Bank of America Corporation $BAC Shares Sold by Cooke & Bieler LP

Key Points

• Cooke & Bieler LP cut its Bank of America stake by 14.5% in the fourth quarter, selling 342,769 shares and ending with 2,018,224 shares worth about $111 million.
• Institutional ownership remains very high, with major holders like Vanguard and UBS AM increasing positions; overall, hedge funds and institutions own 70.71% of Bank of America’s stock.
• Bank of America reported solid earnings and maintains a favorable outlook, beating EPS and revenue estimates last quarter, paying a $0.28 quarterly dividend, and carrying a consensus analyst rating of “Moderate Buy” with a $61.06 target price.

Cooke & Bieler LP decreased its position in Bank of America Corporation (NYSE:BAC) by 14.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,018,224 shares of the financial services provider's stock after selling 342,769 shares during the quarter. Cooke & Bieler LP's holdings in Bank of America were worth $111,002,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of BAC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew 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 acquiring an additional 40,235,201 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Bank of America by 3.7% during the fourth 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 in the last quarter. Capital World Investors grew its position 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 in the last quarter. American Assets Investment Management LLC grew its position in shares of Bank of America by 1,248.5% during the fourth quarter. American Assets Investment Management LLC now owns 15,224,325 shares of the financial services provider's stock worth $837,338,000 after buying an additional 14,095,375 shares in the last quarter. Finally, Danske Bank A S acquired a new stake in shares of Bank of America during the third quarter worth approximately $224,863,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Insider Buying and Selling

In other Bank of America news, insider Bernard A. Mensah sold 94,000 shares of the firm's stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $46.94, for a total value of $4,412,360.00. Following the sale, the insider directly owned 170,184 shares in the company, valued at approximately $7,988,436.96. This trade represents a 35.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Geoffrey S. Greener sold 126,756 shares of the firm'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 sale, 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 SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 354,588 shares of company stock valued at $17,814,296. 0.27% of the stock is owned by corporate insiders.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America received a consensus “Moderate Buy” rating from brokerages, signaling that analysts remain broadly constructive on BAC despite recent market uncertainty. Bank of America Corporation NYSE: BAC Receives Consensus Recommendation of "Moderate Buy" from Brokerages
• Positive Sentiment: Major U.S. banks, including peers of Bank of America, cleared the Fed and FDIC review of their living wills, reducing regulatory overhang and supporting confidence in the banking sector. JPM, WFC & Others Clear Key Regulatory Hurdle on Living Wills
• Neutral Sentiment: One commentary piece highlighted Bank of America’s progress as a digital banking leader, but also said the stock still looks pricey/cautious from a valuation perspective, creating a mixed takeaway rather than a clear bullish catalyst. Bank of America (BAC) Has Become a Digital Leader. I’m Still Cautious on the Stock
• Neutral Sentiment: Broader market commentary about high bond yields, AI stock concentration, and a possible bubble environment could add some caution for financial stocks, but it is not a direct Bank of America-specific negative. Bond Strategists Warn Yields to Stay High Even If Iran War Ends
• Negative Sentiment: Bank of America’s contrarian market warning about extreme AI-stock concentration suggests the firm is signaling caution on risk appetite, which could weigh on sentiment if investors interpret it as a bearish market call. Bank of America Issues Rare Contrarian Sell Warning as AI Stock Concentration Soars

Bank of America Stock Performance

Shares of BAC opened at $51.81 on Tuesday. The business's fifty day moving average price is $50.75 and its 200 day moving average price is $52.36. Bank of America Corporation has a 12-month low of $42.35 and a 12-month high of $57.55. The stock has a market capitalization of $367.64 billion, a PE ratio of 12.82, a price-to-earnings-growth ratio of 0.88 and a beta of 1.21. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81.

Bank of America (NYSE:BAC - Get Free Report) last posted its 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. The company had revenue of $30.27 billion for 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 firm's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period last year, the business posted $0.90 earnings per share. Equities research analysts forecast that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced 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. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America's dividend payout ratio (DPR) is presently 27.72%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on BAC shares. Weiss Ratings reissued a "buy (b)" rating on shares of Bank of America in a research report on Friday, April 24th. JPMorgan Chase & Co. decreased their price target 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, April 7th. Royal Bank Of Canada reissued an "outperform" rating and set a $59.00 price target on shares of Bank of America in a research report on Thursday, April 16th. Truist Financial raised their price target on shares of Bank of America from $57.00 to $61.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Finally, UBS Group raised their price objective on Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $61.06.

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.