Glenview Trust Co Reduces Stake in Bank of America Corporation $BAC

Key Points

• Glenview Trust Co trimmed its Bank of America stake by 3.6% in the fourth quarter, selling 14,935 shares and ending with 395,372 shares valued at about $21.7 million.
• Institutional ownership remains heavy, with hedge funds and other investors holding 70.71% of Bank of America’s stock. Several other firms also added to their BAC positions during the period.
• Bank of America reported better-than-expected quarterly results, with EPS of $1.11 versus $1.00 expected and revenue up 10.7% year over year. Analysts remain generally constructive, with a consensus Moderate Buy rating and average price target of $61.06.

Glenview Trust Co lowered its holdings in Bank of America Corporation (NYSE:BAC) by 3.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 395,372 shares of the financial services provider's stock after selling 14,935 shares during the quarter. Glenview Trust Co's holdings in Bank of America were worth $21,745,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. DecisionMap Wealth Management LLC increased its holdings in shares of Bank of America by 4.7% in the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider's stock valued at $223,000 after acquiring an additional 182 shares during the last quarter. Money Concepts Capital Corp increased its holdings in shares of Bank of America by 3.8% in the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock valued at $273,000 after acquiring an additional 182 shares during the last quarter. Holistic Financial Partners increased its holdings in shares of Bank of America by 2.4% in the 4th quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider's stock valued at $434,000 after acquiring an additional 183 shares during the last quarter. Asahi Life Asset Management CO. LTD. increased its holdings in shares of Bank of America by 1.0% in the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider's stock valued at $1,092,000 after acquiring an additional 187 shares during the last quarter. Finally, Riverview Capital Advisers LLC increased its holdings in shares of Bank of America by 4.2% in the 3rd quarter. Riverview Capital Advisers LLC now owns 4,686 shares of the financial services provider's stock valued at $242,000 after acquiring an additional 188 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America hired veteran banker Richard Hardegree as Vice Chair of Mergers and Acquisitions, a move that could strengthen its dealmaking franchise and support future investment-banking revenue. Bank of America Corporation (BAC) Hires Richard Hardegree as Vice Chair of Mergers and Acquisitions
• Positive Sentiment: Analysts highlighted BAC’s loan growth, rising investment-banking fees, and AI-driven branch strategy as long-term positives that may help the stock recover despite this year’s pullback. BAC Slips 6.5% So Far This Year: Should You Still Buy the Stock?
• Neutral Sentiment: Bank of America strategist Michael Hartnett warned that mega-IPOs like SpaceX and OpenAI could create tech-market concentration risk, which is important for investors but does not directly change BAC’s fundamentals. BofA’s Hartnett Warns Mega-IPOs Risk Bubble Like Roaring ‘20s
• Neutral Sentiment: BofA also reinstated coverage of nuclear names with a Buy on Oklo and Neutral on NuScale, showing continued activity from the bank’s research team rather than a direct catalyst for BAC shares. BofA reinstates nuclear coverage with Buy on Oklo and Neutral on NuScale
• Negative Sentiment: CFRA downgraded Bank of America to Hold, adding a modest headwind as investors weigh valuation and near-term upside after the stock’s weaker year-to-date performance. CFRA downgrades Bank of America (BAC) to a Hold

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 83,832 shares of Bank of America stock in a transaction that occurred on 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 transaction, the insider directly owned 307,240 shares in the company, valued at approximately $15,362,000. This trade represents a 21.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the transaction, the insider 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 354,588 shares of company stock valued at $17,814,296. Company insiders own 0.27% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on BAC shares. HSBC increased their price objective on Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Evercore dropped their price target on Bank of America from $70.00 to $61.00 and set an "outperform" rating on the stock in a research note on Friday, May 15th. The Goldman Sachs Group raised their price target on Bank of America from $58.00 to $63.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Wall Street Zen upgraded Bank of America from a "sell" rating to a "hold" rating in a research note on Saturday, February 14th. Finally, Erste Group Bank downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 4th. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average price target of $61.06.

Bank of America Trading Up 0.0%

NYSE:BAC opened at $51.81 on Monday. The stock's 50 day moving average price is $50.65 and its 200 day moving average price is $52.37. The company has a market capitalization of $367.64 billion, a PE ratio of 12.82, a P/E/G ratio of 0.88 and a beta of 1.21. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a 52-week low of $42.35 and a 52-week high of $57.55.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter last year, the business posted $0.90 EPS. The firm's quarterly revenue was up 10.7% compared to the same quarter last year. On average, research analysts anticipate that Bank of America Corporation will post 4.46 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America's dividend payout ratio (DPR) is 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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