NewEdge Wealth LLC Decreases Stake in Bank of America Corporation $BAC

Key Points

• NewEdge Wealth LLC cut its stake in Bank of America by 17.2% in the first quarter, selling 40,813 shares and ending with 196,008 shares valued at about $9.6 million.
• Insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in May, a transaction worth about $6.7 million and reducing his position by 8.45%.
• Bank of America recently beat earnings expectations with $1.21 EPS for the quarter, and several analysts have maintained or raised bullish price targets, leaving the stock with a Moderate Buy consensus rating.

NewEdge Wealth LLC lessened its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 17.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 196,008 shares of the financial services provider's stock after selling 40,813 shares during the quarter. NewEdge Wealth LLC's holdings in Bank of America were worth $9,555,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC lifted its holdings in 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 worth $4,785,000 after buying an additional 25,143 shares during the period. Sivia Capital Partners LLC grew its position in shares of Bank of America by 40.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock worth $1,013,000 after buying an additional 6,174 shares during the last quarter. Jump Financial LLC increased its stake in shares of 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 buying an additional 18,227 shares during the period. Nebula Research & Development LLC bought a new position in shares of Bank of America during the second quarter valued at approximately $1,396,000. Finally, Vivaldi Capital Management LP raised its holdings in shares of 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 in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.27% of the company's stock.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America’s own analysts said Alphabet’s post-earnings selloff looks like a buying opportunity, reinforcing BAC’s credibility as a market-moving research franchise and highlighting the firm’s influence in large-cap tech coverage. 4 Reasons to Buy Alphabet Stock After the CAPEX Shock: Bank of America
• Positive Sentiment: Bank of America extended the naming-rights deal for Bank of America Stadium with the Carolina Panthers, reinforcing a long-term brand partnership and its visibility in Charlotte and the Carolinas. Bank of America and Carolina Panthers Extend Naming Rights for Bank of America Stadium
• Positive Sentiment: The launch of new hybrid public-private investment funds by Wellington, Vanguard, and Blackstone through Merrill and Bank of America’s private bank could help drive more client assets and deepen wealth-management relationships. Global Market: Wellington, Vanguard, Blackstone launch hybrid public-private investment funds for wealthy clients
• Positive Sentiment: Bank of America’s preferred dividend confirmation and recent earnings backdrop underscore ongoing capital returns and support the valuation case for BAC shares. Bank of America (BAC) Preferred Dividend Update Keeps Valuation In Focus
• Neutral Sentiment: Several articles highlight BAC’s broader market influence, including comments on bank earnings, rate policy, and consumer health, but they do not appear to directly change Bank of America’s near-term earnings outlook. What Bank Earnings Just Revealed About the Health of the American Consumer
• Neutral Sentiment: Coverage of Bank of America’s consumer-service AI rollout and finance-leadership messaging is strategically positive, but likely a longer-term operational story rather than an immediate stock catalyst. Bank of America Equips Customer Service Reps With Gen AI
• Negative Sentiment: CEO commentary warning that inflation could force the Fed into a corner suggests a tougher macro backdrop, which could pressure loan demand, credit costs, and the banking sector broadly if rates stay restrictive. Bank of America CEO warns inflation will back Fed into a corner

Bank of America Stock Down 0.5%

Bank of America stock opened at $61.30 on Friday. The firm has a market cap of $435.02 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 0.99 and a beta of 1.17. The stock has a fifty day simple moving average of $56.17 and a two-hundred day simple moving average of $53.29. Bank of America Corporation has a 12 month low of $44.75 and a 12 month high of $62.12. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts' expectations of $30.78 billion. During the same quarter in the prior year, the business earned $0.89 EPS. The business's revenue for the quarter was up 19.6% compared to the same quarter last year. Equities analysts predict that Bank of America Corporation will post 4.65 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently commented on BAC shares. 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 research report on Thursday, April 16th. Jefferies Financial Group reissued a "buy" rating and issued a $75.00 price target on shares of Bank of America in a research note on Tuesday, July 14th. Citigroup raised their price objective on shares of Bank of America from $62.00 to $66.00 and gave the stock a "buy" rating in a report on Tuesday, June 23rd. UBS Group lifted their price objective on Bank of America from $63.00 to $68.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Finally, Barclays upped their target price on Bank of America from $71.00 to $72.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $63.77.

Bank of America 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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