State of New Jersey Common Pension Fund D Sells 90,241 Shares of Bank of America Corporation $BAC

Key Points

• State of New Jersey Common Pension Fund D sold 90,241 shares of Bank of America, trimming its stake by 3.6% to 2,412,943 shares worth about $132.7 million (≈0.5% of the fund and its 27th largest holding).
• Corporate insiders sold 227,832 shares of BAC (~$11.09 million) last quarter, including notable dispositions by James P. Demare and Bernard A. Mensah that materially reduced their positions.
• Bank of America beat quarterly EPS ($1.11 vs. $1.00), announced a $0.28 quarterly dividend (annualized $1.12, ~2.1% yield), and carries a MarketBeat consensus rating of "Moderate Buy" with a consensus price target of $61.02.

State of New Jersey Common Pension Fund D cut its stake in Bank of America Corporation (NYSE:BAC) by 3.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,412,943 shares of the financial services provider's stock after selling 90,241 shares during the period. Bank of America makes up about 0.5% of State of New Jersey Common Pension Fund D's portfolio, making the stock its 27th biggest holding. State of New Jersey Common Pension Fund D's holdings in Bank of America were worth $132,712,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of BAC. Vanguard Group Inc. lifted its position in shares of Bank of America by 3.7% during the 4th 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 lifted its holdings in shares of 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 worth $7,448,816,000 after acquiring an additional 14,275,810 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of Bank of America by 2.5% in the 3rd quarter. Fisher Asset Management LLC now owns 52,677,988 shares of the financial services provider's stock valued at $2,717,657,000 after purchasing an additional 1,272,315 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Bank of America by 640.5% during 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. Finally, Legal & General Group Plc grew its holdings in shares of Bank of America by 3.4% during the 3rd quarter. Legal & General Group Plc now owns 43,924,104 shares of the financial services provider's stock valued at $2,266,045,000 after purchasing an additional 1,458,551 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Insiders Place Their Bets

In other news, insider James P. Demare sold 83,832 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total value of $4,191,600.00. Following the transaction, the insider owned 307,240 shares of the company's stock, valued at $15,362,000. This represents a 21.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Bernard A. Mensah sold 94,000 shares of Bank of America stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $46.94, for a total value of $4,412,360.00. Following the sale, the insider directly owned 170,184 shares of the company's stock, valued at approximately $7,988,436.96. This trade represents a 35.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 227,832 shares of company stock valued at $11,094,960 in the last quarter. Corporate insiders own 0.27% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on BAC shares. Autonomous Res dropped 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 note on Monday, April 6th. Barclays boosted their price objective on Bank of America from $59.00 to $71.00 and gave the stock an "overweight" rating in a research report on Monday, January 5th. Royal Bank Of Canada restated an "outperform" rating and set a $59.00 price target on shares of Bank of America in a report on Thursday, April 16th. Evercore lifted their target price on shares of Bank of America from $55.00 to $61.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. Finally, Morgan Stanley lowered their target price on Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a research report on Tuesday, March 31st. Twenty-two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $61.02.

Bank of America Stock Down 0.8%

Shares of NYSE BAC opened at $52.24 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The firm has a market cap of $373.28 billion, a PE ratio of 13.09, a P/E/G ratio of 0.89 and a beta of 1.23. The company's fifty day simple moving average is $50.32 and its 200 day simple moving average is $52.42. Bank of America Corporation has a 12-month low of $38.81 and a 12-month high of $57.55.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results 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. The business 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%. The firm's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.90 earnings per share. As a group, sell-side analysts forecast that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced 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 2.1%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's dividend payout ratio (DPR) is currently 27.72%.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Daiwa Securities raised its price target on BAC to $61 and kept an "Overweight" rating, providing a measurable upside signal from a sell‑side institution and helping push buy‑side interest. Article Title
• Positive Sentiment: Erste Group raised its FY2026 and FY2027 EPS estimates for Bank of America (lifting FY2026 to $4.45 and FY2027 to $5.06), which supports a firmer fundamental earnings outlook versus prior consensus. Article Title
• Positive Sentiment: ETF/rebalance flows are lifting BAC shares — coverage noted that interest from Russell 1000 reconstitution and related ETF movements has supported the stock, a technical tailwind for liquidity and demand. Article Title
• Neutral Sentiment: Bank of America research flagged that redemption requests at non‑traded private credit BDCs likely peak in Q2 2026 — a notable market signal for private credit liquidity but only an indirect/sectoral issue for large diversified banks like BAC. Investors should monitor any spillover to broader credit spreads. Article Title
• Neutral Sentiment: BAC increased its indirect stake in CA Immo to ~4.3% of voting rights — a portfolio/strategic holding disclosure that is unlikely to move BAC’s core earnings but is worth noting for legal/portfolio exposure. Article Title
• Neutral Sentiment: Bank of America’s analysts remain active: the firm has published upgrades/price‑target raises on other large caps (e.g., Western Digital, Caterpillar) and continues issuing sector views (including urging investors to avoid "sell in May" timing). These research actions help trading and investment‑banking franchise visibility but are indirect for BAC’s retail/commercial performance. Article Title

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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