Bank of America Corporation $BAC Shares Sold by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada reduced its stake in Bank of America by 1.8% in Q4, selling 15,696 shares and finishing the period with 879,710 shares valued at about $48.38 million.
• Q1 results beat expectations: BAC reported adjusted EPS of $1.11 (vs. $1.00 expected) and revenue of $30.27 billion (up 10.7% YoY), spurring multiple analyst upgrades and a consensus "Moderate Buy" with an average target of $60.90.
• Insiders have been net sellers—227,832 shares sold in the last 90 days worth roughly $11.09 million—while institutional investors hold about 70.71% of the stock.

TD Waterhouse Canada Inc. reduced its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 1.8% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 879,710 shares of the financial services provider's stock after selling 15,696 shares during the period. TD Waterhouse Canada Inc.'s holdings in Bank of America were worth $48,375,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of BAC. Brighton Jones LLC grew its position in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after acquiring an additional 25,143 shares during the period. Sivia Capital Partners LLC grew its position in shares of Bank of America by 40.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock valued at $1,013,000 after acquiring an additional 6,174 shares during the period. Jump Financial LLC grew its position in shares of Bank of America by 38.4% during the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock valued at $3,108,000 after acquiring an additional 18,227 shares during the period. Nebula Research & Development LLC acquired a new stake in shares of Bank of America during the 2nd quarter valued at about $1,396,000. Finally, Vivaldi Capital Management LP grew its position in shares of Bank of America by 4.2% during the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock valued at $417,000 after acquiring an additional 355 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 0.0%

Shares of Bank of America stock opened at $53.92 on Monday. The firm has a market capitalization of $385.31 billion, a PE ratio of 13.35, a P/E/G ratio of 0.92 and a beta of 1.23. Bank of America Corporation has a twelve month low of $36.49 and a twelve month high of $57.55. The firm's 50-day moving average price is $50.45 and its 200 day moving average price is $52.27. 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 issued its quarterly earnings results 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. The firm had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. Bank of America's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period last year, the company posted $0.90 EPS. On average, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 6th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Friday, March 6th. Bank of America's dividend payout ratio (DPR) is 27.72%.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Q1 results beat expectations: BAC reported a “monster” quarter with revenue up ~7% and adjusted EPS $1.11, above consensus, driven by broad-based growth and strong capital markets performance — the core reason investors bid the stock up. Bank of America Posts Monster Quarter
• Positive Sentiment: Multiple analysts raised price targets/ratings after the beat (Goldman, Jefferies, Evercore, Argus, Keefe Bruyette & Woods, HSBC, RBC and others), lifting sentiment and providing technical catalyst for further buying. Goldman Sachs raises price target
• Positive Sentiment: KBW reiterated/initiated a Buy (outperform) on BAC, adding institutional endorsement that can attract fund flows. KBW Buy on BAC
• Positive Sentiment: Strategic win: Bank of America rolled out an AI tool for its ~18,000 financial advisors — a sign management is investing in scalable, fee‑generating capabilities that can improve retention and cross‑sell over time. AI tool for advisers
• Neutral Sentiment: Capital/ liability management: BAC announced the redemption of €1.5B of senior notes due 2027 (to be redeemed May 4) — shows active maturity management but will use capital; impact depends on funding and rates. Redemption of senior notes
• Neutral Sentiment: Preferred dividends declared for multiple series with upcoming record/payment dates — routine corporate action that matters to preferred holders but is not a surprise for common equity investors. Preferred dividends declared

Insiders Place Their Bets

In other Bank of America news, insider Thomas M. Scrivener sold 50,000 shares of the firm's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the transaction, the insider directly owned 227,973 shares of the company's stock, valued at $11,357,614.86. This trade represents a 17.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider James P. Demare sold 83,832 shares of the firm's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the transaction, the insider directly owned 307,240 shares in the company, valued at $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 227,832 shares of company stock valued at $11,094,960 in the last ninety days. 0.27% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BAC. TD Cowen dropped their target price on Bank of America from $66.00 to $64.00 and set a "buy" rating on the stock in a research report on Thursday, January 15th. UBS Group dropped their target price on Bank of America from $67.00 to $62.00 and set a "buy" rating on the stock in a research report on Tuesday, April 7th. HSBC raised their target price on Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday. CICC Research began coverage on Bank of America in a research report on Wednesday, January 14th. They set an "outperform" rating and a $62.00 target price on the stock. Finally, The Goldman Sachs Group raised their target price on Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a research report on Thursday. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and an average target price of $60.90.

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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