Patten Group Inc. Reduces Position in Bank of America Corporation $BAC

Key Points

• Patten Group Inc. cut its stake in Bank of America by 20.6%, selling 13,114 shares and leaving it with 50,473 shares valued at about $2.78 million at the end of the quarter.
• Company insiders executed significant sales totaling 227,832 shares in the last quarter (including Bernard Mensah and James P. Demare), amounting to roughly $11.1 million and reducing insider holdings substantially.
• Bank of America posted a slight EPS beat for the quarter ($0.98 vs. $0.96), pays a $0.28 quarterly dividend (≈2.1% yield), and holds a consensus analyst rating of Moderate Buy with an average target price of $59.10.

Patten Group Inc. cut its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 20.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 50,473 shares of the financial services provider's stock after selling 13,114 shares during the period. Patten Group Inc.'s holdings in Bank of America were worth $2,776,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Legacy Bridge LLC boosted its stake in shares of 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 purchasing an additional 330 shares during the period. Wiser Advisor Group LLC purchased a new stake in Bank of America in the 3rd quarter valued at about $27,000. Steph & Co. boosted its position in Bank of America by 224.3% in the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider's stock valued at $28,000 after buying an additional 379 shares during the period. Collier Financial purchased a new stake in Bank of America in the 3rd quarter valued at about $30,000. Finally, Marquette Asset Management LLC purchased a new stake in Bank of America in the 3rd quarter valued at about $30,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of BAC opened at $53.33 on Tuesday. The company has a 50 day moving average price of $50.57 and a 200-day moving average price of $52.21. Bank of America Corporation has a fifty-two week low of $36.27 and a fifty-two week high of $57.55. The stock has a market capitalization of $381.05 billion, a PE ratio of 13.92, a PEG ratio of 0.92 and a beta of 1.23. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.02. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The firm had revenue of $4.53 billion during the quarter, compared to analysts' expectations of $27.73 billion. During the same quarter in the prior year, the company earned $0.82 EPS. The company's revenue was up 12.3% compared to the same quarter last year. Equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 6th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, March 6th. Bank of America's dividend payout ratio is presently 29.24%.

Wall Street Analyst Weigh In

BAC has been the subject of several research reports. The Goldman Sachs Group boosted their price objective on shares of Bank of America from $57.00 to $58.00 and gave the company a "buy" rating in a research report on Monday, April 6th. JPMorgan Chase & Co. lowered their price objective on shares of Bank of America from $61.50 to $57.50 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. UBS Group lowered their price objective on shares of Bank of America from $67.00 to $62.00 and set a "buy" rating for the company in a research report on Tuesday, April 7th. Oppenheimer lowered their price objective on shares of Bank of America from $63.00 to $58.00 and set an "outperform" rating for the company in a research report on Friday, March 27th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Bank of America in a research report on Tuesday, January 27th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and an average target price of $59.10.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America analysts and industry coverage expect a strong Q1 for U.S. banks, which supports upside to BAC’s revenue from net interest income, trading and deal activity; this is a direct positive fundamental catalyst for the stock. Why BofA Sees Strong Q1 Earnings for U.S. Banks
• Positive Sentiment: Bank of America’s upbeat semiconductor outlook (cited in coverage about Nvidia and the chip cycle) could lift trading and markets-related revenue and improves sentiment for banks with significant markets businesses like BAC. Think Nvidia's Stock Has Peaked? The Latest Semiconductor Forecast Might Have You Thinking Twice
• Positive Sentiment: Bank of America research driving upgrades at other companies (e.g., Nokia) highlights the franchise value of BofA’s equity research and sales effort — a longer-term reputational tailwind for fee businesses. Nokia jumps as Bank of America turns bullish on AI-driven optical and hyperscaler demand
• Neutral Sentiment: Earnings timing: BAC will report Q1 results Wednesday before the open — this is the immediate event driving volatility as investors reposition ahead of the print. Expect focus on NII, trading, loan-loss provisions and expense trends. Bank of America (BAC) To Report Earnings Tomorrow: Here Is What To Expect
• Neutral Sentiment: Market context: banks (including BAC, WFC, TFC) report into a volatile macro and geopolitical backdrop — investors will parse guidance and credit commentary closely. Bank of America, Wells Fargo and Truist to report Q1 earnings amid market volatility, geopolitical pressure
• Neutral Sentiment: Corporate/branding updates (executive appointment in Oklahoma City; Boston Marathon sponsorship) are modest PR positives but unlikely to move the stock materially. BofA Names Olena Lifset Oklahoma City President Everbridge Supports Race-Day Safety for the 130th Running of the Boston Marathon presented by Bank of America
• Negative Sentiment: An analyst trimmed BAC’s price target by $5 while maintaining a 'buy' rating — the cut reduces implied upside and is a direct near-term headwind for sentiment. Bank of America (BAC) price target trimmed by $5, 'buy' rating maintained
• Negative Sentiment: Pre-earnings caution: some analysts flag rising expenses and credit risk uncertainty heading into Q1, which could limit upside if management highlights higher provisions or cost pressure. Should You Buy BAC Stock Before Q1 Earnings in an Uncertain Market?

Insider Transactions at Bank of America

In other news, insider Bernard A. Mensah sold 94,000 shares of the company's stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $46.94, for a total value of $4,412,360.00. Following the completion of the sale, the insider owned 170,184 shares of the company's stock, valued at approximately $7,988,436.96. This represents a 35.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James P. Demare sold 83,832 shares of the company's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the sale, the insider directly owned 307,240 shares of the company's stock, valued at $15,362,000. The trade was a 21.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 227,832 shares of company stock valued at $11,094,960. Company insiders own 0.27% of the company's stock.

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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