Cullinan Associates Inc. Decreases Holdings in Bank of America Corporation $BAC

Key Points

• Cullinan Associates Inc. cut its Bank of America stake by 6.2% in the first quarter, selling 9,646 shares and ending with 146,725 shares worth about $7.15 million.
• Wall Street remains broadly positive on BAC, with 21 analysts rating it a Buy and the average target price at $62.19; several firms recently raised their targets, though Oppenheimer downgraded the stock to Market Perform.
• Bank of America’s fundamentals and outlook appear solid, with the latest quarter beating expectations on earnings and revenue, a recent $0.28 quarterly dividend, and shares trading near a 52-week high around $59.67.

Cullinan Associates Inc. trimmed its position in Bank of America Corporation (NYSE:BAC) by 6.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 146,725 shares of the financial services provider's stock after selling 9,646 shares during the period. Cullinan Associates Inc.'s holdings in Bank of America were worth $7,153,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in BAC. Abound Financial LLC purchased a new stake in Bank of America in the fourth quarter worth about $26,000. Legacy Bridge LLC grew its stake in shares of Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 330 shares during the period. Wiser Advisor Group LLC purchased a new stake in Bank of America in the 3rd quarter worth approximately $27,000. CrossGen Wealth LLC purchased a new stake in Bank of America in the 4th quarter worth approximately $30,000. Finally, Joseph Group Capital Management bought a new stake in Bank of America during the 4th quarter worth approximately $32,000. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BAC. JPMorgan Chase & Co. upped their price target on shares of Bank of America from $57.50 to $62.50 and gave the stock an "overweight" rating in a research report on Monday, July 6th. Citigroup lifted their target price on shares of Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a research note on Tuesday, June 23rd. Argus upped their target price on shares of Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Oppenheimer cut Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Finally, Evercore set a $63.00 price objective on Bank of America and gave the company an "outperform" rating in a research report on Monday, July 6th. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $62.19.

Key Stories Impacting Bank of America

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 Price Performance

Shares of Bank of America stock traded up $0.42 on Friday, hitting $59.67. 21,908,911 shares of the company traded hands, compared to its average volume of 32,415,350. Bank of America Corporation has a 52 week low of $44.75 and a 52 week high of $60.83. The business has a 50-day simple moving average of $54.50 and a 200 day simple moving average of $52.98. 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 has a market capitalization of $423.49 billion, a P/E 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 earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. The firm had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. Bank of America's revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 earnings per share. Research analysts expect that Bank of America Corporation will post 4.51 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were issued a dividend of $0.28 per share. 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 is 27.72%.

Insider Buying and Selling at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the firm's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the transaction, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.27% of the stock is currently owned by insiders.

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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