Bank of America Corporation $BAC Stock Position Reduced by Chapin Davis Inc.

Key Points

• Chapin Davis Inc. cut its Bank of America stake by 39.2% in the second quarter, selling 19,883 shares and retaining 30,798 shares valued at approximately $1.755 million. Institutional investors collectively own 70.71% of BAC.
• Analysts remain broadly positive, with 21 Buy ratings and six Holds producing a “Moderate Buy” consensus and an average price target of $64.08. Recent target increases included Wells Fargo at $69 and Jefferies at $75.
• Bank of America raised its quarterly dividend to $0.32 per share, or $1.28 annually, representing a 2.0% yield. Shares opened at $63.27, near their 52-week high of $63.57, while potential OCC penalties over anti-money-laundering deficiencies present a regulatory risk.

Chapin Davis Inc. decreased its position in Bank of America Corporation (NYSE:BAC - Free Report) by 39.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,798 shares of the financial services provider's stock after selling 19,883 shares during the quarter. Chapin Davis Inc.'s holdings in Bank of America were worth $1,755,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Abound Financial LLC bought a new position in Bank of America during the fourth quarter worth $26,000. Wiser Advisor Group LLC bought a new stake in Bank of America during the third quarter valued at $27,000. Legacy Bridge LLC raised its holdings in shares of Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after purchasing an additional 330 shares during the period. CrossGen Wealth LLC bought a new position in shares of Bank of America in the 4th quarter worth about $30,000. Finally, Joseph Group Capital Management bought a new position in shares of Bank of America in the 4th quarter worth about $32,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on BAC. Robert W. Baird boosted their price objective on shares of Bank of America from $58.00 to $62.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Oppenheimer downgraded Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Wells Fargo & Company upped their target price on Bank of America from $67.00 to $69.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Jefferies Financial Group reiterated a "buy" rating and set a $75.00 price target on shares of Bank of America in a research report on Tuesday, July 14th. Finally, Daiwa Securities Group raised their price target on Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a report on Tuesday, April 28th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and a consensus price target of $64.08.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: UBS reaffirmed its Buy rating on Bank of America, reinforcing confidence in the bank’s earnings outlook and valuation. UBS Reaffirms Their Buy Rating on Bank of America
• Positive Sentiment: CEO Brian Moynihan reiterated his expectation for three Federal Reserve rate hikes in 2026. Persistent inflation and a slower path toward lower rates could support Bank of America’s net interest income, although the benefit depends on deposit pricing and the shape of the yield curve. Brace for Three Rate Hikes in 2026, Says Bank of America’s CEO
• Positive Sentiment: Bank of America appointed new investment-banking leaders for Africa and the Benelux, signaling an effort to expand corporate and investment-banking revenue in those regions. Bank of America Taps New Africa, Benelux Investment Bank Leads
• Neutral Sentiment: The bank said it spends more than $250 million annually on GLP-1 medications for employees. Management views the expense as an investment in workforce health, but investors may monitor whether the rapidly increasing benefit cost pressures operating expenses. Bank of America spends $250 million a year on GLP-1 drugs for its employees
• Negative Sentiment: Bank of America disclosed that it may face monetary penalties from the OCC over anti-money-laundering deficiencies. The possible settlement introduces regulatory and compliance costs and is more concerning because earlier disclosures suggested the outcome would not be material. Bank of America Signals OCC Penalties Over Anti Money Laundering Deficiencies

Bank of America Price Performance

Shares of NYSE BAC opened at $63.27 on Thursday. The firm's 50-day simple moving average is $58.16 and its 200 day simple moving average is $53.75. The stock has a market cap of $442.42 billion, a P/E ratio of 14.51, a P/E/G ratio of 1.00 and a beta of 1.17. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a fifty-two week low of $44.78 and a fifty-two week high of $63.57.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.0%. This is an increase from Bank of America's previous quarterly dividend of $0.28. Bank of America's dividend payout ratio (DPR) is currently 25.69%.

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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