Bank of America Corporation $BAC Shares Sold by Banco Santander S.A.

Key Points

• Banco Santander reduced its Bank of America stake by 5.5% in the fourth quarter, selling 60,620 shares and ending with 1,043,242 shares valued at about $57.4 million.
• Bank of America posted better-than-expected Q1 results, with EPS of $1.11 versus the $1.00 estimate and revenue of $30.27 billion above expectations. The company also raised optimism around its deposit base and revenue outlook, while declaring a quarterly dividend of $0.28 per share.
• Wall Street sentiment remains generally positive: analysts hold a Moderate Buy consensus with a $61.06 price target, though a DOJ subpoena tied to broader bank account-closure probes could create regulatory overhang.

Banco Santander S.A. trimmed its position in Bank of America Corporation (NYSE:BAC - Free Report) by 5.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,043,242 shares of the financial services provider's stock after selling 60,620 shares during the period. Banco Santander S.A.'s holdings in Bank of America were worth $57,378,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Sumitomo Life Insurance Co. boosted its holdings in Bank of America by 8.4% in the 4th quarter. Sumitomo Life Insurance Co. now owns 161,890 shares of the financial services provider's stock worth $8,904,000 after buying an additional 12,583 shares during the last quarter. Tudor Financial Inc. boosted its holdings in Bank of America by 3.6% in the 4th quarter. Tudor Financial Inc. now owns 20,933 shares of the financial services provider's stock worth $1,151,000 after buying an additional 728 shares during the last quarter. Wealthspire Advisors LLC boosted its holdings in Bank of America by 43.2% in the 4th quarter. Wealthspire Advisors LLC now owns 136,730 shares of the financial services provider's stock worth $7,520,000 after buying an additional 41,268 shares during the last quarter. Atalanta Sosnoff Capital LLC boosted its holdings in Bank of America by 68.8% in the 4th quarter. Atalanta Sosnoff Capital LLC now owns 1,646,235 shares of the financial services provider's stock worth $90,543,000 after buying an additional 671,208 shares during the last quarter. Finally, Gerber Kawasaki Wealth & Investment Management boosted its holdings in Bank of America by 4.5% in the 4th quarter. Gerber Kawasaki Wealth & Investment Management now owns 15,599 shares of the financial services provider's stock worth $858,000 after buying an additional 666 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting 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

Several research analysts have recently weighed in on BAC shares. Keefe, Bruyette & Woods boosted their target price 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 restated a "buy (b)" rating on shares of Bank of America in a report on Friday, April 24th. 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. JPMorgan Chase & Co. lowered their target price on Bank of America from $61.50 to $57.50 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. Finally, Wall Street Zen upgraded Bank of America from a "sell" rating to a "hold" rating in a report on Saturday, February 14th. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and a consensus price target of $61.06.

Bank of America Stock Up 1.5%

Shares of NYSE BAC opened at $55.96 on Friday. The firm has a market cap of $397.15 billion, a price-to-earnings ratio of 13.85, a PEG ratio of 0.93 and a beta of 1.18. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a 52-week low of $43.66 and a 52-week high of $57.55. The business's 50 day moving average is $52.29 and its two-hundred day moving average 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 EPS for the quarter, topping the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.90 earnings per share. Research analysts predict that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. Bank of America's payout ratio is 27.72%.

Insider Activity at Bank of America

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the transaction, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.27% of the stock is currently owned by company insiders.

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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