Dai ichi Life Insurance Company Ltd Sells 105,804 Shares of Bank of America Corporation $BAC

Key Points

• Dai ichi Life Insurance Company Ltd cut its Bank of America stake by 18.7% in the first quarter, selling 105,804 shares and leaving it with 459,655 shares worth about $22.4 million.
• Bank of America reported better-than-expected quarterly earnings of $1.21 per share, while revenue rose 19.6% year over year. Analysts remain mostly positive, with a consensus rating of Moderate Buy and an average price target of $63.77.
• The company also boosted its quarterly dividend by 14% to $0.32 per share, signaling strong capital generation and a continued focus on shareholder returns.

Dai ichi Life Insurance Company Ltd reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 18.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 459,655 shares of the financial services provider's stock after selling 105,804 shares during the quarter. Dai ichi Life Insurance Company Ltd's holdings in Bank of America were worth $22,408,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Abound Financial LLC purchased a new stake in shares of Bank of America during the fourth quarter worth about $26,000. Wiser Advisor Group LLC bought a new stake in shares of Bank of America in the third quarter worth about $27,000. Legacy Bridge LLC increased its holdings 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 valued at $28,000 after purchasing an additional 330 shares during the period. CrossGen Wealth LLC purchased a new position in Bank of America during the 4th quarter valued at about $30,000. Finally, Joseph Group Capital Management bought a new position in Bank of America during the 4th quarter valued at approximately $32,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Insider Activity

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated Tuesday, May 5th. The shares were 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 directly owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. This trade represents a 8.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.27% of the stock is currently owned by insiders.

Key Bank of America News

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

• Positive Sentiment: Bank of America raised its quarterly dividend by 14% to $0.32 per share, a clear signal of strong capital generation and management’s commitment to shareholder returns. Bank of America hikes common stock dividend by 14%
• Positive Sentiment: The dividend boost was also highlighted in company announcements and market coverage, likely supporting sentiment that BAC’s balance sheet and earnings power remain solid. Bank of America Increases Common Stock Dividend 14% to 0.32 Per Share
• Positive Sentiment: Bank of America also continued to get attention for its investment research, including bullish calls on AI beneficiaries like Micron and Alphabet, which can reinforce the firm’s reputation and market visibility. Why BofA Thinks Micron Stock Could Be One of AI’s Biggest Long-Term Winners
• Neutral Sentiment: One report noted Bank of America’s well-known stock-market “sell signal” indicator is at its highest level since 2021, which may be seen as a cautionary macro signal rather than a direct BAC-specific issue. BofA's famed sell signal for stocks is at its highest level since 2021
• Neutral Sentiment: Additional coverage on federal debt, inflation, and global bond weakness reflects the broader macro backdrop BAC operates in, but these items do not directly change the bank’s near-term fundamentals. Trump Called Himself the ‘King of Debt.’ Now Bank of America Says the U.S. Will Spend $2 Trillion More Than It Brings In This Year

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Truist Financial lifted their price objective on Bank of America from $64.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a report on Tuesday. JPMorgan Chase & Co. raised their price target on Bank of America from $57.50 to $62.50 and gave the stock an "overweight" rating in a research note on Monday, July 6th. Argus set a $70.00 price target on shares of Bank of America in a report on Wednesday, July 15th. Finally, The Goldman Sachs Group boosted their price objective on shares of Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, Bank of America has an average rating of "Moderate Buy" and a consensus price target of $63.77.

Bank of America Trading Up 1.2%

BAC opened at $62.00 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a 52 week low of $44.75 and a 52 week high of $62.28. The stock has a market cap of $439.96 billion, a PE ratio of 14.22, a PEG ratio of 0.98 and a beta of 1.17. The business has a 50 day moving average of $56.42 and a 200-day moving average of $53.36.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.08. The company had revenue of $8.08 billion for the quarter, compared to analysts' expectations of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The firm's revenue for the quarter was up 19.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.89 earnings per share. Equities research analysts predict that Bank of America Corporation will post 4.65 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, September 4th. This is a positive change from Bank of America's previous quarterly dividend of $0.28. Bank of America's dividend payout ratio (DPR) is 25.69%.

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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