New York Life Investment Management LLC Sells 18,174 Shares of Bank of America Corporation $BAC

Key Points

• New York Life Investment Management trimmed its Bank of America stake by 1.8% in the fourth quarter, selling 18,174 shares but still holding 973,487 shares worth about $53.5 million.
• Analyst sentiment remains mostly positive: 22 analysts rate BAC a Buy versus five Holds, with a consensus “Moderate Buy” rating and average target price of $61.06.
• Bank of America recently beat quarterly expectations, posting EPS of $1.11 versus $1.00 expected and revenue of $30.27 billion, while also declaring a quarterly dividend of $0.28 per share.

New York Life Investment Management LLC lowered its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 1.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 973,487 shares of the financial services provider's stock after selling 18,174 shares during the period. New York Life Investment Management LLC's holdings in Bank of America were worth $53,542,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. DecisionMap Wealth Management LLC increased its stake in shares of Bank of America by 4.7% during the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider's stock worth $223,000 after purchasing an additional 182 shares during the last quarter. Money Concepts Capital Corp lifted its stake in 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 purchasing an additional 182 shares during the last quarter. Holistic Financial Partners grew its holdings in Bank of America by 2.4% during the fourth quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider's stock worth $434,000 after purchasing an additional 183 shares during the period. Asahi Life Asset Management CO. LTD. grew its holdings in Bank of America by 1.0% during the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider's stock worth $1,092,000 after purchasing an additional 187 shares during the period. Finally, Riverview Capital Advisers LLC increased its position in Bank of America by 4.2% during the third quarter. Riverview Capital Advisers LLC now owns 4,686 shares of the financial services provider's stock worth $242,000 after buying an additional 188 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on BAC shares. Erste Group Bank lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 4th. Oppenheimer boosted their target price on Bank of America from $58.00 to $61.00 and gave the stock an "outperform" rating in a report on Thursday, April 16th. HSBC increased their price target on Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Jefferies Financial Group lifted their price objective on shares of Bank of America from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Finally, Evercore upped their price objective on shares of Bank of America from $55.00 to $61.00 and gave the company an "outperform" rating in a report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.06.

Bank of America Stock Performance

NYSE:BAC opened at $49.89 on Friday. The stock has a 50 day simple moving average of $50.42 and a 200 day simple moving average of $52.46. The stock has a market cap of $354.05 billion, a P/E ratio of 12.35, a PEG ratio of 0.84 and a beta of 1.21. Bank of America Corporation has a 1-year low of $42.35 and a 1-year high of $57.55. 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 issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating 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 analyst estimates of $29.72 billion. During the same period in the prior year, the firm posted $0.90 EPS. The company's revenue for the quarter was up 10.7% on a year-over-year basis. Research analysts anticipate that Bank of America Corporation will post 4.46 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors 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 yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's dividend payout ratio (DPR) is currently 27.72%.

Key Bank of America News

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

• Positive Sentiment: Bank of America and other major banks are seen as potential winners if rates stay elevated longer, since higher rates can support net interest income and keep banking margins healthier. Higher-for-longer rate outlook puts bank stocks back on watch
• Positive Sentiment: Bank of America’s analyst calls on semiconductors, including upgraded price targets for Nvidia and Micron, reinforce BAC’s role as a leading Wall Street research franchise and may support investor sentiment around its markets and advisory businesses. BofA Hikes Nvidia Price Target to $320 -- Calls It Top Sector Pick
• Positive Sentiment: Bank of America remains well-regarded for digital banking, tying U.S. Bank for first place in a competitive retail digital experience ranking, which supports its long-term consumer franchise. Banks Give Customers Online Controls for Privacy & Marketing Preferences
• Positive Sentiment: BofA added to its AI and electronic trading push by joining LTX as a liquidity provider on an AI-powered corporate bond platform, highlighting continued investment in technology-driven fixed income trading. Bank Of America Deepens AI Bond Trading Role With LTX Partnership
• Neutral Sentiment: Several articles focus on BofA’s analyst coverage of other stocks, which mostly reflects the firm’s market influence rather than a direct change in BAC fundamentals. Bank of America massively resets Micron stock price target after surge
• Neutral Sentiment: Qiagen disclosed Bank of America as a voting stakeholder, but the filing appears to be a routine ownership update and is unlikely to move BAC shares by itself. Bank of America Discloses 3.11% Voting Stake in Qiagen

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated 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 sale, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James P. Demare sold 83,832 shares of the business's stock in a transaction dated 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 completion of the sale, 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 354,588 shares of company stock valued at $17,814,296 in the last three months. 0.27% of the stock is owned by insiders.

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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