Rathbones Group PLC Cuts Holdings in Bank of America Corporation $BAC

Key Points

• Rathbones Group PLC trimmed its Bank of America stake by 1.2% in the fourth quarter, selling 11,535 shares and ending with 915,457 shares worth about $50.35 million.
• Wall Street remains upbeat on BAC, with several analysts raising price targets; the stock carries a consensus Moderate Buy rating and an average target price of $61.06.
• Bank of America posted solid quarterly results, beating earnings and revenue estimates with $1.11 EPS on $30.27 billion in revenue, while also declaring a quarterly dividend of $0.28 per share.

Rathbones Group PLC decreased its position in shares of Bank of America Corporation (NYSE:BAC) by 1.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 915,457 shares of the financial services provider's stock after selling 11,535 shares during the period. Rathbones Group PLC's holdings in Bank of America were worth $50,350,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Handelsbanken Fonder AB boosted its position 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 valued at $254,625,000 after buying an additional 1,603,080 shares during the period. Meridian Wealth Management LLC boosted its position in shares of Bank of America by 54.6% during the third quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider's stock valued at $3,008,000 after buying an additional 20,591 shares during the period. Lockheed Martin Investment Management Co. boosted its position in shares of Bank of America by 15.9% during the third quarter. Lockheed Martin Investment Management Co. now owns 629,610 shares of the financial services provider's stock valued at $32,482,000 after buying an additional 86,290 shares during the period. AdvisorShares Investments LLC purchased a new position in shares of Bank of America during the third quarter valued at approximately $482,000. Finally, Mufg Securities Americas Inc. boosted its position in shares of Bank of America by 26.6% during the third quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider's stock valued at $10,262,000 after buying an additional 41,809 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BAC. Daiwa Securities Group boosted their target price on Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Tuesday, April 28th. HSBC boosted their target price on Bank of America from $55.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a research report on Friday, April 24th. Jefferies Financial Group boosted their target price on Bank of America from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Finally, Oppenheimer boosted 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. Twenty-two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $61.06.

Insider Activity at Bank of America

In other news, insider Thomas M. Scrivener sold 50,000 shares of Bank of America stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the sale, the insider owned 227,973 shares of the company's stock, valued at approximately $11,357,614.86. The trade was a 17.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Bernard A. Mensah sold 94,000 shares of Bank of America stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the sale, the insider directly owned 170,184 shares of the company's stock, valued at $7,988,436.96. This represents a 35.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 354,588 shares of company stock worth $17,814,296. Insiders own 0.27% of the company's stock.

Bank of America Stock Performance

Bank of America stock opened at $51.26 on Thursday. The company has a 50 day moving average price of $50.53 and a 200-day moving average price of $52.40. 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 Corporation has a fifty-two week low of $42.35 and a fifty-two week high of $57.55. The company has a market capitalization of $363.75 billion, a PE ratio of 12.69, a P/E/G ratio of 0.86 and a beta of 1.21.

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, beating the consensus estimate 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 firm had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter in the previous year, the firm posted $0.90 earnings per share. The company's revenue was up 10.7% on a year-over-year basis. As a group, equities analysts forecast that Bank of America Corporation will post 4.46 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's payout ratio is currently 27.72%.

More Bank of America News

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

• Positive Sentiment: Bank of America reiterated a bullish stance on several large-cap tech names, including Alphabet, ServiceNow and Snowflake, which reinforces BAC’s influence as a major Wall Street research house and can highlight the firm’s advisory and market-moving franchise. BofA Doubles Down on Alphabet at $430 Price Target After I/O 2026 AI Showcase
• Positive Sentiment: BAC disclosed significant indirect exposure to Bitcoin, XRP, Ether and Solana through ETFs and related holdings, underscoring the bank’s growing connection to digital-asset markets and potentially boosting investor interest in its market exposure. Bank of America discloses exposure to Bitcoin, XRP, Ether, Solana
• Positive Sentiment: A Bank of America study showing fewer Gen Z consumers relying on family financial assistance may support a constructive view of long-term deposit growth, card usage, and broader retail banking relationships. BofA Study Finds Fewer Gen Z Rely on Family for Financial Assistance, Even With 42% Living Paycheck to Paycheck

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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