State of Michigan Retirement System Sells 89,900 Shares of Bank of America Corporation $BAC

Key Points

• State of Michigan Retirement System sold 89,900 shares of Bank of America (a 4.6% reduction), leaving it with 1,873,512 shares worth about $103.0 million and making BAC its 28th largest holding.
• BofA reported stronger-than-expected Q1 results (EPS $1.11 vs. $1.00 est., revenue $30.27B, +10.7% year-over-year), declared a $0.28 quarterly dividend, and has seen multiple analyst price-target increases toward an average target of $60.90.
• Insiders sold roughly 227,832 shares last quarter (notable sales by Thomas Scrivener and Bernard Mensah), while institutional ownership remains high at about 70.7%, with major firms like Vanguard and UBS materially increasing positions.

State of Michigan Retirement System lessened its position in Bank of America Corporation (NYSE:BAC - Free Report) by 4.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,873,512 shares of the financial services provider's stock after selling 89,900 shares during the period. Bank of America comprises about 0.5% of State of Michigan Retirement System's portfolio, making the stock its 28th largest holding. State of Michigan Retirement System's holdings in Bank of America were worth $103,043,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Bank of America by 640.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock valued at $2,399,798,000 after purchasing an additional 40,235,201 shares during the last quarter. Vanguard Group Inc. increased its position in Bank of America by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock worth $35,809,225,000 after buying an additional 23,351,183 shares during the last quarter. Capital World Investors raised its stake in Bank of America by 11.0% in the third quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider's stock valued at $7,448,816,000 after buying an additional 14,275,810 shares during the period. Danske Bank A S acquired a new stake in shares of Bank of America in the third quarter valued at approximately $224,863,000. Finally, Capitolis Liquid Global Markets LLC lifted its position in shares of Bank of America by 52.0% in the third quarter. Capitolis Liquid Global Markets LLC now owns 12,496,236 shares of the financial services provider's stock valued at $644,681,000 after buying an additional 4,273,472 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Bank of America

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

• Positive Sentiment: Board declared a quarterly cash dividend of $0.28 per share (payable June 26, 2026; record date June 5), reinforcing capital return to shareholders and supporting yield-focused demand. Bank of America Declares Second Quarter 2026 Stock Dividends
• Positive Sentiment: Jefferies reiterated a Buy and raised its price target to $65 following BofA’s strong Q1 results—an analyst endorsement that can support upside in the stock. This Is Why Jefferies Believes Bank of America Corporation (BAC) Is a Buy
• Positive Sentiment: High-profile investor endorsement persists: coverage notes that Berkshire/Warren Buffett continues to hold BAC, a long‑running vote of confidence for long-term investors. Bank of America (BAC) Remains in Warren Buffett’s Portfolio Since 2011; See Why
• Positive Sentiment: Industry context: Forbes reports that the largest U.S. banks returned record capital (dividends + buybacks) in Q1 — a favorable backdrop for BAC and investor appetite for bank equities. America's 8 Biggest Banks Are Returning Record Capital To Shareholders
• Neutral Sentiment: BofA research highlighted that a simple balanced “Sleep Like a Baby” portfolio is having a historic year — a market commentary item that showcases the bank’s analytics but is not direct company-specific news. The ‘Sleep Like a Baby’ Portfolio Is Having a Historic Year, Says BofA
• Neutral Sentiment: Macro/market note: Bloomberg coverage on collapsing volatility and renewed carry trades signals lower market stress and improved risk appetite — a backdrop that can lift banking fees/trading over time but is not an immediate company catalyst. Collapsing Volatility Turbocharges Returns in Carry Trades
• Neutral Sentiment: Corporate social/branding item: BofA awarded art conservation grants across multiple countries — positive for reputation but unlikely to move near-term stock performance. Historic Artworks Receive Funding through BofA's Art Conservation Project™
• Negative Sentiment: Bank of America materially trimmed its stake in Austrian property firm CA Immobilien Anlagen to 0.22% — a small, company-specific sell action that may signal portfolio rebalancing or risk reduction (likely immaterial to BAC’s fundamentals but interpreted negatively by some traders). Bank of America Slashes Stake in CA Immobilien Anlagen to 0.22%

Insiders Place Their Bets

In other Bank of America news, insider Thomas M. Scrivener sold 50,000 shares of the 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 transaction, the insider owned 227,973 shares in the company, valued at $11,357,614.86. This represents a 17.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bernard A. Mensah sold 94,000 shares of the firm's stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the transaction, the insider directly owned 170,184 shares in the company, valued at $7,988,436.96. This represents a 35.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 227,832 shares of company stock worth $11,094,960 in the last quarter. 0.27% of the stock is currently owned by corporate insiders.

Bank of America Stock Performance

BAC opened at $52.04 on Monday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The business has a fifty day simple moving average of $50.33 and a 200 day simple moving average of $52.36. Bank of America Corporation has a 1 year low of $38.81 and a 1 year high of $57.55. The company has a market capitalization of $371.87 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 0.88 and a beta of 1.23.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm had revenue of $30.27 billion for the quarter, compared to analysts' expectations of $29.72 billion. During the same quarter last year, the business earned $0.90 EPS. The company's quarterly revenue was up 10.7% compared to the same quarter last year. Research analysts expect that Bank of America Corporation will post 4.45 EPS for the current year.

Bank of America Dividend Announcement

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 given 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 of this dividend is Friday, June 5th. Bank of America's dividend payout ratio (DPR) is currently 27.72%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BAC. Evercore boosted their target price on Bank of America from $55.00 to $61.00 and gave the stock an "outperform" rating in a report on Thursday, April 16th. CICC Research assumed coverage on shares of Bank of America in a research report on Wednesday, January 14th. They set an "outperform" rating and a $62.00 price objective for the company. Wells Fargo & Company upped their price objective on shares of Bank of America from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Monday, January 5th. Piper Sandler increased their price objective on shares of Bank of America from $53.00 to $59.00 and gave the company a "neutral" rating in a research report on Thursday, April 16th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $59.00 target price on shares of Bank of America in a research note on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and an average target price of $60.90.

About Bank of America

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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