Bollard Group LLC Sells 31,162 Shares of Bank of America Corporation $BAC

Key Points

• Bollard Group LLC cut its Bank of America stake by 15.2% in the fourth quarter, selling 31,162 shares and leaving it with 173,280 shares worth about $9.53 million.
• Bank of America posted solid first-quarter results, beating earnings and revenue estimates with EPS of $1.11 versus $1.00 expected and revenue of $30.27 billion, up 10.7% year over year.
• Analysts remain broadly positive, with 22 Buy ratings and five Hold ratings; the consensus target price is $61.06, while several firms recently raised their price targets on BAC.

Bollard Group LLC reduced its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 15.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 173,280 shares of the financial services provider's stock after selling 31,162 shares during the period. Bollard Group LLC's holdings in Bank of America were worth $9,530,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Bornite Capital Management LP bought a new stake in shares of Bank of America during the 4th quarter worth approximately $27,500,000. Bristlecone Value Partners LLC bought a new stake in shares of Bank of America during the 4th quarter worth approximately $1,895,000. Ally Financial Inc. bought a new stake in shares of Bank of America during the 4th quarter worth approximately $2,750,000. CreativeOne Wealth LLC lifted its stake in shares of Bank of America by 2.9% during the 4th quarter. CreativeOne Wealth LLC now owns 85,464 shares of the financial services provider's stock worth $4,701,000 after acquiring an additional 2,426 shares during the last quarter. Finally, Burton Enright Welch bought a new stake in shares of Bank of America during the 4th quarter worth approximately $3,156,000. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BAC has been the subject of a number of research analyst reports. The Goldman Sachs Group raised their price target on Bank of America from $58.00 to $63.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Oppenheimer raised their price target on Bank of America from $58.00 to $61.00 and gave the stock an "outperform" rating in a research note on Thursday, April 16th. UBS Group raised their price target on Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Erste Group Bank lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 4th. Finally, Jefferies Financial Group raised their price target on Bank of America from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $61.06.

Bank of America Trading Up 1.5%

Shares of NYSE BAC opened at $55.96 on Friday. 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 $52.29 and a two-hundred day simple moving average of $52.41. The firm has a market cap of $397.15 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 0.95 and a beta of 1.18. Bank of America Corporation has a twelve month low of $43.66 and a twelve 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 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.11. The business had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.Bank of America's revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 EPS. Analysts expect 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. Shareholders of record on Friday, June 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. Bank of America's payout ratio is 27.72%.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction on 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 directly owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.27% of the stock is currently owned by company insiders.

Trending Headlines about Bank of America

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

Bank of America Company 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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