Storgate LLC Invests $875,000 in Bank of America Corporation $BAC

Key Points

• Storgate LLC bought 15,903 shares of Bank of America in the fourth quarter, a position valued at about $875,000. The stake represents 0.7% of Storgate’s holdings and is its 19th-largest position.
• Bank of America continues to attract significant institutional interest, with firms like Vanguard, Capital World Investors, and Norges Bank also increasing or initiating large positions. Overall, institutional investors own 70.71% of the company.
• The bank posted better-than-expected quarterly results, earning $1.11 per share versus the $1.00 estimate and generating $30.27 billion in revenue. It also announced a quarterly dividend of $0.28 per share, implying a 2.0% annualized yield.

Storgate LLC acquired a new stake in Bank of America Corporation (NYSE:BAC - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 15,903 shares of the financial services provider's stock, valued at approximately $875,000. Bank of America comprises 0.7% of Storgate LLC's holdings, making the stock its 19th biggest position.

A number of other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock valued at $35,809,225,000 after buying an additional 23,351,183 shares during the last quarter. Capital World Investors raised its holdings in Bank of America by 11.0% in the 3rd 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 last quarter. Norges Bank bought a new position in Bank of America in the 4th quarter valued at approximately $4,774,210,000. Bank of New York Mellon Corp raised its holdings in Bank of America by 5.4% in the 4th quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider's stock valued at $3,169,062,000 after buying an additional 2,929,779 shares during the last quarter. Finally, Fisher Asset Management LLC raised its holdings in Bank of America by 2.1% in the 4th quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider's stock valued at $2,958,110,000 after buying an additional 1,105,833 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BAC. UBS Group raised their price objective on shares of Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Erste Group Bank lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Wednesday, March 4th. JPMorgan Chase & Co. dropped their price objective on shares of Bank of America from $61.50 to $57.50 and set an "overweight" rating for the company in a report on Tuesday, April 7th. Autonomous Res decreased their target price 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, Morgan Stanley decreased their target price on shares of 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 assigned a Hold rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and a consensus target price of $61.06.

Insider Activity at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the firm's 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 owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. This trade represents a 8.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.27% of the stock is currently owned by company insiders.

Bank of America Stock Performance

NYSE:BAC opened at $55.96 on Friday. The company has a market capitalization of $397.15 billion, a PE ratio of 13.85, a P/E/G ratio of 0.93 and a beta of 1.18. The company has a 50 day simple moving average of $52.29 and a two-hundred day simple moving average of $52.41. 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 $43.66 and a fifty-two week high of $57.55.

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

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders 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 2.0%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America's dividend payout ratio is currently 27.72%.

Bank of America News Roundup

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

• Positive Sentiment: Analysts and commentary highlighted BAC’s strong Q1 results, robust deposit base, and improving revenue prospects in markets and wealth management, supporting the case for continued momentum. Bank Of America (BAC) Stock Valuation After Strong Q1 Results And Upgraded Markets Revenue Outlook
• Positive Sentiment: Bank of America announced regular preferred-stock dividend declarations, reinforcing its capital-return profile and signaling balance-sheet stability. Bank of America Declares Preferred Stock Dividends Payable in July and August 2026
• Positive Sentiment: One report noted that Erste Group raised its FY2027 EPS estimate for BAC, suggesting some analysts see earnings power improving over time. Bank of America Corporation
• Neutral Sentiment: BofA’s own market commentary warned investors that optimism is elevated and that an AI-driven bubble may be vulnerable, but these views are more about the broader market than BAC’s fundamentals. Bank of America Sends a Stark Warning on the S&P 500
• Negative Sentiment: A DOJ subpoena report tied BAC to a sweeping bank industry probe into customer account closures, which could create legal, regulatory, and reputational overhang. JPMorgan, Bank of America receive subpoena from DOJ
• Negative Sentiment: Another article argued BAC has been going sideways and lagging the S&P 500 over the past six months, which may temper enthusiasm despite recent gains. 3 Reasons to Sell BAC and 1 Stock to Buy Instead

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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