shares in the last quarter. Joseph Group Capital Management purchased a new position in shares of Bank of America during the 4th quarter worth $32,000. HFM Investment Advisors LLC grew its holdings in shares of Bank of America by 566.0% during the 4th quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock worth $34,000 after purchasing an additional 532 shares during the period. Finally, Coston McIsaac & Partners grew its holdings in shares of Bank of America by 90.2% during the 4th quarter. Coston McIsaac & Partners now owns 662 shares of the financial services provider's stock worth $36,000 after purchasing an additional 314 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Bank of America

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 Analyst Weigh In

A number of research firms have recently weighed in on BAC. Keefe, Bruyette & Woods increased their price target on Bank of America from $63.00 to $64.00 and gave the stock an "outperform" rating in a report on Thursday, April 16th. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of America in a report on Friday, April 24th. Evercore lowered their price target on Bank of America from $70.00 to $61.00 and set an "outperform" rating for the company in a report on Friday, May 15th. Truist Financial increased their target price on Bank of America from $57.00 to $61.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Finally, Autonomous Res decreased their target price on Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a research note on Monday, April 6th. 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $61.06.

Bank of America Price Performance

BAC stock opened at $55.96 on Monday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $397.15 billion, a P/E ratio of 13.85, a P/E/G ratio of 0.95 and a beta of 1.19. The business's 50-day moving average is $52.29 and its two-hundred day moving average is $52.42. Bank of America Corporation has a 1 year low of $43.66 and a 1 year high of $57.55.

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, beating analysts' consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same quarter last year, the company earned $0.90 EPS. Bank of America's revenue for the quarter was up 10.7% compared to the same quarter last year. Analysts anticipate that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders 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 dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's dividend payout ratio (DPR) is 27.72%.

Insider Buying and Selling at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.27% of the company's stock.

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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