Glenmede Trust Co. NA Reduces Position in Bank of America Corporation $BAC

Key Points

• Glenmede Trust reduced its Bank of America position by 9.1% in the first quarter, selling 67,692 shares and retaining 674,566 shares valued at approximately $32.9 million.
• Bank of America raised its quarterly dividend from $0.28 to $0.32 per share, equal to an annualized $1.28 dividend and a 2.1% yield.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $64, although insider Geoffrey S. Greener separately sold 126,756 shares for about $6.7 million.

Glenmede Trust Co. NA trimmed its holdings in Bank of America Corporation (NYSE:BAC) by 9.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 674,566 shares of the financial services provider's stock after selling 67,692 shares during the period. Glenmede Trust Co. NA's holdings in Bank of America were worth $32,885,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of BAC. Abound Financial LLC purchased a new position in Bank of America in the 4th quarter worth approximately $26,000. Wiser Advisor Group LLC purchased a new stake in shares of Bank of America in the third quarter valued at approximately $27,000. Legacy Bridge LLC grew its position in shares of Bank of America by 182.3% in the fourth 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 in the last quarter. CrossGen Wealth LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $30,000. Finally, Joseph Group Capital Management acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $32,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about Bank of America

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

• Positive Sentiment: Analysts raised their outlook for BAC. JPMorgan reportedly expects Bank of America’s stock price to rise, while another analyst increased the FY2026 earnings-per-share estimate. These revisions reinforce expectations for stronger profitability and support the stock’s valuation. Bank of America stock price expected to rise FY2026 EPS estimate increased
• Positive Sentiment: Cybersecurity acquisition strengthens operational defenses. Bank of America plans to acquire U.K.-based information-security consultancy MDSec Consulting, subject to regulatory approval and expected to close in the fourth quarter of 2026. The deal is intended to bolster defenses against increasingly sophisticated AI-driven cyberattacks and ransomware. Financial terms were not disclosed, limiting the immediate earnings impact. Bank of America buys cybersecurity firm
• Positive Sentiment: Merrill Lynch is adding a sizable wealth-management team. A 14-person team managing approximately $13 billion in client assets is moving from Morgan Stanley’s Graystone Consulting. The recruitment could expand Merrill’s fee-based wealth-management revenue and deepen its affluent-client franchise. Merrill Lynch recruits $13 billion team
• Neutral Sentiment: Higher-for-longer interest rates present both benefits and risks. A hawkish Federal Reserve pause may support Bank of America’s net interest income, but prolonged high rates can pressure loan demand and increase credit-quality concerns. The broader market is also entering an uncertain August trading period, which could amplify volatility.
• Neutral Sentiment: Valuation remains a focus after substantial gains. One analysis says BAC still appears reasonably valued or discounted despite having more than doubled over three years. The stock is above both its 50-day and 200-day moving averages and near its annual high, suggesting strong momentum but also leaving shares more sensitive to disappointing results or guidance. Bank of America valuation and AI expansion

Insider Buying and Selling

In other news, insider Geoffrey S. Greener sold 126,756 shares of the firm's stock in a transaction on 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 completion of the transaction, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.27% of the stock is owned by company insiders.

Bank of America Stock Performance

Shares of BAC stock opened at $62.07 on Friday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. The firm has a market cap of $440.51 billion, a P/E ratio of 14.24, a P/E/G ratio of 0.99 and a beta of 1.17. The firm's 50 day moving average price is $57.49 and its 200-day moving average price is $53.55. Bank of America Corporation has a one year low of $44.75 and a one year high of $62.99.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be given a $0.32 dividend. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a yield of 2.1%. Bank of America's dividend payout ratio is presently 29.36%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Jefferies Financial Group reissued a "buy" rating and set a $75.00 price objective on shares of Bank of America in a research note on Tuesday, July 14th. Oppenheimer downgraded Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Barclays lifted their price target on Bank of America from $71.00 to $72.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Citigroup boosted their price target on shares of Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a research report on Tuesday, June 23rd. Finally, The Goldman Sachs Group upped 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. Twenty-one equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $64.00.

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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