Welch & Forbes LLC Has $54.45 Million Stock Holdings in Bank of America Corporation $BAC

Key Points

• Welch & Forbes LLC trimmed its Bank of America stake by 1.6% in the fourth quarter, selling 15,887 shares and leaving it with 989,978 shares valued at about $54.45 million.
• Bank of America reported solid quarterly results, posting EPS of $1.11 versus the $1.00 consensus and revenue of $30.27 billion, with revenue up 10.7% year over year.
• The company continues to return cash to shareholders with a quarterly dividend of $0.28 per share, implying an annualized yield of 2.2%; analysts also remain generally positive with a “Moderate Buy” consensus and an average price target of $61.06.

Welch & Forbes LLC lessened its holdings in Bank of America Corporation (NYSE:BAC) by 1.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 989,978 shares of the financial services provider's stock after selling 15,887 shares during the quarter. Welch & Forbes LLC's holdings in Bank of America were worth $54,449,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the business. WASHINGTON TRUST Co boosted its holdings in shares of Bank of America by 6.1% during the 4th quarter. WASHINGTON TRUST Co now owns 275,841 shares of the financial services provider's stock valued at $15,171,000 after acquiring an additional 15,745 shares in the last quarter. Norges Bank acquired a new stake in shares of Bank of America during the 4th quarter valued at $4,774,210,000. Eurizon SLJ Capital Ltd acquired a new stake in shares of Bank of America during the 4th quarter valued at $743,000. Cornerstone Select Advisors LLC boosted its holdings in shares of Bank of America by 0.7% during the 4th quarter. Cornerstone Select Advisors LLC now owns 62,341 shares of the financial services provider's stock valued at $3,429,000 after acquiring an additional 421 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in shares of Bank of America during the 4th quarter valued at $371,467,000. Institutional investors and hedge funds own 70.71% of the company's stock.

More Bank of America News

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

• Positive Sentiment: Bank of America’s strong first-quarter results and guidance for roughly 15% year-over-year trading revenue growth are supporting the case for continued earnings momentum. Bank of America CEO flags massive Wall Street surge
• Positive Sentiment: Several commentators say BAC looks attractively valued after a sideways 2026, suggesting upside if earnings strength persists. Bank of America Could Be a Bargain After Strong Q1 Earnings
• Neutral Sentiment: Bank of America announced new arts funding in Canada and other community initiatives, which are positive for reputation but unlikely to move the stock materially. Bank of America Deepens Support for the Arts in Canada
• Neutral Sentiment: Coverage noting BAC’s recent underperformance versus the Nasdaq and bearish price action reflects the stock’s recent lag, though analysts still sound optimistic. Is Bank of America Stock Underperforming the Nasdaq?

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the transaction, the insider directly owned 1,373,397 shares of the company's stock, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James P. Demare sold 83,832 shares of Bank of America stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total value of $4,191,600.00. Following the transaction, the insider directly owned 307,240 shares in the company, valued at $15,362,000. The trade was a 21.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 354,588 shares of company stock valued at $17,814,296 over the last 90 days. 0.27% of the stock is owned by corporate insiders.

Bank of America Stock Up 1.6%

Shares of BAC opened at $51.56 on Friday. The company has a market capitalization of $365.91 billion, a PE ratio of 12.76, a PEG ratio of 0.87 and a beta of 1.21. Bank of America Corporation has a 12 month low of $43.36 and a 12 month high of $57.55. The stock's 50-day moving average price is $51.11 and its two-hundred day moving average price is $52.32. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18.

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

Bank of America Announces Dividend

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

Analysts Set New Price Targets

Several research firms recently weighed in on BAC. Wall Street Zen raised Bank of America from a "sell" rating to a "hold" rating in a report on Saturday, February 14th. Morgan Stanley cut their price objective on Bank of America from $67.00 to $61.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. Jefferies Financial Group raised their price objective on Bank of America from $60.00 to $65.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Daiwa Securities Group raised their price objective on Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a report on Tuesday, April 28th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $59.00 price objective on shares of Bank of America in a report on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $61.06.

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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