New Mexico Educational Retirement Board Buys 17,200 Shares of Bank of America Corporation $BAC

Key Points

• New Mexico Educational Retirement Board increased its Bank of America stake by 5.8% in the fourth quarter, buying 17,200 shares and bringing its total holding to 313,254 shares worth about $17.2 million.
• Bank of America reported better-than-expected quarterly results, with EPS of $1.11 versus the $1.00 estimate and revenue of $30.27 billion, up 10.7% year over year. The company also raised optimism with guidance for roughly 15% trading revenue growth.
• Despite mixed recent price action, analysts remain broadly positive on BAC: the stock has a Moderate Buy consensus with an average price target of $61.06, while the company also announced a quarterly dividend of $0.28 per share, yielding about 2.2% annually.

New Mexico Educational Retirement Board grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 5.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 313,254 shares of the financial services provider's stock after buying an additional 17,200 shares during the quarter. Bank of America makes up 0.5% of New Mexico Educational Retirement Board's holdings, making the stock its 22nd biggest holding. New Mexico Educational Retirement Board's holdings in Bank of America were worth $17,229,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the business. Brighton Jones LLC boosted its position in Bank of America by 30.0% during the fourth 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 during the last quarter. Sivia Capital Partners LLC boosted its position in Bank of America by 40.5% during the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock valued at $1,013,000 after acquiring an additional 6,174 shares during the last quarter. Jump Financial LLC boosted its position in Bank of America by 38.4% during the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock valued at $3,108,000 after acquiring an additional 18,227 shares during the last quarter. Nebula Research & Development LLC bought a new stake in Bank of America during the second quarter valued at $1,396,000. Finally, Vivaldi Capital Management LP boosted its position in Bank of America by 4.2% during the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock valued at $417,000 after acquiring an additional 355 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Insider Activity at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were 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 of the company's stock, valued at $72,803,774.97. This represents a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James P. Demare sold 83,832 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the transaction, the insider directly owned 307,240 shares of the company's stock, valued at $15,362,000. This represents a 21.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 354,588 shares of company stock valued at $17,814,296 over the last quarter. 0.27% of the stock is currently owned by insiders.

Key Bank of America News

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

• Positive Sentiment: Bank of America’s strong first-quarter results and guidance for roughly 15% year-over-year trading revenue growth are supporting the case for continued earnings momentum. Bank of America CEO flags massive Wall Street surge
• Positive Sentiment: Several commentators say BAC looks attractively valued after a sideways 2026, suggesting upside if earnings strength persists. Bank of America Could Be a Bargain After Strong Q1 Earnings
• Neutral Sentiment: Bank of America announced new arts funding in Canada and other community initiatives, which are positive for reputation but unlikely to move the stock materially. Bank of America Deepens Support for the Arts in Canada
• Neutral Sentiment: Coverage noting BAC’s recent underperformance versus the Nasdaq and bearish price action reflects the stock’s recent lag, though analysts still sound optimistic. Is Bank of America Stock Underperforming the Nasdaq?

Analysts Set New Price Targets

Several brokerages have recently weighed in on BAC. JPMorgan Chase & Co. dropped their price objective 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. Robert W. Baird upped their price objective on shares of Bank of America from $56.00 to $58.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. Piper Sandler upped their price objective on shares of Bank of America from $53.00 to $59.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. HSBC upped their price objective on shares of Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Finally, Evercore dropped their price objective 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. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and an average price target of $61.06.

Bank of America Trading Down 0.1%

NYSE:BAC opened at $51.56 on Monday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $365.91 billion, a price-to-earnings ratio of 12.76, a price-to-earnings-growth ratio of 0.87 and a beta of 1.19. Bank of America Corporation has a 52 week low of $43.36 and a 52 week high of $57.55. The firm has a 50-day moving average price of $51.11 and a two-hundred day moving average price of $52.31.

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 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. During the same quarter last year, the business posted $0.90 EPS. The company's revenue for the quarter was up 10.7% on a year-over-year basis. On average, equities analysts expect that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's dividend payout ratio is currently 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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