Persistent Asset Partners Ltd Acquires 11,959 Shares of Bank of America Corporation $BAC

Key Points

• Persistent Asset Partners Ltd increased its Bank of America stake by 131.5% in the fourth quarter, adding 11,959 shares and bringing its total holdings to 21,050 shares worth about $1.16 million.
• Several other hedge funds also boosted their positions in BAC, and institutional investors now own 70.71% of the company’s stock, showing continued broad investor interest.
• Bank of America recently beat quarterly earnings and revenue estimates, and analysts remain generally constructive with a Moderate Buy rating and an average price target of $61.06.

Persistent Asset Partners Ltd grew its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 131.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,050 shares of the financial services provider's stock after buying an additional 11,959 shares during the quarter. Persistent Asset Partners Ltd's holdings in Bank of America were worth $1,158,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of BAC. Brighton Jones LLC lifted its position in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after buying an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC lifted its position in shares of Bank of America by 40.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock worth $1,013,000 after buying an additional 6,174 shares in the last quarter. Jump Financial LLC lifted its position in shares of Bank of America by 38.4% during the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock worth $3,108,000 after buying an additional 18,227 shares in the last quarter. Nebula Research & Development LLC bought a new position in shares of Bank of America during the 2nd quarter worth approximately $1,396,000. Finally, Vivaldi Capital Management LP lifted its position in shares of Bank of America by 4.2% during the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock worth $417,000 after buying an additional 355 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Insiders Place Their Bets

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.27% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on BAC. UBS Group lifted their target price on shares of Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Argus lifted their target price 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. Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $63.00 to $64.00 and gave the stock an "outperform" rating in a report on Thursday, April 16th. Evercore lowered their price target on shares of Bank of America from $70.00 to $61.00 and set an "outperform" rating on the stock in a report on Friday, May 15th. Finally, JPMorgan Chase & Co. lowered 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 report on Tuesday, April 7th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average target price of $61.06.

Bank of America Trading Up 1.6%

NYSE:BAC opened at $56.79 on Wednesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $402.99 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 0.95 and a beta of 1.19. The firm's 50 day moving average is $52.57 and its 200 day moving average is $52.47. Bank of America Corporation has a 12 month low of $44.06 and a 12 month high of $57.55.

Bank of America (NYSE:BAC - Get Free Report) last posted 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 company had revenue of $30.27 billion for the quarter, compared to analysts' expectations of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. Bank of America's revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.90 EPS. Sell-side analysts expect that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Announces Dividend

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

Bank of America News Summary

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

• Positive Sentiment: Bank of America CEO Brian Moynihan said consumers are still spending on discretionary items despite inflation and affordability concerns, suggesting BAC’s customer base remains resilient and supporting a constructive outlook for card, deposit, and lending activity. Bank of America CEO Says Consumers Keep Spending Despite Affordability Concerns
• Positive Sentiment: Bank of America is expanding its “Scaminars” fraud-prevention campaign and using AI-powered detection tools, which could help reduce losses, protect clients, and strengthen the bank’s reputation with retail customers. Bank of America to Host Thousands of "Scaminars" to Help Protect Clients and Fight Fraud
• Positive Sentiment: Bank of America noted that Meta’s new AI search tools could create a larger monetization opportunity, highlighting BAC’s research influence and its bullish view on AI-driven growth themes. Meta introduces AI search and creative tools, Bank of America flags emerging monetization opportunity
• Neutral Sentiment: Bank of America maintained a Hold rating on PDD Holdings, citing softer-than-expected results; this is not directly about BAC, but it reflects ongoing analyst discipline across the firm’s coverage. Bank of America Securities Maintains Hold Rating on PDD Holdings (PDD) Stock
• Neutral Sentiment: Bank of America’s market commentary showing AI stock enthusiasm is still in the “boom phase” may support risk appetite in equities, but it is more of a market sentiment signal than a direct BAC-specific catalyst. AI Stock Rally Is in Boom Phase Not Euphoria, BofA Survey Shows
• Neutral Sentiment: Bank of America renewed its partnership with the Kansas City Current, a positive branding and community item, but it is unlikely to materially affect earnings or the stock near term. Kansas City Current, BofA Announces Multi-Year Partnership Renewal Featuring Enhanced Community Efforts
• Neutral Sentiment: Bank of America slightly reduced a derivative-based stake in CA Immobilien Anlagen, a routine disclosure that does not appear significant for BAC’s fundamentals. Bank of America slightly trims derivative-based stake in CA Immobilien Anlagen

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.

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.