Cullinan Associates Inc. Increases Stake in Bank of America Corporation $BAC

Key Points

• Cullinan Associates increased its stake in Bank of America by 166.2% in Q4, buying 97,640 shares to hold 156,371 shares valued at about $8.6 million, and institutional investors own roughly 70.71% of BAC.
• Bank of America beat expectations in its most recent quarter with EPS of $1.11 (vs. $1.00 expected) and revenue of $30.27 billion, announced a $0.28 quarterly dividend (2.1% yield), and has executed about $18.66 billion in share buybacks over the past 12 months.
• Analysts maintain a consensus rating of "Moderate Buy" with an average price target of about $61.02, amid recent target moves (e.g., Wells Fargo to $65, Morgan Stanley to $61).

Cullinan Associates Inc. grew its position in shares of Bank of America Corporation (NYSE:BAC) by 166.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 156,371 shares of the financial services provider's stock after buying an additional 97,640 shares during the quarter. Cullinan Associates Inc.'s holdings in Bank of America were worth $8,600,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Belleair Asset Management LLC purchased a new position in Bank of America during the 4th quarter worth $438,000. Citizens Financial Group Inc. RI lifted its stake in shares of Bank of America by 1.0% in the fourth quarter. Citizens Financial Group Inc. RI now owns 1,348,048 shares of the financial services provider's stock valued at $74,143,000 after purchasing an additional 13,522 shares during the period. New York State Teachers Retirement System lifted its stake in shares of Bank of America by 0.3% in the fourth quarter. New York State Teachers Retirement System now owns 5,394,623 shares of the financial services provider's stock valued at $296,704,000 after purchasing an additional 16,932 shares during the period. Spectrum Financial Alliance Ltd LLC lifted its stake in shares of Bank of America by 7.8% in the fourth quarter. Spectrum Financial Alliance Ltd LLC now owns 1,135,769 shares of the financial services provider's stock valued at $62,467,000 after purchasing an additional 81,731 shares during the period. Finally, Verity Asset Management Inc. acquired a new stake in shares of Bank of America in the fourth quarter valued at about $207,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on BAC. Wells Fargo & Company raised their price objective on shares of Bank of America from $62.00 to $65.00 and gave the company an "overweight" rating in a research note on Monday, January 5th. Daiwa Securities Group raised their price objective on shares of Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research note on Tuesday. Morgan Stanley reduced their price objective on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a research note on Tuesday, March 31st. Wall Street Zen upgraded shares of Bank of America from a "sell" rating to a "hold" rating in a research note on Saturday, February 14th. Finally, Evercore raised their price objective on shares of Bank of America from $55.00 to $61.00 and gave the company an "outperform" rating in a research note on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Bank of America has a consensus rating of "Moderate Buy" and a consensus price target of $61.02.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Thomas M. Scrivener sold 50,000 shares of the company's stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the sale, the insider owned 227,973 shares of the company's stock, valued at $11,357,614.86. This represents a 17.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bernard A. Mensah sold 94,000 shares of the company's stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the completion of the sale, the insider directly owned 170,184 shares in the company, valued at $7,988,436.96. This trade represents a 35.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 227,832 shares of company stock valued at $11,094,960 over the last quarter. Corporate insiders own 0.27% of the company's stock.

Bank of America Stock Up 1.3%

Shares of NYSE BAC opened at $53.57 on Friday. Bank of America Corporation has a 12-month low of $39.58 and a 12-month high of $57.55. The company has a market capitalization of $382.79 billion, a PE ratio of 13.26, a price-to-earnings-growth ratio of 0.89 and a beta of 1.23. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The firm's 50-day moving average is $50.34 and its two-hundred day moving average is $52.42.

Bank of America (NYSE:BAC - Get Free Report) last announced 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 net margin of 16.78% and a return on equity of 11.49%. The company had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter in the prior year, the firm earned $0.90 earnings per share. The company's revenue for the quarter was up 10.7% compared to the same quarter last year. Equities analysts anticipate that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Dividend Announcement

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 issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's dividend payout ratio is 27.72%.

Key Bank of America News

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

• Positive Sentiment: Prominent bullish endorsement from Jim Cramer calling BofA “a plain out buy,” which can drive short‑term retail and momentum flows. Jim Cramer Believes “Bank of America’s Way Too Cheap, It Should Be Bought”
• Positive Sentiment: Bank extended its large co‑brand credit card deal with Alaska Air—its biggest co‑brand partnership—which supports card revenue visibility; the article also highlights sizable share buybacks ($18.66B over the prior 12 months), a direct capital return that boosts EPS and supports the share price. BAC Stock In Focus After Multi-Year Alaska Air Extension
• Positive Sentiment: ETF/flow dynamics: coverage notes that BAC is being watched by Russell 1000 ETF activity — passive/quant flows can prop up large-cap bank shares when indexes or rebalance activity favor them. Bank Of America Stock Climbs As Russell 1000 ETF Watches
• Neutral Sentiment: Research franchise highlights — BofA analysts continue to move ratings/targets across large coverage names (examples: upward moves on Western Digital and Caterpillar, and coverage actions on other consumer names). This underscores BofA’s investment‑banking/markets footprint but is an indirect driver of the bank’s stock. Bank of America Points to Supply-Demand Imbalance Favoring Western Digital (WDC)
• Neutral Sentiment: Macro/content pieces from BofA (e.g., bold silver price scenarios) showcase research insights but don’t directly change bank fundamentals; they are more about the firm’s sightlines than immediate BAC earnings. Silver Prices Have Pulled Back, But Bank of America Predicts They Could Soar to $309 Before the End of 2026. How?
• Positive Sentiment: Management/advice narratives: BofA’s own market commentary (e.g., telling investors to ignore “sell in May” and hold) can bolster investor confidence and reduce seasonality‑driven selling. Bank of America advises investors to ignore the ‘sell in May and go away’ axiom and hold strong this year. Here's why
• Negative Sentiment: Credit‑market watch: BofA research warns non‑traded private credit BDC redemption requests likely peak in Q2, signaling stress/liquidity pressures in parts of the credit market — a factor to monitor because worsening credit conditions could eventually pressure bank provisions and lending demand. Private credit BDC redemption requests likely to peak in Q2 2026 – BofA
• Neutral Sentiment: Operational strategy note: coverage mentions a renewed focus on branches (branch‑opening spree article) — a strategic choice that may raise near‑term costs but could support deposit and local lending growth over time. This major bank is going on a branch-opening spree

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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