Fullerton Fund Management Co Ltd. Trims Holdings in Bank of America Corporation $BAC

Key Points

• Fullerton Fund Management cut its Bank of America stake by 20.3% in the fourth quarter, selling 177,331 shares and leaving it with 697,527 shares valued at about $38.4 million.
• Bank of America reported better-than-expected quarterly results, with EPS of $1.11 versus the $1.00 consensus and revenue of $30.27 billion, while revenue rose 10.7% year over year.
• The bank also raised its quarterly dividend to $0.28 per share, implying an annualized yield of 2.0%, while analysts remain broadly positive with a “Moderate Buy” rating and an average price target of $61.06.

Fullerton Fund Management Co Ltd. trimmed its stake in Bank of America Corporation (NYSE:BAC) by 20.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 697,527 shares of the financial services provider's stock after selling 177,331 shares during the period. Bank of America comprises 1.7% of Fullerton Fund Management Co Ltd.'s investment portfolio, making the stock its 18th biggest holding. Fullerton Fund Management Co Ltd.'s holdings in Bank of America were worth $38,364,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in BAC. Norges Bank acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $4,774,210,000. Capital International Investors acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Bank of America by 640.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock valued at $2,399,798,000 after purchasing an additional 40,235,201 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Bank of America by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock valued at $35,809,225,000 after purchasing an additional 23,351,183 shares in the last quarter. Finally, Cardano Risk Management B.V. grew its holdings in shares of Bank of America by 914.5% in the fourth quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider's stock valued at $1,380,239,000 after purchasing an additional 22,621,546 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Up 1.6%

BAC stock opened at $56.79 on Wednesday. The company has a fifty day moving average price of $52.57 and a 200 day moving average price of $52.47. Bank of America Corporation has a 12 month low of $44.06 and a 12 month high of $57.55. The company has a market cap of $402.99 billion, a price-to-earnings ratio of 14.06, a price-to-earnings-growth ratio of 0.95 and a beta of 1.19. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. The company had revenue of $30.27 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.90 EPS. Sell-side analysts expect that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. Bank of America's dividend payout ratio is presently 27.72%.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company's stock in a transaction on 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 owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.27% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on BAC. The Goldman Sachs Group lifted their price objective on shares of Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a report on Thursday, April 16th. UBS Group boosted their price target on shares of Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Argus boosted their price target 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. Piper Sandler boosted their price target on shares of Bank of America from $53.00 to $59.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $63.00 to $64.00 and gave the stock an "outperform" rating in a report on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $61.06.

Key Bank of America News

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

• Positive Sentiment: Bank of America CEO Brian Moynihan said consumers are still spending on discretionary items despite inflation and affordability concerns, suggesting BAC’s customer base remains resilient and supporting a constructive outlook for card, deposit, and lending activity. Bank of America CEO Says Consumers Keep Spending Despite Affordability Concerns
• Positive Sentiment: Bank of America is expanding its “Scaminars” fraud-prevention campaign and using AI-powered detection tools, which could help reduce losses, protect clients, and strengthen the bank’s reputation with retail customers. Bank of America to Host Thousands of "Scaminars" to Help Protect Clients and Fight Fraud
• Positive Sentiment: Bank of America noted that Meta’s new AI search tools could create a larger monetization opportunity, highlighting BAC’s research influence and its bullish view on AI-driven growth themes. Meta introduces AI search and creative tools, Bank of America flags emerging monetization opportunity
• Neutral Sentiment: Bank of America maintained a Hold rating on PDD Holdings, citing softer-than-expected results; this is not directly about BAC, but it reflects ongoing analyst discipline across the firm’s coverage. Bank of America Securities Maintains Hold Rating on PDD Holdings (PDD) Stock
• Neutral Sentiment: Bank of America’s market commentary showing AI stock enthusiasm is still in the “boom phase” may support risk appetite in equities, but it is more of a market sentiment signal than a direct BAC-specific catalyst. AI Stock Rally Is in Boom Phase Not Euphoria, BofA Survey Shows
• Neutral Sentiment: Bank of America renewed its partnership with the Kansas City Current, a positive branding and community item, but it is unlikely to materially affect earnings or the stock near term. Kansas City Current, BofA Announces Multi-Year Partnership Renewal Featuring Enhanced Community Efforts
• Neutral Sentiment: Bank of America slightly reduced a derivative-based stake in CA Immobilien Anlagen, a routine disclosure that does not appear significant for BAC’s fundamentals. Bank of America slightly trims derivative-based stake in CA Immobilien Anlagen

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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