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

Key Points

• Cullinan Associates reduced its Bank of America stake by 8.1% in the second quarter, selling 11,956 shares and retaining 134,769 shares valued at approximately $7.7 million. Institutional investors still own 70.71% of BAC’s outstanding shares.
• Analyst sentiment remains favorable, with 21 Buy ratings and six Holds producing a consensus “Moderate Buy” rating and an average price target of $64.08. Recent targets were raised by Truist, Barclays, RBC and Wells Fargo, while Oppenheimer downgraded the stock to Market Perform.
• Bank of America exceeded quarterly earnings and revenue expectations, reporting $1.21 in EPS and $31.56 billion in revenue, while revenue rose 19.6% year over year. The company also increased its quarterly dividend to $0.32, implying a 2.1% annual yield.

Cullinan Associates Inc. lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 8.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 134,769 shares of the financial services provider's stock after selling 11,956 shares during the period. Cullinan Associates Inc.'s holdings in Bank of America were worth $7,679,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in BAC. Handelsbanken Fonder AB raised its stake in shares of Bank of America by 53.0% in the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider's stock valued at $254,625,000 after acquiring an additional 1,603,080 shares during the period. Bamco Inc. NY raised its position in Bank of America by 45.4% in the second quarter. Bamco Inc. NY now owns 40,994 shares of the financial services provider's stock valued at $2,336,000 after purchasing an additional 12,794 shares during the period. E Fund Management Co. Ltd. purchased a new stake in Bank of America in the second quarter valued at approximately $4,089,000. Bernicke Wealth Management Ltd. acquired a new position in Bank of America during the second quarter worth $2,132,000. Finally, Legal & General Group Plc lifted its stake in Bank of America by 3.4% during the fourth quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider's stock worth $2,497,655,000 after purchasing an additional 1,487,809 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. Truist Financial lifted their price objective on Bank of America from $64.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, July 15th. Oppenheimer lowered Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Barclays raised their target price on Bank of America from $71.00 to $72.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Royal Bank Of Canada lifted their target price on Bank of America from $59.00 to $65.00 and gave the company an "outperform" rating in a research report on Wednesday, July 15th. Finally, Wells Fargo & Company boosted their price target on shares of Bank of America from $67.00 to $69.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $64.08.

Bank of America Trading Down 0.5%

NYSE:BAC opened at $61.99 on Tuesday. The stock has a 50-day simple moving average of $61.27 and a 200-day simple moving average of $54.95. The stock has a market cap of $433.48 billion, a P/E ratio of 14.22, a P/E/G ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a 1 year low of $46.12 and a 1 year high of $65.22. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating analysts' consensus estimates of $1.13 by $0.08. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The business had revenue of $31.56 billion for the quarter, compared to the consensus estimate of $30.78 billion. During the same quarter in the prior year, the business posted $0.89 EPS. The business's revenue for the quarter was up 19.6% on a year-over-year basis. As a group, analysts anticipate that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be paid a $0.32 dividend. 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 2.1%. The ex-dividend date is Friday, September 4th. 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: AI investment is supporting commercial-loan growth. U.S. business lending reached $2.93 trillion, a 10% year-over-year increase and the fastest growth since March 2023. Bank of America said artificial-intelligence capital spending is a key driver, creating potential demand for financing and related banking services. US Banks Want a Bigger Piece Of The AI Trade: Here's How They're Getting It
• Positive Sentiment: Net interest income is showing strong momentum. BAC generated $31.7 billion of net interest income in the first half of 2026, up 9% from a year earlier, helped by loan and deposit growth and asset repricing. Analysts expect the trend to continue through the rest of the year, supporting revenue and earnings. BAC Records 9% Y/Y Growth in NII in 1H26: Will the Uptrend Continue?
• Positive Sentiment: Bank of America’s broader market outlook has become less defensive. Its market signals moved from “red” to “yellow,” indicating reduced concern about an immediate bear market. This could improve sentiment toward economically sensitive financial stocks, although the bank continues to flag valuation and credit risks. BofA turns S&P 500 signals from red to yellow: What to buy now
• Neutral Sentiment: Higher rate expectations create both benefits and risks. Rising odds of a Federal Reserve rate hike could support loan yields and net interest income, but may also slow economic activity, pressure borrowers and increase credit-loss concerns. Fed Rate Hike Bets Are Back
• Negative Sentiment: Valuation is limiting upside. After a strong six-month advance and solid quarterly results, commentary has highlighted BAC as a relatively risky choice at current levels, raising profit-taking concerns if earnings growth or market conditions weaken. 3 Reasons BAC is Risky and 1 Stock to Buy Instead

About Bank of America

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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