Commonwealth of Pennsylvania Public School Empls Retrmt SYS Has $85.95 Million Stock Holdings in Bank of America Corporation $BAC

Key Points

• Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its Bank of America stake by 4.5% in the fourth quarter, selling 73,671 shares and leaving it with 1,562,713 shares worth about $85.95 million.
• Bank of America continues to draw strong institutional interest overall, with about 70.71% of shares owned by institutions and hedge funds despite some recent portfolio shifts. Several smaller investors also added to or initiated positions in BAC during the period.
• Analysts remain broadly positive on the stock: BAC has a Moderate Buy consensus rating and an average target price of $61.06, while the company also beat first-quarter earnings estimates and recently declared a $0.28 quarterly dividend.

Commonwealth of Pennsylvania Public School Empls Retrmt SYS trimmed its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 4.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,562,713 shares of the financial services provider's stock after selling 73,671 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS's holdings in Bank of America were worth $85,949,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in BAC. Wiser Advisor Group LLC acquired a new position in shares of Bank of America in the third quarter worth approximately $27,000. Legacy Bridge LLC lifted its stake in shares of Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after acquiring an additional 330 shares during the period. Collier Financial acquired a new position in shares of Bank of America in the third quarter worth approximately $30,000. Joseph Group Capital Management acquired a new position in shares of Bank of America in the fourth quarter worth approximately $32,000. Finally, HFM Investment Advisors LLC lifted its stake in shares of Bank of America by 566.0% in the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock worth $34,000 after acquiring an additional 532 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on BAC shares. Argus lifted their price objective on Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Robert W. Baird lifted their price objective on Bank of America from $56.00 to $58.00 and gave the stock a "neutral" rating in a research note on Thursday, April 16th. Wall Street Zen raised Bank of America from a "sell" rating to a "hold" rating in a research note on Saturday, February 14th. Piper Sandler lifted their price objective on Bank of America from $53.00 to $59.00 and gave the stock a "neutral" rating in a research note on Thursday, April 16th. Finally, 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 note on Tuesday, March 31st. Twenty-two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $61.06.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction that occurred 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 transaction, the insider directly owned 1,373,397 shares of the company's stock, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bernard A. Mensah sold 94,000 shares of the business's stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $46.94, for a total value of $4,412,360.00. Following the completion of the transaction, the insider directly owned 170,184 shares in the company, valued at approximately $7,988,436.96. This trade represents a 35.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 354,588 shares of company stock valued at $17,814,296 in the last ninety days. 0.27% of the stock is owned by corporate insiders.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America’s strong first-quarter results and guidance for roughly 15% year-over-year trading revenue growth are supporting the case for continued earnings momentum. Bank of America CEO flags massive Wall Street surge
• Positive Sentiment: Several commentators say BAC looks attractively valued after a sideways 2026, suggesting upside if earnings strength persists. Bank of America Could Be a Bargain After Strong Q1 Earnings
• Neutral Sentiment: Bank of America announced new arts funding in Canada and other community initiatives, which are positive for reputation but unlikely to move the stock materially. Bank of America Deepens Support for the Arts in Canada
• Neutral Sentiment: Coverage noting BAC’s recent underperformance versus the Nasdaq and bearish price action reflects the stock’s recent lag, though analysts still sound optimistic. Is Bank of America Stock Underperforming the Nasdaq?

Bank of America Price Performance

Shares of BAC opened at $51.56 on Friday. Bank of America Corporation has a 52-week low of $43.36 and a 52-week high of $57.55. 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 business's 50 day moving average price is $51.11 and its two-hundred day moving average price is $52.32. The firm has a market cap of $365.91 billion, a PE ratio of 12.76, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21.

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

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders 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 2.2%. Bank of America's payout ratio is 27.72%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.