Cibc World Market Inc. Acquires 261,810 Shares of Bank of America Corporation $BAC

Key Points

• Cibc World Market Inc. increased its Bank of America stake by 9.2% in the fourth quarter, buying 261,810 more shares and bringing its total holdings to 3,094,051 shares worth about $170.2 million.
• Several other institutional investors also adjusted their BAC positions, while 70.71% of the stock is now owned by institutions and just 0.27% by insiders.
• Bank of America reported solid quarterly results, with EPS of $1.11 and revenue of $30.27 billion, and it also announced a $0.28 quarterly dividend payable June 26 for a 2.1% annualized yield.

Cibc World Market Inc. boosted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 9.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,094,051 shares of the financial services provider's stock after acquiring an additional 261,810 shares during the period. Cibc World Market Inc.'s holdings in Bank of America were worth $170,173,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Brighton Jones LLC lifted its holdings in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC lifted its holdings in Bank of America by 40.5% during the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock worth $1,013,000 after acquiring an additional 6,174 shares in the last quarter. Jump Financial LLC lifted its holdings in Bank of America by 38.4% during the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock worth $3,108,000 after acquiring an additional 18,227 shares in the last quarter. Nebula Research & Development LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at about $1,396,000. Finally, Vivaldi Capital Management LP raised its stake in shares of Bank of America by 4.2% in the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock valued at $417,000 after purchasing an additional 355 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Insider Transactions at Bank of America

In related news, insider Bernard A. Mensah sold 94,000 shares of Bank of America stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $46.94, for a total value of $4,412,360.00. Following the sale, the insider owned 170,184 shares of the company's stock, valued at approximately $7,988,436.96. The trade was a 35.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated 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 completion of the sale, the insider directly 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 SEC filing for this sale provides additional information. 0.27% of the stock is currently owned by insiders.

Bank of America Price Performance

NYSE:BAC opened at $52.46 on Thursday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The stock's 50-day simple moving average is $51.40 and its 200 day simple moving average is $52.28. The company has a market cap of $372.27 billion, a P/E ratio of 12.98, a P/E/G ratio of 0.89 and a beta of 1.18. Bank of America Corporation has a 52-week low of $43.66 and a 52-week high of $57.55.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.11. The business had revenue of $30.27 billion for the quarter, compared to the consensus estimate 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 business earned $0.90 earnings per share. As a group, sell-side analysts forecast that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America's payout ratio is currently 27.72%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Piper Sandler lifted their price target on Bank of America from $53.00 to $59.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Autonomous Res dropped their price target on Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a research note on Monday, April 6th. UBS Group lifted their price target on Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Royal Bank Of Canada reissued an "outperform" rating and issued a $59.00 price target on shares of Bank of America in a research note on Thursday, April 16th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Bank of America in a research note on Friday, April 24th. Twenty-two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and a consensus price target of $61.06.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America said it will hire nearly 4,000 summer interns and campus recruits this year, signaling continued investment in talent even as AI changes the labor market. BofA to Welcome Nearly 4,000 Summer Interns and Campus Recruits
• Positive Sentiment: The bank partnered with FIFA and Vet Tix to provide $2.25 million in free World Cup tickets to veterans, military members, first responders and their families, supporting its consumer-facing brand and community profile. Bank of America and FIFA partner with Vet Tix to Offer Thousands of Free FIFA World Cup 2026 Tickets
• Positive Sentiment: Analysts highlighted Bank of America’s large deposit base as a strength, saying its low-cost funding supports net interest income and earnings growth across rate cycles. Does Bank of America's Deposit Franchise Power Earnings Growth?
• Neutral Sentiment: CEO Brian Moynihan discussed consumer spending, affordability, lending and AI investment, reinforcing the bank’s focus on growth but offering no immediate catalyst by itself. BofA CEO Moynihan on Affordability, Lending and AI Spending
• Neutral Sentiment: Bank of America disclosed that it exited a substantial stake in Dyno Nobel, a routine portfolio adjustment that is not clearly tied to BAC’s core banking outlook. Bank of America exits substantial stake in Dyno Nobel

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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