Nixon Peabody Trust Co. Cuts Holdings in Bank of America Corporation $BAC

Nixon Peabody Trust Co. reduced its holdings in Bank of America Corporation (NYSE:BAC) by 10.0% in the 1st quarter, Holdings Channel reports. The institutional investor owned 253,200 shares of the financial services provider’s stock after selling 27,978 shares during the quarter. Nixon Peabody Trust Co.’s holdings in Bank of America were worth $12,344,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Evolution Wealth Management Inc. raised its position in Bank of America by 12.4% in the first quarter. Evolution Wealth Management Inc. now owns 7,342 shares of the financial services provider’s stock worth $358,000 after acquiring an additional 812 shares in the last quarter. QRG Capital Management Inc. lifted its holdings in Bank of America by 8.6% in the first quarter. QRG Capital Management Inc. now owns 886,958 shares of the financial services provider’s stock valued at $43,239,000 after acquiring an additional 70,109 shares during the period. HB Wealth Management LLC boosted its position in shares of Bank of America by 4.3% during the 1st quarter. HB Wealth Management LLC now owns 427,643 shares of the financial services provider’s stock worth $20,848,000 after purchasing an additional 17,772 shares in the last quarter. Moran Wealth Management LLC boosted its position in shares of Bank of America by 1.1% during the 1st quarter. Moran Wealth Management LLC now owns 25,311 shares of the financial services provider’s stock worth $1,234,000 after purchasing an additional 267 shares in the last quarter. Finally, Counterpoint Mutual Funds LLC acquired a new position in shares of Bank of America during the 1st quarter worth $298,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Down 0.1%

Shares of BAC stock opened at $58.67 on Friday. Bank of America Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $59.19. The stock has a market cap of $416.35 billion, a P/E ratio of 14.52, a P/E/G ratio of 0.99 and a beta of 1.17. The business has a fifty day simple moving average of $53.82 and a 200-day simple moving average of $52.82. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) 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 business had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter in the previous year, the company posted $0.90 EPS. The business’s revenue was up 10.7% on a year-over-year basis. On average, analysts forecast that Bank of America Corporation will post 4.49 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were given a dividend of $0.28 per share. The ex-dividend date was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Bank of America’s payout ratio is presently 27.72%.

Insider Transactions at Bank of America

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 shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the transaction, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on BAC shares. Truist Financial increased their price target on shares of Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a report on Friday, June 26th. Morgan Stanley boosted their price objective on shares of Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. UBS Group upped their target price on shares of Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Citigroup increased their target price on shares of Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $59.00 price target on shares of Bank of America in a research report on Thursday, April 16th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $61.60.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America analysts are backing Meta Platforms’ AI/cloud expansion, highlighting a potentially large revenue opportunity tied to selling AI infrastructure capacity. While this is about Meta, it reinforces BAC’s influence in high-profile AI and cloud investment themes. Article Title
• Positive Sentiment: One report says Bank of America could soon increase its dividend after passing stress tests, which would be a favorable capital-return signal for income investors. Article Title
• Neutral Sentiment: Analysts and market commentary continue to frame BAC as a relatively reasonable value among major banks, with discussion around earnings power, valuation, and how it compares with peers like Wells Fargo. Article Title
• Neutral Sentiment: Bank of America’s strategists remain active in market calls, including a warning that the S&P 500 could face a correction and a view that “boring” cyclical stocks may outperform. These comments reflect BAC’s broad market influence more than direct company-specific news. Article Title
• Negative Sentiment: One article highlights a $7.5 million SEC settlement related to Bank of America, adding a modest regulatory overhang even though the dollar amount is not material relative to BAC’s size. 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.