Bank of America Corporation $BAC Shares Sold by Sound Shore Management Inc. CT

Key Points

• Sound Shore Management cut its Bank of America position by 16.1% in the fourth quarter, selling 301,769 shares and leaving it with 1,577,921 shares valued at about $86.8 million.
• Bank of America reported strong quarterly results, with EPS of $1.11 beating estimates and revenue of $30.27 billion topping expectations. Revenue rose 10.7% from a year earlier.
• The bank also announced a quarterly dividend of $0.28 per share, equal to an annualized yield of 2.1%, while analysts overall maintain a Moderate Buy rating with a consensus target price of $61.06.

Sound Shore Management Inc. CT lessened its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 16.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,577,921 shares of the financial services provider's stock after selling 301,769 shares during the quarter. Bank of America makes up about 2.8% of Sound Shore Management Inc. CT's holdings, making the stock its 17th largest position. Sound Shore Management Inc. CT's holdings in Bank of America were worth $86,786,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in Bank of America in the 4th quarter valued at about $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 3rd 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 last quarter. Vanguard Group Inc. raised its stake in Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock valued at $35,809,225,000 after purchasing an additional 23,351,183 shares during the last quarter. Capital World Investors raised its stake in Bank of America by 11.0% in the 3rd quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider's stock valued at $7,448,816,000 after purchasing an additional 14,275,810 shares during the last quarter. Finally, American Assets Investment Management LLC raised its stake in Bank of America by 1,248.5% in the 4th quarter. American Assets Investment Management LLC now owns 15,224,325 shares of the financial services provider's stock valued at $837,338,000 after purchasing an additional 14,095,375 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Trading Down 0.0%

NYSE BAC opened at $52.46 on Thursday. Bank of America Corporation has a 12 month low of $43.66 and a 12 month high of $57.55. The company has a 50-day moving average of $51.40 and a 200-day moving average of $52.28. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market cap of $372.27 billion, a P/E ratio of 12.98, a P/E/G ratio of 0.89 and a beta of 1.18.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter in the prior year, the company posted $0.90 EPS. The company's quarterly revenue was up 10.7% compared to the same quarter last year. As a group, equities analysts predict that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America's payout ratio is presently 27.72%.

Insider Transactions at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the business's 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 completion of the sale, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bernard A. Mensah sold 94,000 shares of the business's stock in a transaction dated 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 owned 170,184 shares of the company's stock, valued at $7,988,436.96. The trade was a 35.58% decrease in their position. The SEC filing for this sale provides additional information. 0.27% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BAC. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $63.00 to $64.00 and gave the company an "outperform" rating in a research note on Thursday, April 16th. Wall Street Zen raised shares of Bank of America from a "sell" rating to a "hold" rating in a research note on Saturday, February 14th. Morgan Stanley dropped their price objective on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a research note on Tuesday, March 31st. Erste Group Bank downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 4th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of America in a research note on Friday, April 24th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price 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 said it will hire nearly 4,000 summer interns and campus recruits this year, signaling continued investment in talent even as AI changes the labor market. BofA to Welcome Nearly 4,000 Summer Interns and Campus Recruits
• Positive Sentiment: The bank partnered with FIFA and Vet Tix to provide $2.25 million in free World Cup tickets to veterans, military members, first responders and their families, supporting its consumer-facing brand and community profile. Bank of America and FIFA partner with Vet Tix to Offer Thousands of Free FIFA World Cup 2026 Tickets
• Positive Sentiment: Analysts highlighted Bank of America’s large deposit base as a strength, saying its low-cost funding supports net interest income and earnings growth across rate cycles. Does Bank of America's Deposit Franchise Power Earnings Growth?
• Neutral Sentiment: CEO Brian Moynihan discussed consumer spending, affordability, lending and AI investment, reinforcing the bank’s focus on growth but offering no immediate catalyst by itself. BofA CEO Moynihan on Affordability, Lending and AI Spending
• Neutral Sentiment: Bank of America disclosed that it exited a substantial stake in Dyno Nobel, a routine portfolio adjustment that is not clearly tied to BAC’s core banking outlook. Bank of America exits substantial stake in Dyno Nobel

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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