Panagora Asset Management Inc. Purchases 1,115,499 Shares of Bank of America Corporation $BAC

Key Points

• Panagora Asset Management increased its Bank of America stake by 35.9% in the fourth quarter, buying 1,115,499 additional shares and lifting its holdings to 4,220,959 shares valued at about $232.2 million.
• Bank of America has seen broad institutional and analyst support, with 22 analysts rating it a Buy and several firms recently raising price targets to the low-to-mid $60s, while institutional investors own 70.71% of the stock.
• The bank reported better-than-expected Q1 results, including earnings of $1.11 per share versus $1.00 expected and revenue of $30.27 billion, and it also announced a quarterly dividend of $0.28 per share payable June 26.

Panagora Asset Management Inc. raised its position in shares of Bank of America Corporation (NYSE:BAC) by 35.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,220,959 shares of the financial services provider's stock after acquiring an additional 1,115,499 shares during the period. Bank of America makes up approximately 0.8% of Panagora Asset Management Inc.'s investment portfolio, making the stock its 16th largest position. Panagora Asset Management Inc. owned about 0.06% of Bank of America worth $232,153,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the company. Perryman Financial Advisory Inc. AD bought a new stake in shares of Bank of America during the fourth quarter worth approximately $9,205,000. Potentia Wealth bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $200,000. Piedmont Capital Management LLC NC bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $947,000. Resources Management Corp CT ADV boosted its stake in shares of Bank of America by 4,943.2% in the fourth quarter. Resources Management Corp CT ADV now owns 113,977 shares of the financial services provider's stock valued at $6,269,000 after buying an additional 111,717 shares during the period. Finally, Seven Mile Advisory boosted its stake in shares of Bank of America by 11.6% in the fourth quarter. Seven Mile Advisory now owns 21,896 shares of the financial services provider's stock valued at $1,204,000 after buying an additional 2,279 shares during the period. Institutional investors own 70.71% of the company's stock.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Analysts and commentary highlighted BAC’s strong Q1 results, robust deposit base, and improving revenue prospects in markets and wealth management, supporting the case for continued momentum. Bank Of America (BAC) Stock Valuation After Strong Q1 Results And Upgraded Markets Revenue Outlook
• Positive Sentiment: Bank of America announced regular preferred-stock dividend declarations, reinforcing its capital-return profile and signaling balance-sheet stability. Bank of America Declares Preferred Stock Dividends Payable in July and August 2026
• Positive Sentiment: One report noted that Erste Group raised its FY2027 EPS estimate for BAC, suggesting some analysts see earnings power improving over time. Bank of America Corporation
• Neutral Sentiment: BofA’s own market commentary warned investors that optimism is elevated and that an AI-driven bubble may be vulnerable, but these views are more about the broader market than BAC’s fundamentals. Bank of America Sends a Stark Warning on the S&P 500
• Negative Sentiment: A DOJ subpoena report tied BAC to a sweeping bank industry probe into customer account closures, which could create legal, regulatory, and reputational overhang. JPMorgan, Bank of America receive subpoena from DOJ
• Negative Sentiment: Another article argued BAC has been going sideways and lagging the S&P 500 over the past six months, which may temper enthusiasm despite recent gains. 3 Reasons to Sell BAC and 1 Stock to Buy Instead

Analysts Set New Price Targets

Several brokerages recently issued reports on BAC. Argus boosted their price target on Bank of America from $59.00 to $62.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. UBS Group boosted their price target on Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of America in a research note on Friday, April 24th. The Goldman Sachs Group boosted their price target on Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Finally, Keefe, Bruyette & Woods boosted their price target on Bank of America from $63.00 to $64.00 and gave the company an "outperform" rating in a research note on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $61.06.

Bank of America Stock Down 0.1%

NYSE BAC opened at $55.96 on Monday. The business has a fifty day moving average price of $52.29 and a two-hundred day moving average price of $52.42. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. Bank of America Corporation has a fifty-two week low of $43.66 and a fifty-two week high of $57.55. The stock has a market capitalization of $397.15 billion, a PE ratio of 13.85, a PEG ratio of 0.95 and a beta of 1.19.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share 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 analysts' expectations of $29.72 billion. During the same period in the prior year, the company earned $0.90 earnings per share. The company's quarterly revenue was up 10.7% on a year-over-year basis. Equities analysts expect that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 2.0%. Bank of America's dividend payout ratio is presently 27.72%.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company's 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 completion of the sale, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is owned by insiders.

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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