Bank of America Corporation $BAC Shares Sold by Matthew Goff Investment Advisor LLC

Key Points

• Matthew Goff Investment Advisor LLC reduced its Bank of America stake by 1.8%, selling 8,629 shares and retaining 462,000 shares worth approximately $26.3 million. BAC represents 4.4% of the firm’s portfolio, while institutional investors collectively own 70.71% of the stock.
• Wall Street sentiment remains favorable, with a “Moderate Buy” consensus from 27 analysts and an average price target of $64.08. The stock opened at $62.95, near its 12-month high of $63.97.
• Bank of America raised its quarterly dividend to $0.32 per share, up from $0.28, equating to an annualized dividend of $1.28 and a 2.0% yield.

Matthew Goff Investment Advisor LLC trimmed its position in Bank of America Corporation (NYSE:BAC - Free Report) by 1.8% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 462,000 shares of the financial services provider's stock after selling 8,629 shares during the period. Bank of America comprises approximately 4.4% of Matthew Goff Investment Advisor LLC's holdings, making the stock its 5th largest holding. Matthew Goff Investment Advisor LLC's holdings in Bank of America were worth $26,325,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Abound Financial LLC bought a new position in shares of Bank of America in the 4th quarter worth $26,000. Wiser Advisor Group LLC bought a new stake in Bank of America in the 3rd quarter valued at $27,000. Legacy Bridge LLC boosted its stake 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 worth $28,000 after purchasing an additional 330 shares during the period. CrossGen Wealth LLC bought a new position in Bank of America during the 4th quarter worth about $30,000. Finally, Joseph Group Capital Management bought a new position in Bank of America during the 4th quarter worth about $32,000. 70.71% of the stock is 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: Bank of America’s 2026 dividend increase highlights continued confidence in capital generation and supports the investment case for income-oriented shareholders. These Outperforming Giants Are Boosting Dividends in 2026
• Positive Sentiment: CEO Brian Moynihan continues to forecast three Federal Reserve rate hikes in 2026. Higher rates could support Bank of America’s net interest income, although the outlook depends on inflation and economic conditions. Brace for Three Rate Hikes in 2026, Says Bank of America’s CEO
• Positive Sentiment: Bank of America’s decision to spend more than $250 million annually on GLP-1 medications for employees may raise near-term healthcare costs, but management views the program as an investment in employee health and retention. Bank of America spends $250 million a year on GLP-1 drugs
• Neutral Sentiment: Bank of America’s research team remains active across technology and financial markets, including constructive views on AI-chip demand. The activity may support investment-banking and trading opportunities but does not directly change BAC’s earnings outlook. Nvidia dominates AI chips, but BofA sees AMD closing in
• Negative Sentiment: Investment-banking co-head Mike Joo is leaving Bank of America for an external opportunity only a year after taking the role. The high-profile departure raises concerns about leadership continuity and potential talent retention during a strong dealmaking environment. Bank of America’s co-head of investment banking Mike Joo to leave firm
• Negative Sentiment: Himalaya Capital, managed by Charlie Munger associate Li Lu, reportedly reduced its Bank of America position by roughly 71%. While one investor’s portfolio decision does not alter fundamentals, it can weigh on sentiment. Charlie Munger’s Only Outside Manager Just Sold a Bank
• Negative Sentiment: Bank of America disclosed that it may face monetary penalties from the OCC related to anti-money-laundering deficiencies. The potential resolution introduces regulatory-cost and compliance-risk overhang. Bank of America Signals OCC Penalties Over Anti Money Laundering Deficiencies

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research reports. Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a report on Tuesday, July 21st. Truist Financial lifted their target price on Bank of America from $64.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, July 15th. Oppenheimer downgraded Bank of America from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Robert W. Baird raised their price target on shares of Bank of America from $58.00 to $62.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 15th. Finally, Jefferies Financial Group reiterated a "buy" rating and issued a $75.00 price objective on shares of Bank of America in a report on Tuesday, July 14th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $64.08.

Bank of America Stock Down 0.5%

NYSE:BAC opened at $62.95 on Friday. Bank of America Corporation has a twelve month low of $44.78 and a twelve month high of $63.97. The firm has a market capitalization of $440.17 billion, a price-to-earnings ratio of 14.44, a price-to-earnings-growth ratio of 1.01 and a beta of 1.17. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The stock's 50 day moving average price is $58.40 and its two-hundred day moving average price is $53.82.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be paid a dividend of $0.32 per share. The ex-dividend date is Friday, September 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.0%. This is a boost from Bank of America's previous quarterly dividend of $0.28. Bank of America's dividend payout ratio (DPR) is presently 25.69%.

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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