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

Commonwealth of Pennsylvania Public School Empls Retrmt SYS cut its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 1.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,545,684 shares of the financial services provider's stock after selling 17,029 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS's holdings in Bank of America were worth $75,352,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Bank of America by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock worth $35,809,225,000 after purchasing an additional 23,351,183 shares during the period. Norges Bank purchased a new stake in shares of Bank of America in the 4th quarter worth $4,774,210,000. Bank of New York Mellon Corp grew its position in shares of Bank of America by 5.4% during the 4th quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider's stock worth $3,169,062,000 after buying an additional 2,929,779 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of Bank of America by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider's stock valued at $2,958,110,000 after buying an additional 1,105,833 shares during the period. Finally, Deutsche Bank AG raised its holdings in shares of Bank of America by 5.9% in the fourth quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider's stock valued at $2,594,488,000 after acquiring an additional 2,611,776 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Truist Financial raised their target price on shares of Bank of America from $61.00 to $64.00 and gave the company a "buy" rating in a research report on Friday, June 26th. UBS Group lifted their price objective on shares of Bank of America from $63.00 to $68.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. Royal Bank Of Canada restated an "outperform" rating and set a $59.00 target price on shares of Bank of America in a report on Thursday, April 16th. Wells Fargo & Company lifted their price target on Bank of America from $65.00 to $67.00 and gave the company an "overweight" rating in a report on Monday, July 6th. Finally, Oppenheimer cut Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $62.19.

Bank of America Stock Up 0.7%

NYSE BAC traded up $0.42 on Friday, hitting $59.67. The stock had a trading volume of 21,908,911 shares, compared to its average volume of 32,415,350. The business's fifty day moving average price is $54.50 and its 200 day moving average price is $52.98. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. Bank of America Corporation has a 52-week low of $44.75 and a 52-week high of $60.83. The stock has a market cap of $423.49 billion, a price-to-earnings ratio of 14.77, a price-to-earnings-growth ratio of 1.00 and a beta of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data 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. 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 during the quarter, compared to analyst estimates of $29.72 billion. During the same quarter in the prior year, the business posted $0.90 EPS. The business's revenue for the quarter was up 10.7% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Corporation will post 4.51 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America's dividend payout ratio (DPR) is presently 27.72%.

Insider Buying and Selling

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred on 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 $72,803,774.97. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.27% of the stock is owned by company insiders.

Key Bank of America News

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

• Positive Sentiment: Bank of America’s consumer team said its latest report showed spending up 6.3%, the fastest pace in four years, with wage growth broad-based across all income groups. That suggests the U.S. consumer remains resilient, which is supportive for BAC’s lending and fee income outlook. BofA Consumer Chief: Spending Jumps 6.3% With Wage Growth Across “All Income Groups”
• Positive Sentiment: Financial funds saw their biggest inflow since January, according to Bank of America, signaling improved investor appetite for the sector ahead of bank earnings season. That kind of rotation can lift BAC and other large-cap financials. Financial funds steal the spotlight with biggest inflow since January, Bofa says
• Positive Sentiment: Analysts and market coverage continue to frame Bank of America’s upcoming July 14 earnings report as potentially strong, with expectations for healthy net interest income, fee income, and double-digit EPS growth. Strong results could extend the recent move higher in BAC shares. Bank of America Reports Q2 Earnings Next Week. What Investors Should Expect.
• Neutral Sentiment: Bank of America also continues to generate headlines through its analyst research, including bullish views on names like Meta, Nvidia, Micron, Costco, and homebuilders. These reports help reinforce BAC’s influence on Wall Street, but they are only an indirect driver of BAC stock itself. Meta Stock’s AI Chip Ambitions Are Reaching a ‘Positive Inflection,’ Says Bank of America
• Neutral Sentiment: Bank of America, N.A. announced redemptions of $2.6 billion of senior notes due in August 2026. The move is routine balance-sheet management and is not likely to materially affect the stock on its own. Bank of America, N.A. Announces Redemptions of $2,000,000,000 5.526% Senior Bank Notes and $600,000,000 Floating Rate Senior Bank Notes, Due August 2026

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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