Bank of America Corporation $BAC Shares Sold by Simon Quick Advisors LLC

Key Points

• Simon Quick Advisors LLC cut its Bank of America stake by 29.6% in the first quarter, selling 180,560 shares and ending with 428,627 shares worth about $20.9 million.
• Bank of America reported strong quarterly results, with EPS of $1.21 beating estimates and revenue up 19.6% year over year, while analysts now see about $4.64 EPS for the full fiscal year.
• Wall Street remains broadly positive on BAC, with 21 Buy ratings, six Hold ratings, and a consensus price target of $63.77; the stock also recently paid a quarterly dividend of $0.28 per share.

Simon Quick Advisors LLC lessened its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 29.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 428,627 shares of the financial services provider's stock after selling 180,560 shares during the quarter. Bank of America accounts for 1.0% of Simon Quick Advisors LLC's portfolio, making the stock its 20th largest position. Simon Quick Advisors LLC's holdings in Bank of America were worth $20,896,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of BAC. Norges Bank acquired a new position in Bank of America in the 4th quarter worth approximately $4,774,210,000. Capital International Investors purchased a new stake in shares of Bank of America in the 4th quarter valued at $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 worth $2,399,798,000 after acquiring 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 worth $35,809,225,000 after purchasing an additional 23,351,183 shares during the last quarter. Finally, Cardano Risk Management B.V. lifted its position in 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 purchasing an additional 22,621,546 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of Bank of America stock opened at $61.18 on Friday. The stock has a market capitalization of $434.16 billion, a P/E ratio of 14.03, a PEG ratio of 0.99 and a beta of 1.17. The business has a 50 day simple moving average of $55.30 and a two-hundred day simple moving average of $53.15. Bank of America Corporation has a 12 month low of $44.75 and a 12 month high of $62.12. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.81.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating analysts' consensus estimates of $1.13 by $0.08. The business had revenue of $8.08 billion during the quarter, compared to analysts' expectations of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The company's quarterly revenue was up 19.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.89 earnings per share. As a group, analysts predict that Bank of America Corporation will post 4.64 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were issued a dividend of $0.28 per share. The ex-dividend date was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. Bank of America's dividend payout ratio is currently 25.69%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Barclays increased their price target on Bank of America from $71.00 to $72.00 and gave the stock an "overweight" rating in a research report on Wednesday. Daiwa Securities Group lifted their price target on Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Tuesday, April 28th. Keefe, Bruyette & Woods boosted their price target on Bank of America from $67.00 to $70.00 and gave the company an "outperform" rating in a report on Wednesday. Jefferies Financial Group restated a "buy" rating and issued a $75.00 price objective on shares of Bank of America in a research report on Tuesday. Finally, HSBC upped their price objective 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. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $63.77.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America declared regular cash dividends on multiple preferred stock series, reinforcing its continued capital return to shareholders. Bank of America Declares Preferred Stock Dividends Payable in August and September 2026
• Positive Sentiment: Multiple firms lifted their outlooks on BAC, including higher earnings estimates for FY2026 and FY2027, suggesting improving expectations for profitability. Bank of America stock page
• Positive Sentiment: Bank of America’s recent Q2 results were broadly strong, with the company topping estimates and benefiting from robust trading and deal activity, which has helped support investor confidence in the stock. BofA rides market whiplash to trading records, deal activity shines
• Neutral Sentiment: Bank of America also announced internal AI leadership appointments to accelerate AI adoption in its global markets business, a strategic move that could improve efficiency over time but is not an immediate earnings driver. BofA names senior executives to drive AI adoption in global markets-memo

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company's stock in a transaction dated 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 transaction, the insider owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.27% of the company's stock.

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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