Bank of America Corporation $BAC Stake Reduced by Patton Fund Management Inc.

Key Points

• Patton Fund Management cut its Bank of America stake by 62.9% in the first quarter, reducing holdings to 47,597 shares worth about $2.32 million.
• Bank of America posted solid quarterly results, with EPS of $1.11 topping estimates and revenue of $30.27 billion exceeding expectations; revenue also rose 10.7% year over year.
• Analyst sentiment remains constructive, with multiple firms raising price targets and the stock carrying a Moderate Buy consensus and average price target of $61.35.

Patton Fund Management Inc. trimmed its stake in Bank of America Corporation (NYSE:BAC) by 62.9% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 47,597 shares of the financial services provider's stock after selling 80,543 shares during the quarter. Patton Fund Management Inc.'s holdings in Bank of America were worth $2,320,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. DecisionMap Wealth Management LLC lifted its position in Bank of America by 4.7% in the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider's stock valued at $223,000 after purchasing an additional 182 shares during the last quarter. Money Concepts Capital Corp increased its stake in shares of Bank of America by 3.8% in the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock valued at $273,000 after purchasing an additional 182 shares during the period. Holistic Financial Partners raised its holdings in shares of Bank of America by 2.4% during the fourth quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider's stock valued at $434,000 after buying an additional 183 shares during the last quarter. Operose Advisors LLC raised its holdings in shares of Bank of America by 0.9% during the fourth quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider's stock valued at $1,123,000 after buying an additional 185 shares during the last quarter. Finally, Asahi Life Asset Management CO. LTD. boosted its position in shares of Bank of America by 1.0% during the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider's stock worth $1,092,000 after buying an additional 187 shares during the period. Institutional investors own 70.71% of the company's stock.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company's stock in a transaction that occurred on 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 in the company, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.27% of the company's stock.

Trending Headlines about Bank of America

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

• Positive Sentiment: Citi raised its price target on Bank of America and kept a Buy rating, citing expectations for strong second-quarter results and reinforcing the view that BAC can deliver solid earnings growth. Bank of America (BAC) – Among the Top 10 Blue Chip Stocks with Growing Dividends
• Positive Sentiment: Barclays reaffirmed its Buy rating on BAC, adding to the bullish analyst backdrop and suggesting Wall Street still sees room for upside. Barclays Reaffirms Their Buy Rating on Bank of America (BAC)
• Positive Sentiment: Bank of America’s own research highlighted AI-driven semiconductor demand, projecting an additional $1 trillion in chip sales over five years, which supports a more constructive macro outlook for markets tied to technology spending and capital formation. BofA Sees AI Driving the Next $1 Trillion in Semiconductor Revenue
• Positive Sentiment: Reports that major banks passed the Fed stress test again and showed capital resilience may lift sentiment toward large money-center banks like BAC by reinforcing dividend and buyback flexibility. Fed Stress Test: JPM & Other Big Banks Pass Again, Show Resilience
• Neutral Sentiment: Other BofA commentary focused on housing trends, small- and mid-cap preferences, and wealthy-investor behavior, but these items are more market-color than direct catalysts for BAC shares. Bank of America sees major housing shift despite high mortgage rates
• Negative Sentiment: Bank of America also warned that the risk of a market correction is rising, a cautious tone that can temper enthusiasm for financial stocks even when fundamentals remain solid. Bank of America (BAC) Says Risks of a Market Correction Are Rising

Bank of America Stock Performance

BAC opened at $57.92 on Monday. The firm has a market cap of $411.06 billion, a PE ratio of 14.34, a P/E/G ratio of 0.98 and a beta of 1.19. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The business has a fifty day simple moving average of $53.36 and a 200-day simple moving average of $52.67. Bank of America Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $59.19.

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 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter in the previous year, the company earned $0.90 EPS. The business's revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, equities analysts predict that Bank of America Corporation will post 4.47 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Bank of America's payout ratio is presently 27.72%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on BAC shares. UBS Group increased their price objective on Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Evercore reduced their price target on Bank of America from $70.00 to $61.00 and set an "outperform" rating for the company in a research report on Friday, May 15th. Piper Sandler increased their price target on Bank of America from $53.00 to $59.00 and gave the stock a "neutral" rating in a research note on Thursday, April 16th. Keefe, Bruyette & Woods raised their price target on Bank of America from $63.00 to $64.00 and gave the company an "outperform" rating in a report on Thursday, April 16th. Finally, HSBC raised their price target on Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $61.35.

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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