Generate Investment Management Ltd Cuts Stock Holdings in Bank of America Corporation $BAC

Key Points

• Generate Investment Management Ltd cut its Bank of America stake by 65.9% in the first quarter, selling 378,812 shares and leaving it with 195,874 shares valued at about $9.55 million.
• Bank of America reported better-than-expected quarterly results, with EPS of $1.11 versus $1.00 expected and revenue of $30.27 billion, while earnings and revenue both rose from a year earlier.
• Analysts remain generally constructive: Bank of America has a Moderate Buy consensus, a target price around $61.06, and recently announced a quarterly dividend of $0.28 per share for a 2.0% annualized yield.

Generate Investment Management Ltd lessened its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 65.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 195,874 shares of the financial services provider's stock after selling 378,812 shares during the period. Generate Investment Management Ltd's holdings in Bank of America were worth $9,549,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Brighton Jones LLC raised its position in shares of Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC boosted its position in Bank of America by 40.5% during the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock valued at $1,013,000 after purchasing an additional 6,174 shares in the last quarter. Jump Financial LLC grew its stake in Bank of America by 38.4% in the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock valued at $3,108,000 after purchasing an additional 18,227 shares during the last quarter. Nebula Research & Development LLC purchased a new position in Bank of America in the second quarter valued at about $1,396,000. Finally, Vivaldi Capital Management LP raised its holdings in Bank of America by 4.2% in the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock worth $417,000 after purchasing an additional 355 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America’s economists now expect three Fed rate hikes in 2026 and no cuts until 2028, a more hawkish outlook that could support bank lending margins and interest income.
• Positive Sentiment: Several articles highlighted BAC as a top financial stock and a long-term Berkshire Hathaway holding, reinforcing investor confidence in the franchise and its valuation appeal.
• Neutral Sentiment: A Zacks note said BAC looks inexpensive versus peers, but also flagged rising costs and a mixed earnings outlook, making the valuation case less clear in the near term. Article Title
• Neutral Sentiment: Another piece quoted BofA strategist Savita Subramanian on market opportunities and earnings momentum, but it was mainly a broader market commentary rather than a direct catalyst for BAC. Article Title

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Piper Sandler raised their target price on shares of Bank of America from $53.00 to $59.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Autonomous Res reduced their price target on Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a research report on Monday, April 6th. Argus increased their price objective on Bank of America from $59.00 to $62.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Daiwa Securities Group raised their price objective on Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 28th. Finally, Truist Financial boosted their target price on Bank of America from $57.00 to $61.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $61.06.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the sale, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.27% of the company's stock.

Bank of America Stock Up 2.1%

BAC stock opened at $57.37 on Tuesday. The stock has a market capitalization of $407.10 billion, a PE ratio of 14.20, a price-to-earnings-growth ratio of 0.95 and a beta of 1.18. Bank of America Corporation has a 52 week low of $44.75 and a 52 week high of $57.98. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The firm has a 50 day moving average of $53.00 and a 200 day moving average of $52.56.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 business had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same quarter in the prior year, the business posted $0.90 EPS. Bank of America's revenue for the quarter was up 10.7% compared to the same quarter last year. Sell-side analysts forecast that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared 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 of this dividend is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. Bank of America's payout ratio is currently 27.72%.

Bank of America Company 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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