Nixon Peabody Trust Co. Trims Stock Position in Bank of America Corporation $BAC

Key Points

• Nixon Peabody Trust Co. cut its Bank of America stake by 10% in the first quarter, selling 27,978 shares and ending with 253,200 shares valued at about $12.3 million.
• Several analysts remain constructive on Bank of America, with the stock carrying a Moderate Buy consensus and a target price of $61.60 after recent upward revisions from firms including Citigroup and KBW.
• Bank of America reported better-than-expected earnings for the latest quarter, and it also paid a quarterly dividend of $0.28 per share, implying an annualized yield of about 1.9%.

Nixon Peabody Trust Co. lessened its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 10.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 253,200 shares of the financial services provider's stock after selling 27,978 shares during the period. Nixon Peabody Trust Co.'s holdings in Bank of America were worth $12,344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Abound Financial LLC purchased a new stake in shares of Bank of America in the 4th quarter valued at about $26,000. Wiser Advisor Group LLC purchased a new position in Bank of America during the 3rd quarter worth approximately $27,000. Legacy Bridge LLC grew its stake in Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after buying an additional 330 shares during the last quarter. CrossGen Wealth LLC acquired a new position in Bank of America during the fourth quarter worth approximately $30,000. Finally, Joseph Group Capital Management acquired a new position in Bank of America during the fourth quarter worth approximately $32,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Robert W. Baird boosted their price objective on Bank of America from $56.00 to $58.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Citigroup raised their target price on shares of Bank of America from $62.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, June 23rd. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $63.00 to $64.00 and gave the company an "outperform" rating in a report on Thursday, April 16th. Piper Sandler upped their price target on shares of Bank of America from $53.00 to $59.00 and gave the company a "neutral" rating in a research report on Thursday, April 16th. Finally, Evercore decreased their price target on shares of Bank of America from $70.00 to $61.00 and set an "outperform" rating for the company in a research note on Friday, May 15th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.60.

Insider Buying and Selling

In other news, insider Geoffrey S. Greener sold 126,756 shares of the firm's stock in a transaction on 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 approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 analysts are backing Meta Platforms’ AI/cloud expansion, highlighting a potentially large revenue opportunity tied to selling AI infrastructure capacity. While this is about Meta, it reinforces BAC’s influence in high-profile AI and cloud investment themes. Article Title
• Positive Sentiment: One report says Bank of America could soon increase its dividend after passing stress tests, which would be a favorable capital-return signal for income investors. Article Title
• Neutral Sentiment: Analysts and market commentary continue to frame BAC as a relatively reasonable value among major banks, with discussion around earnings power, valuation, and how it compares with peers like Wells Fargo. Article Title
• Neutral Sentiment: Bank of America’s strategists remain active in market calls, including a warning that the S&P 500 could face a correction and a view that “boring” cyclical stocks may outperform. These comments reflect BAC’s broad market influence more than direct company-specific news. Article Title
• Negative Sentiment: One article highlights a $7.5 million SEC settlement related to Bank of America, adding a modest regulatory overhang even though the dollar amount is not material relative to BAC’s size. Article Title

Bank of America Stock Down 0.1%

BAC opened at $58.67 on Friday. Bank of America Corporation has a 52 week low of $44.75 and a 52 week high of $59.19. The business has a 50 day moving average price of $53.82 and a two-hundred day moving average price of $52.82. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The company has a market cap of $416.35 billion, a PE ratio of 14.52, a P/E/G ratio of 0.99 and a beta of 1.17.

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 for the quarter, beating 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 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 business posted $0.90 EPS. The company's revenue was up 10.7% on a year-over-year basis. As a group, research analysts anticipate that Bank of America Corporation will post 4.49 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were given a dividend of $0.28 per share. The ex-dividend date was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Bank of America's dividend payout ratio is presently 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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