Peapack Gladstone Financial Corp Has $32.47 Million Holdings in Bank of America Corporation $BAC

Key Points

• Peapack Gladstone Financial Corp reduced its Bank of America stake by 2.0% in the fourth quarter, but still held 590,290 shares valued at about $32.47 million.
• Wall Street remains broadly optimistic on Bank of America, with analysts giving it a Moderate Buy consensus and an average price target of $61.06.
• The bank recently posted better-than-expected quarterly results, including EPS of $1.11 versus the $1.00 estimate, and it also announced a quarterly dividend of $0.28 per share.

Peapack Gladstone Financial Corp lessened its position in Bank of America Corporation (NYSE:BAC) by 2.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 590,290 shares of the financial services provider's stock after selling 11,876 shares during the period. Peapack Gladstone Financial Corp's holdings in Bank of America were worth $32,466,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in BAC. Brighton Jones LLC grew its stake in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after acquiring an additional 25,143 shares during the period. Sivia Capital Partners LLC boosted its position in shares of Bank of America by 40.5% during the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock valued at $1,013,000 after buying an additional 6,174 shares during the last quarter. Jump Financial LLC boosted its position in shares of Bank of America by 38.4% during the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock valued at $3,108,000 after buying an additional 18,227 shares during the last quarter. Nebula Research & Development LLC purchased a new position in shares of Bank of America during the second quarter valued at approximately $1,396,000. Finally, Vivaldi Capital Management LP boosted its position in shares of Bank of America by 4.2% during the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock valued at $417,000 after buying an additional 355 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. The Goldman Sachs Group lifted their target price on Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of America in a research report on Friday, April 24th. Erste Group Bank cut Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 4th. Oppenheimer lifted their target price on Bank of America from $58.00 to $61.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. Finally, HSBC boosted their price target on shares of Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $61.06.

Bank of America News Summary

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

• Positive Sentiment: Bank of America’s strong first-quarter results and guidance for roughly 15% year-over-year trading revenue growth are supporting the case for continued earnings momentum. Bank of America CEO flags massive Wall Street surge
• Positive Sentiment: Several commentators say BAC looks attractively valued after a sideways 2026, suggesting upside if earnings strength persists. Bank of America Could Be a Bargain After Strong Q1 Earnings
• Neutral Sentiment: Bank of America announced new arts funding in Canada and other community initiatives, which are positive for reputation but unlikely to move the stock materially. Bank of America Deepens Support for the Arts in Canada
• Neutral Sentiment: Coverage noting BAC’s recent underperformance versus the Nasdaq and bearish price action reflects the stock’s recent lag, though analysts still sound optimistic. Is Bank of America Stock Underperforming the Nasdaq?

Bank of America Stock Performance

Shares of Bank of America stock opened at $51.56 on Monday. The business's fifty day simple moving average is $51.11 and its 200 day simple moving average is $52.31. The firm has a market capitalization of $365.91 billion, a P/E ratio of 12.76, a price-to-earnings-growth ratio of 0.87 and a beta of 1.19. Bank of America Corporation has a 12 month low of $43.36 and a 12 month high of $57.55. 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 (NYSE:BAC - Get Free Report) last issued its quarterly earnings results 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. The business 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 posted $0.90 earnings per share. As a group, analysts anticipate that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America's dividend payout ratio (DPR) is 27.72%.

Insiders Place Their Bets

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America 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 sale, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Thomas M. Scrivener sold 50,000 shares of Bank of America stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total value of $2,491,000.00. Following the sale, the insider owned 227,973 shares in the company, valued at $11,357,614.86. This trade represents a 17.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 354,588 shares of company stock valued at $17,814,296. 0.27% of the stock is owned by insiders.

Bank of America 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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