Bornite Capital Management LP Buys Shares of 500,000 Bank of America Corporation $BAC

Key Points

• Bornite Capital Management LP initiated a new position in Bank of America during the fourth quarter, buying 500,000 shares valued at about $27.5 million. The stake represents roughly 2.7% of Bornite’s holdings and is its 16th-largest position.
• Bank of America reported strong first-quarter results, with earnings of $1.11 per share beating estimates and revenue of $30.27 billion topping expectations. Revenue rose 10.7% year over year, and analysts currently expect full-year EPS of 4.45.
• The bank continues to return capital to shareholders, declaring a quarterly dividend of $0.28 per share payable on June 26, which annualizes to a 2.0% yield. Analyst sentiment remains generally positive, with an average rating of Moderate Buy and a consensus target price of $61.06.

Bornite Capital Management LP bought a new stake in Bank of America Corporation (NYSE:BAC) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 500,000 shares of the financial services provider's stock, valued at approximately $27,500,000. Bank of America comprises about 2.7% of Bornite Capital Management LP's holdings, making the stock its 16th biggest position.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Bristlecone Value Partners LLC acquired a new stake in Bank of America in the 4th quarter valued at approximately $1,895,000. Ally Financial Inc. acquired a new stake in Bank of America in the 4th quarter valued at approximately $2,750,000. CreativeOne Wealth LLC grew its holdings in Bank of America by 2.9% in the 4th quarter. CreativeOne Wealth LLC now owns 85,464 shares of the financial services provider's stock valued at $4,701,000 after buying an additional 2,426 shares during the last quarter. Burton Enright Welch acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $3,156,000. Finally, Parkside Financial Bank & Trust grew its holdings in shares of Bank of America by 4.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 59,786 shares of the financial services provider's stock worth $3,288,000 after purchasing an additional 2,312 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

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

Bank of America Price Performance

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

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion for 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 quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.90 EPS. On average, analysts expect that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 2.0%. Bank of America's payout ratio is currently 27.72%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Argus lifted their price objective on Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Wall Street Zen raised Bank of America from a "sell" rating to a "hold" rating in a report on Saturday, February 14th. Autonomous Res decreased their price objective on Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a report on Monday, April 6th. Evercore decreased their price objective on Bank of America from $70.00 to $61.00 and set an "outperform" rating on the stock in a report on Friday, May 15th. Finally, JPMorgan Chase & Co. decreased their price objective on Bank of America from $61.50 to $57.50 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average target price of $61.06.

Insider Buying and Selling

In related news, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the sale, the insider 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.27% of the stock is currently owned by corporate insiders.

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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