Nixon Peabody Trust Co. Sells 12,750 Shares of Bank of America Corporation $BAC

Key Points

• Nixon Peabody Trust Co. trimmed its Bank of America stake by 4.3% in the fourth quarter, selling 12,750 shares and leaving it with 281,178 shares valued at about $15.5 million.
• Insider selling has also been notable, with Geoffrey S. Greener and Thomas M. Scrivener among executives selling shares; insiders sold 354,588 shares over the last 90 days.
• Bank of America reported solid quarterly results, beating EPS and revenue estimates, and it announced a quarterly dividend of $0.28 per share, equal to a 2.2% annualized yield.

Nixon Peabody Trust Co. decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 4.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 281,178 shares of the financial services provider's stock after selling 12,750 shares during the period. Bank of America accounts for about 1.2% of Nixon Peabody Trust Co.'s holdings, making the stock its 24th largest holding. Nixon Peabody Trust Co.'s holdings in Bank of America were worth $15,465,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Bank of America by 640.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock valued at $2,399,798,000 after purchasing an additional 40,235,201 shares during the last quarter. Vanguard Group Inc. raised its position in Bank of America by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock valued at $35,809,225,000 after purchasing an additional 23,351,183 shares during the last quarter. Capital World Investors raised its position in Bank of America by 11.0% during the 3rd quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider's stock valued at $7,448,816,000 after purchasing an additional 14,275,810 shares during the last quarter. American Assets Investment Management LLC raised its position in Bank of America by 1,248.5% during the 4th quarter. American Assets Investment Management LLC now owns 15,224,325 shares of the financial services provider's stock valued at $837,338,000 after purchasing an additional 14,095,375 shares during the last quarter. Finally, Danske Bank A S bought a new position in Bank of America during the 3rd quarter valued at approximately $224,863,000. Institutional investors own 70.71% of the company's stock.

Insider Buying and Selling

In related news, insider Geoffrey S. Greener sold 126,756 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the insider 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thomas M. Scrivener sold 50,000 shares of the firm's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the transaction, the insider directly owned 227,973 shares of the company's stock, valued at approximately $11,357,614.86. This trade represents a 17.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 354,588 shares of company stock worth $17,814,296 in the last 90 days. Corporate insiders own 0.27% of the company's stock.

Bank of America Stock Up 0.6%

Shares of NYSE:BAC opened at $51.81 on Friday. Bank of America Corporation has a 52-week low of $42.35 and a 52-week high of $57.55. The firm has a market capitalization of $367.64 billion, a P/E ratio of 12.82, a P/E/G ratio of 0.87 and a beta of 1.21. The stock has a 50 day moving average price of $50.65 and a 200-day moving average price of $52.38. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $29.72 billion. During the same quarter in the prior year, the company earned $0.90 EPS. The business's revenue was up 10.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Bank of America Corporation will post 4.46 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed 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 27.72%.

Analysts Set New Price Targets

BAC has been the subject of a number of recent analyst reports. HSBC upped their price target on Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. 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. Weiss Ratings reissued a "buy (b)" rating on shares of Bank of America in a research report on Friday, April 24th. Piper Sandler increased their target price on Bank of America from $53.00 to $59.00 and gave the stock a "neutral" rating in a research report on Thursday, April 16th. Finally, Daiwa Securities Group increased their target price on Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 28th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $61.06.

Trending Headlines about Bank of America

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 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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