Bank of America Corporation $BAC Shares Sold by Forsta AP Fonden

Key Points

• Forsta AP Fonden reduced its Bank of America stake by 3.9% in the fourth quarter, selling 68,600 shares and leaving it with 1,687,100 shares valued at about $92.8 million.
• Bank of America reported strong quarterly results, with earnings of $1.11 per share beating estimates and revenue of $30.27 billion topping forecasts; revenue rose 10.7% year over year.
• The company also announced a quarterly dividend of $0.28 per share, implying an annualized yield of about 2.2%, while analysts currently view the stock as a Moderate Buy with a consensus price target of $61.06.

Forsta AP Fonden cut its holdings in Bank of America Corporation (NYSE:BAC) by 3.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,687,100 shares of the financial services provider's stock after selling 68,600 shares during the period. Bank of America comprises about 0.6% of Forsta AP Fonden's holdings, making the stock its 24th largest position. Forsta AP Fonden's holdings in Bank of America were worth $92,790,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BAC. Norges Bank acquired a new stake in Bank of America in the fourth quarter valued at $4,774,210,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake 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 buying an additional 40,235,201 shares in the last quarter. Vanguard Group Inc. increased 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 purchasing an additional 23,351,183 shares in the last quarter. Capital World Investors increased 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 purchasing an additional 14,275,810 shares in the last quarter. Finally, American Assets Investment Management LLC increased 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 purchasing an additional 14,095,375 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of BAC opened at $51.56 on Friday. Bank of America Corporation has a twelve month low of $43.36 and a twelve month high of $57.55. The stock's 50 day moving average is $51.11 and its two-hundred day moving average is $52.32. The firm has a market capitalization of $365.91 billion, a PE ratio of 12.76, a P/E/G ratio of 0.86 and a beta of 1.21. 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 (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share 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 in the previous year, the company earned $0.90 EPS. The firm's revenue for the quarter was up 10.7% compared to the same quarter last year. Research analysts anticipate that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Announces Dividend

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

Insider Activity at Bank of America

In other news, insider Thomas M. Scrivener sold 50,000 shares of Bank of America stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the sale, the insider directly owned 227,973 shares in the company, valued at approximately $11,357,614.86. This trade represents a 17.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James P. Demare sold 83,832 shares of Bank of America stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the sale, the insider owned 307,240 shares of the company's stock, valued at approximately $15,362,000. The trade was a 21.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 354,588 shares of company stock valued at $17,814,296 in the last 90 days. Insiders own 0.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on BAC shares. Evercore cut their target price on Bank of America from $70.00 to $61.00 and set an "outperform" rating on the stock in a research report on Friday, May 15th. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of America in a research report on Friday, April 24th. Autonomous Res cut their target price on Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a research report on Monday, April 6th. UBS Group raised their price target on Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Finally, Piper Sandler raised their price target on Bank of America from $53.00 to $59.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.06.

Key Bank of America News

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

• Positive Sentiment: Bank of America’s strong first-quarter results and guidance for roughly 15% year-over-year trading revenue growth are supporting the case for continued earnings momentum. Bank of America CEO flags massive Wall Street surge
• Positive Sentiment: Several commentators say BAC looks attractively valued after a sideways 2026, suggesting upside if earnings strength persists. Bank of America Could Be a Bargain After Strong Q1 Earnings
• Neutral Sentiment: Bank of America announced new arts funding in Canada and other community initiatives, which are positive for reputation but unlikely to move the stock materially. Bank of America Deepens Support for the Arts in Canada
• Neutral Sentiment: Coverage noting BAC’s recent underperformance versus the Nasdaq and bearish price action reflects the stock’s recent lag, though analysts still sound optimistic. Is Bank of America Stock Underperforming the Nasdaq?

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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