Griffith & Werner Inc. Has $6.29 Million Stake in Bank of America Corporation $BAC

Key Points

• Griffith & Werner Inc. increased its Bank of America stake by 10.2% in the first quarter, buying 11,922 more shares and bringing its holdings to 128,959 shares valued at about $6.29 million.
• Bank of America continues to attract strong institutional interest, with 70.71% of the stock owned by institutions and hedge funds. At the same time, insider Geoffrey S. Greener sold 126,756 shares in May, trimming his ownership by 8.45%.
• Analysts remain constructive on BAC, with multiple firms raising price targets and the stock carrying a Moderate Buy consensus and a target price of $62.19. The company also recently beat quarterly expectations, posting $1.11 EPS on revenue of $30.27 billion, and paid a quarterly dividend of $0.28 per share.

Griffith & Werner Inc. lifted its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 10.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 128,959 shares of the financial services provider's stock after acquiring an additional 11,922 shares during the quarter. Bank of America makes up about 3.1% of Griffith & Werner Inc.'s portfolio, making the stock its 11th biggest holding. Griffith & Werner Inc.'s holdings in Bank of America were worth $6,287,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Handelsbanken Fonder AB raised its position in Bank of America by 53.0% in the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider's stock valued at $254,625,000 after purchasing an additional 1,603,080 shares during the last quarter. Legal & General Group Plc boosted its position in Bank of America by 3.4% during the 4th quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider's stock worth $2,497,655,000 after buying an additional 1,487,809 shares during the period. Certuity LLC boosted its position in Bank of America by 5.1% during the 3rd quarter. Certuity LLC now owns 523,113 shares of the financial services provider's stock worth $26,987,000 after buying an additional 25,268 shares during the period. Nisa Investment Advisors LLC grew its holdings in Bank of America by 2.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 2,905,348 shares of the financial services provider's stock worth $159,794,000 after acquiring an additional 71,307 shares during the last quarter. Finally, International Assets Investment Management LLC grew its holdings in Bank of America by 217.4% during the 4th quarter. International Assets Investment Management LLC now owns 327,949 shares of the financial services provider's stock worth $18,037,000 after acquiring an additional 224,627 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the company's stock in a transaction that occurred 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 transaction, the insider directly owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.27% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on BAC shares. Daiwa Securities Group raised their price target on shares of Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research note on Tuesday, April 28th. Robert W. Baird increased their price objective on Bank of America from $56.00 to $58.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. Autonomous Res lowered their target price on Bank of America from $62.00 to $54.00 and set a "neutral" rating for the company in a research report on Monday, April 6th. Wells Fargo & Company lifted their target price on Bank of America from $65.00 to $67.00 and gave the stock an "overweight" rating in a report on Monday. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Bank of America in a research note on Friday, April 24th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $62.19.

More Bank of America News

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

• Positive Sentiment: Bank of America extended OpenAI a $520 million credit line, its first loan to the AI company, signaling BAC is deepening relationships in one of the market’s fastest-growing sectors and strengthening its reputation as a major AI financier. BofA extends first $520 million loan to OpenAI ahead of IPO, source says
• Positive Sentiment: Analysts at Bank of America reiterated a Buy rating on Nvidia and called it a “unique, durable growth franchise,” reinforcing BAC’s credibility on AI-related equity research and its exposure to the broader AI investment theme. BofA Says Buy Nvidia (NVDA) Stock, Calls It a ‘Unique, Durable Growth Franchise’
• Positive Sentiment: Bank of America also reiterated a Buy on Nvidia and said current valuation already reflects overly cautious expectations, which may support investor sentiment toward BAC’s analyst franchise and AI-linked banking activity. Nvidia backed by Bank of America as analysts see AI leadership supporting further growth
• Positive Sentiment: Bank of America’s stock has also benefited from stronger sector sentiment and recent optimism around its stress-test results and payments initiatives, which suggests investors are still comfortable with BAC’s capital position and earnings outlook. Why Bank of America Stock Jumped in June

Bank of America Trading Down 2.5%

BAC opened at $58.38 on Thursday. The company has a fifty day moving average price of $54.24 and a two-hundred day moving average price of $52.90. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $60.83. The company has a market cap of $414.33 billion, a P/E ratio of 14.45, a price-to-earnings-growth ratio of 1.00 and a beta of 1.17. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $30.27 billion for the quarter, compared to analysts' expectations of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business's 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. Analysts predict that Bank of America Corporation will post 4.49 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America's dividend payout ratio (DPR) is 27.72%.

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.

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