Employees Retirement System of Texas Grows Position in Bank of America Corporation $BAC

Key Points

• Employees Retirement System of Texas boosted its Bank of America stake by 11.1% in Q3 to 2,562,521 shares worth $132.2 million, making BAC its 17th largest holding and 1.1% of the fund's portfolio.
• Insider selling: Thomas M. Scrivener and James P. Demare sold 50,000 and 83,832 shares respectively in early March, reducing their individual ownerships by about 18% and 21% (insiders now own 0.30% of the company).
• Analyst consensus is a "Moderate Buy" with an average 12‑month price target of $60.30, though individual firms' ratings range from Hold to Buy.

Employees Retirement System of Texas grew its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 11.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,562,521 shares of the financial services provider's stock after acquiring an additional 256,188 shares during the quarter. Bank of America comprises 1.1% of Employees Retirement System of Texas' investment portfolio, making the stock its 17th largest position. Employees Retirement System of Texas' holdings in Bank of America were worth $132,200,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Steph & Co. raised its position in shares of Bank of America by 224.3% during the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider's stock valued at $28,000 after buying an additional 379 shares in the last quarter. Collier Financial purchased a new stake in Bank of America during the third quarter valued at about $30,000. Marquette Asset Management LLC bought a new stake in Bank of America during the third quarter worth about $30,000. Mountain Hill Investment Partners Corp. purchased a new position in shares of Bank of America in the 3rd quarter worth about $31,000. Finally, Wealth Preservation Advisors LLC increased its position in shares of Bank of America by 48.7% during the 2nd quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 223 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BAC. Erste Group Bank downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 4th. Truist Financial decreased their price target on shares of Bank of America from $62.00 to $60.00 and set a "buy" rating on the stock in a research note on Thursday, January 15th. Wells Fargo & Company upped 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. Wall Street Zen raised shares of Bank of America from a "sell" rating to a "hold" rating in a report on Saturday, February 14th. Finally, Piper Sandler lifted their target price on shares of Bank of America from $56.00 to $57.00 and gave the stock a "neutral" rating in a research report on Thursday, January 15th. Twenty-one research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $60.30.

Trending Headlines about Bank of America

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

• Positive Sentiment: Management/strategy: Bank of America projects solid Q1 revenue growth (net interest income, investment banking and global markets), which supports medium‑term earnings resilience. BofA projects solid first-quarter growth across key businesses
• Positive Sentiment: Product/fee growth: Zelle and Bank of America launched instant donor-advised-fund disbursements, a payments innovation that can improve client service and fee/flow dynamics in wealth and treasury products. Zelle and Bank of America Partner to Accelerate Delivery of Charitable Donations to Nonprofits
• Positive Sentiment: Analyst backdrop: Wall Street coverage remains constructive overall (multiple Buy/Outperform ratings and a median 6–12 month target near $62), which supports longer‑term upside vs. current levels. Bank of America falls as rate volatility and sector-wide risk-off sentiment pressure bank shares
• Neutral Sentiment: Capital actions: The board declared regular cash dividends on several series of preferred stock (payment dates in April–May); this affects preferred holders and liquidity planning but has limited direct impact on common shareholders. Bank of America Declares Preferred Stock Dividends Payable in April and May 2026
• Neutral Sentiment: Global research activity: BofA research continues to move ratings and targets across the market (e.g., Qualcomm reinstated as Underperform; Bumble target trimmed) — shows healthy brokerage flow but is not company specific. Qualcomm Stock Warning: Why Bank of America Is Betting That QCOM Will Underperform
• Neutral Sentiment: International trading activity: BofA Securities participated in a block trade in Kaynes Technologies (India); more a regional/flow trade than a corporate signal for BAC common shares. BofA Securities enters Kaynes Technologies via Rs 42 crore block deal; stock down 48% in six months
• Negative Sentiment: Macro/sector pressure: Renewed rate volatility after recent CPI and heavy Treasury issuance triggered a sector‑wide bank pullback; BAC is sensitive to rate moves given NII and duration exposures. Also, recent regulatory/stress‑capital buffer discussion and heavy insider selling amplify downside risk in risk‑off flows. Bank of America falls as rate volatility and sector-wide risk-off sentiment pressure bank shares
• Negative Sentiment: Market reaction: Short‑term price weakness was highlighted in market writeups noting BAC declined more than the broader market today, which can trigger technical selling and higher intraday volatility. Bank of America (BAC) Declines More Than Market: Some Information for Investors

Insider Activity

In other news, insider Thomas M. Scrivener sold 50,000 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the sale, the insider directly owned 227,973 shares in the company, valued at approximately $11,357,614.86. This represents a 17.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider James P. Demare sold 83,832 shares of the firm's stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total value of $4,191,600.00. Following the completion of the sale, the insider directly owned 307,240 shares in the company, valued at $15,362,000. The trade was a 21.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.30% of the company's stock.

Bank of America Stock Performance

NYSE:BAC opened at $47.13 on Friday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $57.55. The firm has a market cap of $338.24 billion, a PE ratio of 12.31, a price-to-earnings-growth ratio of 1.18 and a beta of 1.28. The business has a 50 day moving average price of $52.70 and a 200-day moving average price of $52.47.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 EPS for the quarter, topping the consensus estimate of $0.96 by $0.02. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The company had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $27.73 billion. During the same period in the previous year, the firm earned $0.82 earnings per share. The firm's revenue for the quarter was up 12.3% on a year-over-year basis. Equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be given a $0.28 dividend. The ex-dividend date is Friday, March 6th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.4%. Bank of America's payout ratio is presently 29.24%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.