QRG Capital Management Inc. Grows Position in Bank of America Corporation $BAC

Key Points

• QRG Capital Management increased its Bank of America stake by 8.6% in the first quarter, adding 70,109 shares and bringing its total holdings to 886,958 shares worth about $43.2 million.
• Institutional ownership remains heavy, with hedge funds and other investors holding 70.71% of Bank of America’s shares. Several other firms also recently raised their positions in BAC.
• Analysts remain constructive on the stock, with multiple firms recently lifting price targets; the consensus rating is Moderate Buy with an average target price of $61.60.

QRG Capital Management Inc. boosted its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 8.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 886,958 shares of the financial services provider's stock after buying an additional 70,109 shares during the period. QRG Capital Management Inc.'s holdings in Bank of America were worth $43,239,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Handelsbanken Fonder AB raised its stake in shares of Bank of America by 53.0% during the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider's stock worth $254,625,000 after purchasing an additional 1,603,080 shares during the last quarter. B. Metzler seel. Sohn & Co. AG grew its position in Bank of America by 11.2% in the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider's stock valued at $34,974,000 after buying an additional 68,093 shares during the last quarter. Legal & General Group Plc grew its position in Bank of America by 3.4% in the 4th quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider's stock valued at $2,497,655,000 after buying an additional 1,487,809 shares during the last quarter. Certuity LLC increased its stake in Bank of America by 5.1% in the 3rd quarter. Certuity LLC now owns 523,113 shares of the financial services provider's stock valued at $26,987,000 after buying an additional 25,268 shares during the period. Finally, Nisa Investment Advisors LLC increased its stake in Bank of America by 2.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,905,348 shares of the financial services provider's stock valued at $159,794,000 after buying an additional 71,307 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Insider Transactions at Bank of America

In other 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 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 approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.27% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Truist Financial raised their target price on shares of Bank of America from $61.00 to $64.00 and gave the stock a "buy" rating in a research note on Friday, June 26th. Citigroup boosted their price target on shares of Bank of America from $62.00 to $66.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. Royal Bank Of Canada reissued an "outperform" rating and set a $59.00 price target on shares of Bank of America in a report on Thursday, April 16th. Autonomous Res reduced their price objective on shares of Bank of America from $62.00 to $54.00 and set a "neutral" rating for the company in a research report on Monday, April 6th. Finally, HSBC lifted their price objective on Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Twenty-one investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and a consensus price target of $61.60.

Key Bank of America News

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

• Positive Sentiment: Bank of America analysts are backing Meta Platforms’ AI/cloud expansion, highlighting a potentially large revenue opportunity tied to selling AI infrastructure capacity. While this is about Meta, it reinforces BAC’s influence in high-profile AI and cloud investment themes. Article Title
• Positive Sentiment: One report says Bank of America could soon increase its dividend after passing stress tests, which would be a favorable capital-return signal for income investors. Article Title
• Neutral Sentiment: Analysts and market commentary continue to frame BAC as a relatively reasonable value among major banks, with discussion around earnings power, valuation, and how it compares with peers like Wells Fargo. Article Title
• Neutral Sentiment: Bank of America’s strategists remain active in market calls, including a warning that the S&P 500 could face a correction and a view that “boring” cyclical stocks may outperform. These comments reflect BAC’s broad market influence more than direct company-specific news. Article Title
• Negative Sentiment: One article highlights a $7.5 million SEC settlement related to Bank of America, adding a modest regulatory overhang even though the dollar amount is not material relative to BAC’s size. Article Title

Bank of America Price Performance

Bank of America stock opened at $58.67 on Friday. The company has a market cap of $416.35 billion, a P/E ratio of 14.52, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a one year low of $44.75 and a one year high of $59.19. The business has a fifty day moving average of $53.82 and a two-hundred day moving average of $52.82. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81.

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 earnings per share 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 analysts' expectations of $29.72 billion. During the same period in the prior year, the company posted $0.90 EPS. The business's revenue for the quarter was up 10.7% on a year-over-year basis. As a group, analysts predict that Bank of America Corporation will post 4.49 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, June 5th. Bank of America's dividend payout ratio is presently 27.72%.

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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