TD Asset Management Inc Grows Stock Holdings in Bank of America Corporation $BAC

Key Points

• TD Asset Management Inc increased its Bank of America stake by 3.3% in the fourth quarter, buying 94,847 additional shares and bringing its total holdings to 2,950,091 shares worth about $162.3 million.
• Wall Street remains constructive on Bank of America (BAC), with 22 Buy ratings, five Hold ratings, and a consensus price target of $61.06. Several analysts also raised their targets recently.
• The bank posted solid quarterly results, beating expectations with EPS of $1.11 and revenue of $30.27 billion, while also announcing a quarterly dividend of $0.28 per share payable on June 26.

TD Asset Management Inc lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 3.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,950,091 shares of the financial services provider's stock after buying an additional 94,847 shares during the quarter. TD Asset Management Inc's holdings in Bank of America were worth $162,255,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Legacy Bridge LLC lifted its stake in Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after purchasing an additional 330 shares in the last quarter. Wiser Advisor Group LLC purchased a new stake in Bank of America in the 3rd quarter worth $27,000. Collier Financial purchased a new stake in Bank of America in the 3rd quarter worth $30,000. Joseph Group Capital Management purchased a new stake in Bank of America in the 4th quarter worth $32,000. Finally, HFM Investment Advisors LLC lifted its stake in Bank of America by 566.0% in the 4th quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock worth $34,000 after purchasing an additional 532 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $63.00 to $64.00 and gave the stock an "outperform" rating in a research note on Thursday, April 16th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $59.00 price target on shares of Bank of America in a research note on Thursday, April 16th. Truist Financial boosted their price target on shares of Bank of America from $57.00 to $61.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Oppenheimer boosted their price target on shares of Bank of America from $58.00 to $61.00 and gave the stock an "outperform" rating in a research note on Thursday, April 16th. Finally, Daiwa Securities Group boosted their price target on shares of Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 28th. Twenty-two research 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.com, Bank of America has a consensus rating of "Moderate Buy" and an average target price of $61.06.

Insider Activity

In related news, insider Bernard A. Mensah sold 94,000 shares of the company's stock in a transaction dated 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 transaction, the insider directly owned 170,184 shares in the company, valued at approximately $7,988,436.96. This represents a 35.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Geoffrey S. Greener sold 126,756 shares of the company's stock in a transaction dated 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 transaction, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.27% of the company's stock.

Key Bank of America News

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

• Positive Sentiment: Bank of America announced plans to launch a cross-border real-time payments solution in the third quarter, expanding its global payments offering for corporate and institutional clients and potentially improving fee generation and client retention. Bank of America to Launch Cross-Border Real-Time Payments, Expanding Global Payment Choice
• Positive Sentiment: Traders bought a much larger-than-normal amount of BAC call options, which can signal increased speculation that the stock will continue to move higher.
• Positive Sentiment: Multiple market updates noted that financial stocks were broadly stronger on Thursday, which likely provided a supportive backdrop for BAC. Sector Update: Financial Stocks Rise Thursday Afternoon
• Positive Sentiment: Several articles highlighted that Bank of America remains a favored name with analysts and hedge funds, with a high share of Buy ratings and implied upside, reinforcing the bullish longer-term view on BAC. Here’s Why Bank of America Corporation (BAC) is Among the Best Low Cost Stocks
• Neutral Sentiment: Bank of America also received positive publicity for Merrill advisor recognition in Barron’s rankings and for hiring nearly 4,000 interns and campus recruits, but these are more reputational than near-term earnings catalysts. Merrill Advisors and Teams Earn Recognition Across Three 2026 Barron's Lists
• Negative Sentiment: Jim Cramer’s cautious comments that “there’s something that’s not that great happening there” may have added a small amount of skepticism, though this appears less influential than the upbeat business headlines. Jim Cramer on Bank of America: “There’s Something That’s Not That Great Happening There”

Bank of America Stock Up 3.2%

Shares of NYSE BAC opened at $54.06 on Friday. The firm's 50-day moving average price is $51.52 and its 200-day moving average price is $52.29. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $383.62 billion, a price-to-earnings ratio of 13.38, a P/E/G ratio of 0.89 and a beta of 1.18. Bank of America Corporation has a 12-month low of $43.66 and a 12-month high of $57.55.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.11. The firm 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 business's revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.90 EPS. On average, equities research analysts anticipate that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, June 5th. Bank of America's dividend payout ratio is presently 27.72%.

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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