Contravisory Investment Management Inc. Cuts Position in Bank of America Corporation $BAC

Key Points

• Contravisory Investment Management cut its Bank of America position by 88.7% in the second quarter, selling 191,982 shares and retaining 24,390 shares worth approximately $1.39 million. Institutional investors collectively own 70.71% of BAC.
• Bank of America raised its quarterly dividend to $0.32 per share from $0.28, equivalent to an annualized dividend of $1.28 and a 2.0% yield.
• BAC opened at $63.15, near its 12-month high, while analysts maintained a generally positive outlook: 21 rate it a Buy and six a Hold, producing a consensus “Moderate Buy” rating and an average price target of $64.08.

Contravisory Investment Management Inc. trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 88.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,390 shares of the financial services provider's stock after selling 191,982 shares during the period. Contravisory Investment Management Inc.'s holdings in Bank of America were worth $1,390,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Abound Financial LLC purchased a new position in shares of Bank of America in the 4th quarter valued at $26,000. Wiser Advisor Group LLC purchased a new stake in Bank of America during the 3rd quarter worth $27,000. Legacy Bridge LLC boosted its position in Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after purchasing an additional 330 shares during the period. CrossGen Wealth LLC acquired a new stake in Bank of America in the 4th quarter valued at $30,000. Finally, Joseph Group Capital Management acquired a new stake in Bank of America in the 4th quarter valued at $32,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.0%

BAC stock opened at $63.15 on Monday. The firm has a 50 day simple moving average of $58.64 and a 200-day simple moving average of $53.89. The company has a market capitalization of $441.61 billion, a P/E ratio of 14.48, a PEG ratio of 1.01 and a beta of 1.17. Bank of America Corporation has a twelve month low of $44.98 and a twelve month high of $63.97. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.32 per share. The ex-dividend date is Friday, September 4th. This is an increase from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a yield of 2.0%. Bank of America's payout ratio is currently 25.69%.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America’s dividend increase is highlighted among notable 2026 dividend hikes, reinforcing the bank’s capital-return story and potentially supporting investor demand. These Outperforming Giants Are Boosting Dividends in 2026
• Positive Sentiment: Articles point to faster payment transfers and digital capabilities as potential growth drivers, helping Bank of America compete for consumer and business transactions. Can Faster Transfers Drive Growth?
• Positive Sentiment: Bank of America remains a favored outperforming bank in options commentary, suggesting some traders see additional upside after the stock’s strong run. This Outperforming Bank Stock Has More Room to Run
• Neutral Sentiment: The bank disclosed a 3.08% position in Umicore through voting rights and equivalent financial instruments. The filing reflects Bank of America’s investment or trading activities, but does not materially change its core banking outlook. Umicore Transparency Notification
• Neutral Sentiment: Management’s decision to spend more than $250 million annually on GLP-1 drugs for employees could improve workforce health and productivity, but also raises benefit costs. Bank of America Spends $250 Million Yearly on GLP-1 Drugs
• Negative Sentiment: Investment-banking co-head Mike Joo is leaving for an external opportunity, while technology executive Liu is also reportedly departing for a competitor. Multiple senior exits may raise concerns about leadership continuity and talent retention. Mike Joo to Leave Bank of America
• Negative Sentiment: Bank of America disclosed potential monetary penalties related to deficiencies in its anti-money-laundering program. The size and timing of any settlement remain key uncertainties. Bank of America Flags AML Penalty Risk
• Negative Sentiment: Bank of America strategists say their bullish sentiment gauge is at its most extreme level since 2021 and recommend reducing risk exposure. Although this is not a direct downgrade of BAC, it could limit near-term gains across financial and broader equity markets. BofA Sentiment Gauge Hits Most Extreme Bullish Level Since 2021

Wall Street Analysts Forecast Growth

A number of research analysts have commented on BAC shares. Piper Sandler boosted 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. Jefferies Financial Group reiterated a "buy" rating and issued a $75.00 target price on shares of Bank of America in a research note on Tuesday, July 14th. JPMorgan Chase & Co. raised their target price on Bank of America from $62.50 to $68.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods boosted their price target on Bank of America from $67.00 to $70.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 15th. Finally, Daiwa Securities Group upped their price target on Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a report on Tuesday, April 28th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $64.08.

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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