Bank of America Corporation $BAC Shares Sold by Berkshire Asset Management LLC PA

Key Points

• Berkshire Asset Management trimmed its Bank of America stake by 1.5% in the fourth quarter, but BAC still remains a major holding worth about $64.4 million.
• Wall Street sentiment remains broadly positive: analysts have a Moderate Buy consensus on BAC, with a consensus price target of $61.06 after several firms raised their targets.
• Bank of America reported strong quarterly results, topping earnings and revenue estimates, and it also declared a $0.28 quarterly dividend payable on June 26.

Berkshire Asset Management LLC PA trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC) by 1.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,171,125 shares of the financial services provider's stock after selling 18,139 shares during the quarter. Bank of America makes up approximately 2.8% of Berkshire Asset Management LLC PA's investment portfolio, making the stock its 6th largest position. Berkshire Asset Management LLC PA's holdings in Bank of America were worth $64,412,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in BAC. Norges Bank acquired a new position in shares of Bank of America during the 4th quarter worth approximately $4,774,210,000. Capital International Investors acquired a new position in shares of Bank of America during the 4th quarter worth approximately $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Bank of America by 640.5% during the 3rd 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 worth $2,399,798,000 after buying an additional 40,235,201 shares during the period. Vanguard Group Inc. raised its stake in shares of Bank of America by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock worth $35,809,225,000 after buying an additional 23,351,183 shares during the period. Finally, Cardano Risk Management B.V. raised its stake in shares of Bank of America by 914.5% during the 4th quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider's stock worth $1,380,239,000 after buying an additional 22,621,546 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently commented on BAC shares. Jefferies Financial Group increased their price objective on Bank of America from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Keefe, Bruyette & Woods raised their target price on Bank of America from $63.00 to $64.00 and gave the stock an "outperform" rating in a research note on Thursday, April 16th. Erste Group Bank downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 4th. Daiwa Securities Group raised their target price on Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 28th. Finally, HSBC raised their target price on Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.06.

Bank of America Stock Performance

NYSE BAC opened at $56.79 on Wednesday. The stock has a market cap of $402.99 billion, a PE ratio of 14.06, a P/E/G ratio of 0.95 and a beta of 1.19. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a twelve month low of $44.06 and a twelve month high of $57.55. The stock has a fifty day simple moving average of $52.57 and a 200-day simple moving average of $52.47.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. The business had revenue of $30.27 billion during the quarter, compared to analysts' expectations of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company's revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.90 EPS. Equities analysts anticipate that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Announces Dividend

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

Insider Buying and Selling at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction on 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 completion of the transaction, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.27% 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: Bank of America CEO Brian Moynihan said consumers are still spending on discretionary items despite inflation and affordability concerns, suggesting BAC’s customer base remains resilient and supporting a constructive outlook for card, deposit, and lending activity. Bank of America CEO Says Consumers Keep Spending Despite Affordability Concerns
• Positive Sentiment: Bank of America is expanding its “Scaminars” fraud-prevention campaign and using AI-powered detection tools, which could help reduce losses, protect clients, and strengthen the bank’s reputation with retail customers. Bank of America to Host Thousands of "Scaminars" to Help Protect Clients and Fight Fraud
• Positive Sentiment: Bank of America noted that Meta’s new AI search tools could create a larger monetization opportunity, highlighting BAC’s research influence and its bullish view on AI-driven growth themes. Meta introduces AI search and creative tools, Bank of America flags emerging monetization opportunity
• Neutral Sentiment: Bank of America maintained a Hold rating on PDD Holdings, citing softer-than-expected results; this is not directly about BAC, but it reflects ongoing analyst discipline across the firm’s coverage. Bank of America Securities Maintains Hold Rating on PDD Holdings (PDD) Stock
• Neutral Sentiment: Bank of America’s market commentary showing AI stock enthusiasm is still in the “boom phase” may support risk appetite in equities, but it is more of a market sentiment signal than a direct BAC-specific catalyst. AI Stock Rally Is in Boom Phase Not Euphoria, BofA Survey Shows
• Neutral Sentiment: Bank of America renewed its partnership with the Kansas City Current, a positive branding and community item, but it is unlikely to materially affect earnings or the stock near term. Kansas City Current, BofA Announces Multi-Year Partnership Renewal Featuring Enhanced Community Efforts
• Neutral Sentiment: Bank of America slightly reduced a derivative-based stake in CA Immobilien Anlagen, a routine disclosure that does not appear significant for BAC’s fundamentals. Bank of America slightly trims derivative-based stake in CA Immobilien Anlagen

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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