Bank of America Corporation $BAC Shares Sold by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio trimmed its Bank of America stake slightly in the first quarter, selling 22,236 shares and lowering its position by 0.8% to 2.68 million shares worth about $130.5 million.
• Institutional ownership remains high, with hedge funds and other large investors controlling 70.71% of Bank of America’s stock. Several big firms, including Vanguard and Norges Bank, have recently increased or initiated sizable positions.
• Analysts remain broadly positive on BAC, with a consensus rating of “Moderate Buy” and an average price target of $63.77. Recent earnings also beat EPS estimates, with Bank of America reporting $1.21 per share versus the expected $1.13.

Public Employees Retirement System of Ohio lowered its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 0.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 2,677,676 shares of the financial services provider's stock after selling 22,236 shares during the period. Public Employees Retirement System of Ohio's holdings in Bank of America were worth $130,537,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Norges Bank acquired a new position in Bank of America during the 4th quarter valued at about $4,774,210,000. Capital International Investors acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of 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 purchasing an additional 40,235,201 shares during the period. Vanguard Group Inc. raised its holdings 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 valued at $35,809,225,000 after buying an additional 23,351,183 shares during the last quarter. Finally, Cardano Risk Management B.V. raised its holdings in shares of Bank of America by 914.5% during the fourth quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider's stock valued at $1,380,239,000 after buying an additional 22,621,546 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

More Bank of America News

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

• Positive Sentiment: Bank of America’s own analysts said Alphabet’s post-earnings selloff looks like a buying opportunity, reinforcing BAC’s credibility as a market-moving research franchise and highlighting the firm’s influence in large-cap tech coverage. 4 Reasons to Buy Alphabet Stock After the CAPEX Shock: Bank of America
• Positive Sentiment: Bank of America extended the naming-rights deal for Bank of America Stadium with the Carolina Panthers, reinforcing a long-term brand partnership and its visibility in Charlotte and the Carolinas. Bank of America and Carolina Panthers Extend Naming Rights for Bank of America Stadium
• Positive Sentiment: The launch of new hybrid public-private investment funds by Wellington, Vanguard, and Blackstone through Merrill and Bank of America’s private bank could help drive more client assets and deepen wealth-management relationships. Global Market: Wellington, Vanguard, Blackstone launch hybrid public-private investment funds for wealthy clients
• Positive Sentiment: Bank of America’s preferred dividend confirmation and recent earnings backdrop underscore ongoing capital returns and support the valuation case for BAC shares. Bank of America (BAC) Preferred Dividend Update Keeps Valuation In Focus
• Neutral Sentiment: Several articles highlight BAC’s broader market influence, including comments on bank earnings, rate policy, and consumer health, but they do not appear to directly change Bank of America’s near-term earnings outlook. What Bank Earnings Just Revealed About the Health of the American Consumer
• Neutral Sentiment: Coverage of Bank of America’s consumer-service AI rollout and finance-leadership messaging is strategically positive, but likely a longer-term operational story rather than an immediate stock catalyst. Bank of America Equips Customer Service Reps With Gen AI
• Negative Sentiment: CEO commentary warning that inflation could force the Fed into a corner suggests a tougher macro backdrop, which could pressure loan demand, credit costs, and the banking sector broadly if rates stay restrictive. Bank of America CEO warns inflation will back Fed into a corner

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on BAC shares. Citigroup raised their target price on Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a research report on Tuesday, June 23rd. HSBC boosted their price target on Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Oppenheimer cut Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Evercore set a $63.00 price target on Bank of America and gave the company an "outperform" rating in a report on Monday, July 6th. Finally, Robert W. Baird lifted their price objective on shares of Bank of America from $58.00 to $62.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $63.77.

Bank of America Price Performance

NYSE BAC opened at $61.30 on Friday. Bank of America Corporation has a 12 month low of $44.75 and a 12 month high of $62.12. The firm has a market capitalization of $435.02 billion, a PE ratio of 14.06, a P/E/G ratio of 0.99 and a beta of 1.17. The company's 50 day simple moving average is $56.17 and its 200 day simple moving average is $53.29. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts' consensus estimates of $1.13 by $0.08. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The firm had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same period in the prior year, the firm posted $0.89 earnings per share. The firm's revenue for the quarter was up 19.6% compared to the same quarter last year. As a group, equities research analysts forecast that Bank of America Corporation will post 4.65 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated 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 transaction, the insider directly owned 1,373,397 shares of the company's stock, 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 Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is owned by corporate insiders.

Bank of America Company 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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