Jennison Associates LLC Has $140.03 Million Stock Holdings in Bank of America Corporation $BAC

Key Points

• Jennison Associates LLC cut its Bank of America stake by 50.7% in the first quarter, selling nearly 2.95 million shares and leaving it with 2.87 million shares worth about $140.0 million.
• Wall Street sentiment remains constructive on BAC, with several analysts recently lifting price targets and the stock carrying a consensus Moderate Buy rating and average target of $63.77.
• Bank of America’s latest results were solid, as it beat earnings estimates for Q2 and continued to return cash to shareholders through a quarterly dividend of $0.28 per share and preferred stock dividend declarations.

Jennison Associates LLC trimmed its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 50.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,872,458 shares of the financial services provider's stock after selling 2,948,816 shares during the period. Jennison Associates LLC's holdings in Bank of America were worth $140,032,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Brighton Jones LLC lifted 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 valued at $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC grew its position in Bank of America by 40.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock worth $1,013,000 after purchasing an additional 6,174 shares in the last quarter. Jump Financial LLC grew its position in Bank of America by 38.4% during the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock worth $3,108,000 after purchasing an additional 18,227 shares in the last quarter. Nebula Research & Development LLC acquired a new stake in Bank of America during the 2nd quarter valued at $1,396,000. Finally, Vivaldi Capital Management LP lifted its holdings in shares of 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 valued at $417,000 after purchasing an additional 355 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Wells Fargo & Company raised their target price on Bank of America from $67.00 to $69.00 and gave the stock an "overweight" rating in a research report on Wednesday. The Goldman Sachs Group upped their price target on Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Robert W. Baird increased their price objective on Bank of America from $58.00 to $62.00 and gave the stock a "neutral" rating in a research note on Wednesday. Royal Bank Of Canada raised their price objective on Bank of America from $59.00 to $65.00 and gave the stock an "outperform" rating in a research report on Wednesday. Finally, Oppenheimer cut Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus price target of $63.77.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America declared regular cash dividends on multiple preferred stock series, reinforcing its continued capital return to shareholders. Bank of America Declares Preferred Stock Dividends Payable in August and September 2026
• Positive Sentiment: Multiple firms lifted their outlooks on BAC, including higher earnings estimates for FY2026 and FY2027, suggesting improving expectations for profitability. Bank of America stock page
• Positive Sentiment: Bank of America’s recent Q2 results were broadly strong, with the company topping estimates and benefiting from robust trading and deal activity, which has helped support investor confidence in the stock. BofA rides market whiplash to trading records, deal activity shines
• Neutral Sentiment: Bank of America also announced internal AI leadership appointments to accelerate AI adoption in its global markets business, a strategic move that could improve efficiency over time but is not an immediate earnings driver. BofA names senior executives to drive AI adoption in global markets-memo

Bank of America Trading Down 0.5%

Bank of America stock opened at $61.18 on Friday. The company's fifty day simple moving average is $55.30 and its 200-day simple moving average is $53.15. The company has a quick ratio of 0.81, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a 12 month low of $44.75 and a 12 month high of $62.12. The stock has a market cap of $434.16 billion, a P/E ratio of 14.03, a P/E/G ratio of 0.98 and a beta of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts' consensus estimates of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The business had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $30.78 billion. During the same period in the prior year, the business posted $0.89 earnings per share. Bank of America's revenue for the quarter was up 19.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of America Corporation will post 4.64 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were paid a $0.28 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 1.8%. Bank of America's payout ratio is 25.69%.

Insiders Place Their Bets

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

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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