New Age Alpha Advisors LLC Sells 21,334 Shares of Bank of America Corporation $BAC

Key Points

• New Age Alpha Advisors LLC cut its Bank of America stake by 8.7% in the fourth quarter, selling 21,334 shares and leaving it with 222,718 shares worth about $12.25 million.
• Analyst sentiment on BAC remains constructive overall, with 22 Buy ratings and 5 Hold ratings and a consensus "Moderate Buy" target price of $61.06, even as some firms trimmed price targets and CFRA downgraded the stock to Hold.
• Bank of America reported solid quarterly results, beating expectations with $1.11 EPS on $30.27 billion in revenue, and it also announced a quarterly dividend of $0.28 per share, implying a 2.2% annual yield.

New Age Alpha Advisors LLC decreased its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 8.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 222,718 shares of the financial services provider's stock after selling 21,334 shares during the quarter. New Age Alpha Advisors LLC's holdings in Bank of America were worth $12,249,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of BAC. Handelsbanken Fonder AB raised its holdings in Bank of America by 53.0% during the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider's stock worth $254,625,000 after buying an additional 1,603,080 shares during the period. Meridian Wealth Management LLC raised its holdings in Bank of America by 54.6% during the 3rd quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider's stock worth $3,008,000 after buying an additional 20,591 shares during the period. AdvisorShares Investments LLC acquired a new stake in Bank of America during the 3rd quarter worth approximately $482,000. Mufg Securities Americas Inc. raised its holdings in Bank of America by 26.6% during the 3rd quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider's stock worth $10,262,000 after buying an additional 41,809 shares during the period. Finally, B. Metzler seel. Sohn & Co. AG raised its holdings in Bank of America by 11.2% during the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider's stock worth $34,974,000 after buying an additional 68,093 shares during the period. Institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

BAC has been the topic of several research analyst reports. JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $61.50 to $57.50 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. HSBC raised their target price on shares of Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Evercore dropped their target price on shares of Bank of America from $70.00 to $61.00 and set an "outperform" rating on the stock in a report on Friday, May 15th. Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a report on Friday, April 24th. Finally, Erste Group Bank downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Wednesday, March 4th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $61.06.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 83,832 shares of Bank of America stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total value of $4,191,600.00. Following the sale, the insider directly owned 307,240 shares in the company, valued at $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bernard A. Mensah sold 94,000 shares of Bank of America stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the completion of the sale, the insider owned 170,184 shares in the company, valued at $7,988,436.96. This trade represents a 35.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 354,588 shares of company stock valued at $17,814,296 over the last ninety days. 0.27% of the stock is currently owned by company insiders.

More Bank of America News

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

Bank of America Price Performance

NYSE BAC opened at $51.81 on Monday. 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 12-month low of $42.35 and a 12-month high of $57.55. The company has a market capitalization of $367.64 billion, a PE ratio of 12.82, a price-to-earnings-growth ratio of 0.88 and a beta of 1.21. The firm's 50 day moving average is $50.65 and its 200-day moving average is $52.37.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same period last year, the company earned $0.90 earnings per share. The firm's revenue was up 10.7% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be issued a $0.28 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. 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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