Bank of America Corporation $BAC Stock Position Lowered by Basswood Capital Management L.L.C.

Key Points

• Basswood Capital Management reduced its Bank of America stake by 6.3% in the fourth quarter, selling 108,337 shares and leaving it with 1.61 million shares worth about $88.8 million.
• Bank of America reported better-than-expected Q1 results, with EPS of $1.11 versus the $1.00 estimate and revenue of $30.27 billion, up 10.7% year over year.
• The company also declared a quarterly dividend of $0.28 per share, implying an annualized yield of about 2.0%, while analysts maintain a consensus rating of Moderate Buy with an average price target of $61.06.

Basswood Capital Management L.L.C. lessened its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 6.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,613,917 shares of the financial services provider's stock after selling 108,337 shares during the quarter. Bank of America comprises approximately 3.6% of Basswood Capital Management L.L.C.'s portfolio, making the stock its 5th largest position. Basswood Capital Management L.L.C.'s holdings in Bank of America were worth $88,765,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Handelsbanken Fonder AB lifted its stake in Bank of America by 53.0% during the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider's stock worth $254,625,000 after purchasing an additional 1,603,080 shares in the last quarter. Mufg Securities Americas Inc. lifted its stake in Bank of America by 26.6% during the third quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider's stock worth $10,262,000 after purchasing an additional 41,809 shares in the last quarter. B. Metzler seel. Sohn & Co. AG lifted its stake in Bank of America by 11.2% during the third quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider's stock worth $34,974,000 after purchasing an additional 68,093 shares in the last quarter. Constant Guidance Financial LLC lifted its stake in Bank of America by 603.4% during the third quarter. Constant Guidance Financial LLC now owns 24,283 shares of the financial services provider's stock worth $1,253,000 after purchasing an additional 20,831 shares in the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new position in Bank of America during the third quarter worth $27,629,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of BAC stock opened at $55.96 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The firm has a fifty day moving average price of $52.29 and a 200 day moving average price of $52.41. The company has a market cap of $397.15 billion, a P/E ratio of 13.85, a PEG ratio of 0.95 and a beta of 1.18. Bank of America Corporation has a 12 month low of $43.66 and a 12 month high of $57.55.

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

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be paid 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 2.0%. Bank of America's payout ratio is presently 27.72%.

Bank of America News Summary

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

• Positive Sentiment: Analysts and commentary highlighted BAC’s strong Q1 results, robust deposit base, and improving revenue prospects in markets and wealth management, supporting the case for continued momentum. Bank Of America (BAC) Stock Valuation After Strong Q1 Results And Upgraded Markets Revenue Outlook
• Positive Sentiment: Bank of America announced regular preferred-stock dividend declarations, reinforcing its capital-return profile and signaling balance-sheet stability. Bank of America Declares Preferred Stock Dividends Payable in July and August 2026
• Positive Sentiment: One report noted that Erste Group raised its FY2027 EPS estimate for BAC, suggesting some analysts see earnings power improving over time. Bank of America Corporation
• Neutral Sentiment: BofA’s own market commentary warned investors that optimism is elevated and that an AI-driven bubble may be vulnerable, but these views are more about the broader market than BAC’s fundamentals. Bank of America Sends a Stark Warning on the S&P 500
• Negative Sentiment: A DOJ subpoena report tied BAC to a sweeping bank industry probe into customer account closures, which could create legal, regulatory, and reputational overhang. JPMorgan, Bank of America receive subpoena from DOJ
• Negative Sentiment: Another article argued BAC has been going sideways and lagging the S&P 500 over the past six months, which may temper enthusiasm despite recent gains. 3 Reasons to Sell BAC and 1 Stock to Buy Instead

Analysts Set New Price Targets

BAC has been the topic of a number of recent research reports. Oppenheimer upped their price objective on Bank of America from $58.00 to $61.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. The Goldman Sachs Group upped their price objective on Bank of America from $58.00 to $63.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Autonomous Res cut their price objective on Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a research report on Monday, April 6th. Morgan Stanley cut their price objective on Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 31st. Finally, Evercore cut their price objective on Bank of America from $70.00 to $61.00 and set an "outperform" rating on the stock in a research report on Friday, May 15th. 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 presently has an average rating of "Moderate Buy" and a consensus target price of $61.06.

Insider Activity at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.27% of the company's stock.

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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