Bank of America Corporation $BAC Shares Sold by Gamco Investors INC. ET AL

Gamco Investors INC. ET AL cut its position in Bank of America Corporation (NYSE:BAC) by 6.6% in the 1st quarter, Holdings Channel.com reports. The firm owned 447,622 shares of the financial services provider’s stock after selling 31,723 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Bank of America were worth $21,822,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Hilltop Holdings Inc. lifted its stake in shares of Bank of America by 51.3% in the first quarter. Hilltop Holdings Inc. now owns 38,237 shares of the financial services provider’s stock worth $1,864,000 after acquiring an additional 12,957 shares in the last quarter. Morningstar Investment Management LLC raised its position in shares of Bank of America by 8.7% in the 1st quarter. Morningstar Investment Management LLC now owns 38,527 shares of the financial services provider’s stock valued at $1,878,000 after purchasing an additional 3,079 shares in the last quarter. Pennington Partners & CO. LLC raised its position in shares of Bank of America by 4.2% in the 1st quarter. Pennington Partners & CO. LLC now owns 7,576 shares of the financial services provider’s stock valued at $369,000 after purchasing an additional 308 shares in the last quarter. GC Wealth Management RIA LLC boosted its stake in shares of Bank of America by 17.4% during the 1st quarter. GC Wealth Management RIA LLC now owns 137,644 shares of the financial services provider’s stock valued at $6,710,000 after buying an additional 20,384 shares during the last quarter. Finally, Caxton Associates LLP purchased a new position in shares of Bank of America during the 1st quarter valued at approximately $1,253,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the sale, the insider directly 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.27% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Evercore set a $63.00 price target on shares of Bank of America and gave the stock an “outperform” rating in a research note on Monday, July 6th. Piper Sandler increased their price objective on shares of Bank of America from $53.00 to $59.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Autonomous Res dropped 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. Citigroup upped their target price on shares of Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Finally, UBS Group lifted their price target on Bank of America from $63.00 to $68.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $63.77.

Key Bank of America News

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

• Positive Sentiment: Bank of America raised its quarterly dividend by 14% to $0.32 per share, a clear signal of strong capital generation and management’s commitment to shareholder returns. Bank of America hikes common stock dividend by 14%
• Positive Sentiment: The dividend boost was also highlighted in company announcements and market coverage, likely supporting sentiment that BAC’s balance sheet and earnings power remain solid. Bank of America Increases Common Stock Dividend 14% to 0.32 Per Share
• Positive Sentiment: Bank of America also continued to get attention for its investment research, including bullish calls on AI beneficiaries like Micron and Alphabet, which can reinforce the firm’s reputation and market visibility. Why BofA Thinks Micron Stock Could Be One of AI’s Biggest Long-Term Winners
• Neutral Sentiment: One report noted Bank of America’s well-known stock-market “sell signal” indicator is at its highest level since 2021, which may be seen as a cautionary macro signal rather than a direct BAC-specific issue. BofA’s famed sell signal for stocks is at its highest level since 2021
• Neutral Sentiment: Additional coverage on federal debt, inflation, and global bond weakness reflects the broader macro backdrop BAC operates in, but these items do not directly change the bank’s near-term fundamentals. Trump Called Himself the ‘King of Debt.’ Now Bank of America Says the U.S. Will Spend $2 Trillion More Than It Brings In This Year

Bank of America Stock Up 1.2%

BAC stock opened at $62.00 on Friday. The firm has a market cap of $439.96 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $62.28. The firm has a fifty day moving average price of $56.42 and a two-hundred day moving average price of $53.36. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The company had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $30.78 billion. During the same period last year, the firm posted $0.89 EPS. The company’s revenue for the quarter was up 19.6% on a year-over-year basis. Research analysts predict that Bank of America Corporation will post 4.65 EPS for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.1%. This is a boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. Bank of America’s dividend payout ratio is currently 25.69%.

Bank of America Company Profile

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.