OVERSEA CHINESE BANKING Corp Ltd Acquires 12,902 Shares of Bank of America Corporation $BAC

Key Points

• OVERSEA CHINESE BANKING Corp Ltd raised its stake in Bank of America by 42.8%, acquiring 12,902 shares to hold 43,032 shares valued at about $2.375 million per its latest 13F filing.
• BofA beat Q1 estimates with $1.11 EPS vs. $1.00 expected and revenue of $30.27B (up 10.7% YoY), spurring analyst upgrades and higher price targets (Jefferies to $65) while the consensus rating is a "Moderate Buy" with an average target of $60.90.
• Insiders have been net sellers—227,832 shares sold in the past 90 days (≈$11.1M)—even as institutional investors own about 70.7% of the stock and insiders hold just 0.27%.

OVERSEA CHINESE BANKING Corp Ltd raised its holdings in Bank of America Corporation (NYSE:BAC) by 42.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 43,032 shares of the financial services provider's stock after acquiring an additional 12,902 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Bank of America were worth $2,375,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Permanent Capital Management LP bought a new position in Bank of America in the third quarter valued at approximately $649,000. Meridian Wealth Management LLC boosted its position in shares of Bank of America by 54.6% during the third quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider's stock worth $3,008,000 after purchasing an additional 20,591 shares in the last quarter. Lockheed Martin Investment Management Co. boosted its position in shares of Bank of America by 15.9% during the third quarter. Lockheed Martin Investment Management Co. now owns 629,610 shares of the financial services provider's stock worth $32,482,000 after purchasing an additional 86,290 shares in the last quarter. World Equity Group Inc. boosted its position in shares of Bank of America by 21.8% during the third quarter. World Equity Group Inc. now owns 73,188 shares of the financial services provider's stock worth $3,779,000 after purchasing an additional 13,119 shares in the last quarter. Finally, AdvisorShares Investments LLC bought a new position in shares of Bank of America during the third quarter worth $482,000. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 0.8%

Shares of NYSE:BAC opened at $53.08 on Thursday. Bank of America Corporation has a 12 month low of $38.60 and a 12 month high of $57.55. 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's fifty day simple moving average is $50.34 and its 200 day simple moving average is $52.32. The firm has a market cap of $379.28 billion, a price-to-earnings ratio of 13.14, a PEG ratio of 0.91 and a beta of 1.23.

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, topping analysts' consensus estimates of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same period last year, the business posted $0.90 earnings per share. The firm's quarterly revenue was up 10.7% on a year-over-year basis. As a group, research analysts forecast that Bank of America Corporation will post 4.44 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Friday, March 6th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Friday, March 6th. Bank of America's dividend payout ratio (DPR) is presently 27.72%.

Insider Buying and Selling

In related news, insider Bernard A. Mensah sold 94,000 shares of the firm's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the sale, the insider directly owned 170,184 shares in the company, valued at $7,988,436.96. This trade represents a 35.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Thomas M. Scrivener sold 50,000 shares of the firm's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the sale, the insider owned 227,973 shares in the company, valued at approximately $11,357,614.86. The trade was a 17.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 227,832 shares of company stock worth $11,094,960 over the last ninety days. Company insiders own 0.27% of the company's stock.

Bank of America News Roundup

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

• Positive Sentiment: Jefferies reiterated a Buy on BAC and raised its price target to $65 (from $60) after BofA’s strong Q1, signaling upside from fundamentals and catalyst-driven re-rating. This Is Why Jefferies Believes Bank of America Corporation (BAC) Is a Buy
• Positive Sentiment: Piper Sandler and Truist lifted their BAC targets after the Q1 beat, reflecting follow-through from the quarter and supporting valuation upside expectations. Piper Sandler, Truist Raise Bank of America (BAC) Targets After Q1 Beat
• Positive Sentiment: Details from BAC’s Q1 earnings call show broad-based revenue and earnings growth, stronger-than-expected net interest income, and stable credit quality — fundamentals that underpin analyst upgrades. 5 Insightful Analyst Questions From Bank of America’s Q1 Earnings Call
• Positive Sentiment: BAC’s push on AI and “phygital” branch strategy is highlighted as a driver of margin expansion (cost saves + revenue opportunities), supporting medium-term earnings upside. BAC's AI Edge Likely to Drive Margin Expansion: Should You Invest Now?
• Positive Sentiment: Sector context: several big banks delivered Q1 beats, giving financial stocks a lift and creating a supportive backdrop for BAC if the macro stays stable. Big Bank Earnings Gave Financials a Lift, But Wall Street Is Still Cautious (BAC)
• Neutral Sentiment: Regulatory disclosure: BAC reported a >3% position in Umicore (downward threshold notification) — a fund/holdings disclosure that doesn’t directly affect BAC’s fundamentals. Umicore - Transparency notification by Bank of America Corporation
• Neutral Sentiment: BofA research produced high-profile commodity calls (e.g., aggressive silver forecasts) and analyst actions on other companies (Twilio upgrade; reaffirming Buy on Grab) — highlights the bank’s active research franchise, but these items are indirect for BAC equity moves. Bank of America has stark message for Silver investors Twilio upgraded by Bank of America on AI-driven growth outlook
• Negative Sentiment: BofA research flagged that global long-only funds are continuing to rotate out of U.S. equities into international markets (March flows), a trend that can sap demand for large-cap U.S. banks and help explain today’s selling pressure. Are investors turning bearish on US stocks? BofA flags outflows

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Autonomous Res reduced their price target on shares of Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a research report on Monday, April 6th. Morgan Stanley reduced their price target on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 31st. Argus lifted their price target on shares of Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Jefferies Financial Group lifted their price target 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, JPMorgan Chase & Co. reduced their price target on shares of Bank of America from $61.50 to $57.50 and set an "overweight" rating on the stock in a research report on Tuesday, April 7th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $60.90.

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.