Oregon Public Employees Retirement Fund Decreases Stock Position in Bank of America Corporation $BAC

Key Points

• Oregon Public Employees Retirement Fund trimmed its Bank of America stake by 1.2% in the first quarter, selling 9,489 shares and leaving it with 759,936 shares valued at about $37.0 million.
• Institutional ownership remains high, with hedge funds and other institutional investors holding 70.71% of Bank of America’s shares. Several other investors also increased positions during the quarter.
• Bank of America continues to draw positive analyst support and recently reported solid fundamentals, including first-quarter EPS of $1.11 versus the $1.00 estimate, revenue of $30.27 billion, and a quarterly dividend of $0.28 per share.

Oregon Public Employees Retirement Fund lessened its holdings in Bank of America Corporation (NYSE:BAC) by 1.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 759,936 shares of the financial services provider's stock after selling 9,489 shares during the quarter. Bank of America accounts for approximately 0.5% of Oregon Public Employees Retirement Fund's holdings, making the stock its 29th largest holding. Oregon Public Employees Retirement Fund's holdings in Bank of America were worth $37,047,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Frank Rimerman Advisors LLC lifted its stake in shares of Bank of America by 4.5% during the first quarter. Frank Rimerman Advisors LLC now owns 74,860 shares of the financial services provider's stock worth $3,649,000 after buying an additional 3,233 shares during the period. Quantum Portfolio Management LLC increased its position in shares of Bank of America by 33.0% in the 1st quarter. Quantum Portfolio Management LLC now owns 6,108 shares of the financial services provider's stock valued at $298,000 after acquiring an additional 1,517 shares during the period. Mine & Arao Wealth Creation & Management LLC. raised its stake in Bank of America by 2.1% in the 1st quarter. Mine & Arao Wealth Creation & Management LLC. now owns 12,174 shares of the financial services provider's stock worth $593,000 after acquiring an additional 250 shares during the last quarter. Stenger Family Office LLC raised its stake in Bank of America by 7.8% in the 1st quarter. Stenger Family Office LLC now owns 4,683 shares of the financial services provider's stock worth $228,000 after acquiring an additional 337 shares during the last quarter. Finally, Prossimo Advisors LLC lifted its position in Bank of America by 11.9% during the 1st quarter. Prossimo Advisors LLC now owns 4,635 shares of the financial services provider's stock worth $226,000 after acquiring an additional 494 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

More Bank of America News

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

• Positive Sentiment: Bank of America extended OpenAI a $520 million credit line, its first loan to the AI company, signaling BAC is deepening relationships in one of the market’s fastest-growing sectors and strengthening its reputation as a major AI financier. BofA extends first $520 million loan to OpenAI ahead of IPO, source says
• Positive Sentiment: Analysts at Bank of America reiterated a Buy rating on Nvidia and called it a “unique, durable growth franchise,” reinforcing BAC’s credibility on AI-related equity research and its exposure to the broader AI investment theme. BofA Says Buy Nvidia (NVDA) Stock, Calls It a ‘Unique, Durable Growth Franchise’
• Positive Sentiment: Bank of America also reiterated a Buy on Nvidia and said current valuation already reflects overly cautious expectations, which may support investor sentiment toward BAC’s analyst franchise and AI-linked banking activity. Nvidia backed by Bank of America as analysts see AI leadership supporting further growth
• Positive Sentiment: Bank of America’s stock has also benefited from stronger sector sentiment and recent optimism around its stress-test results and payments initiatives, which suggests investors are still comfortable with BAC’s capital position and earnings outlook. Why Bank of America Stock Jumped in June

Insider Transactions at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America 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 sale, the insider owned 1,373,397 shares of the company's stock, 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 can be accessed through the SEC website. Corporate insiders own 0.27% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on BAC. HSBC boosted 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. Argus lifted their target price on Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. The Goldman Sachs Group increased their price target on shares of Bank of America from $58.00 to $63.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Piper Sandler raised their price target on shares of 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, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $59.00 price objective on shares of Bank of America in a report on Thursday, April 16th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $62.19.

Bank of America Stock Performance

NYSE BAC opened at $58.38 on Thursday. The stock has a market capitalization of $414.33 billion, a price-to-earnings ratio of 14.45, a PEG ratio of 1.00 and a beta of 1.17. The stock has a 50-day moving average of $54.24 and a 200 day moving average of $52.90. 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 Corporation has a twelve month low of $44.75 and a twelve month high of $60.83.

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 the consensus estimate of $1.00 by $0.11. The company had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.Bank of America's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period last year, the company earned $0.90 earnings per share. Sell-side analysts anticipate that Bank of America Corporation will post 4.49 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders 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 dividend yield of 1.9%. Bank of America's dividend payout ratio (DPR) is 27.72%.

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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