Peapack Gladstone Financial Corp cut its position in Bank of America Corporation (NYSE:BAC) by 2.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 590,290 shares of the financial services provider’s stock after selling 11,876 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Bank of America were worth $32,466,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Legacy Bridge LLC raised its stake in shares of Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after buying an additional 330 shares during the period. Wiser Advisor Group LLC bought a new stake in shares of Bank of America in the third quarter valued at $27,000. Collier Financial bought a new stake in shares of Bank of America in the third quarter valued at $30,000. Joseph Group Capital Management bought a new stake in shares of Bank of America in the fourth quarter valued at $32,000. Finally, HFM Investment Advisors LLC raised its stake in shares of Bank of America by 566.0% in the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider’s stock valued at $34,000 after buying an additional 532 shares during the period. 70.71% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In related news, insider James P. Demare sold 83,832 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction dated 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 transaction, the insider 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 354,588 shares of company stock valued at $17,814,296 in the last ninety days. Corporate insiders own 0.27% of the company’s stock.
More Bank of America News
- 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?
Bank of America Stock Performance
NYSE:BAC opened at $51.56 on Monday. Bank of America Corporation has a 52-week low of $43.36 and a 52-week high of $57.55. The business’s fifty day moving average is $51.11 and its 200 day moving average is $52.31. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $365.91 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 0.87 and a beta of 1.19.
Bank of America (NYSE:BAC – Get Free Report) last posted 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. 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 analysts’ expectations of $29.72 billion. During the same period in the previous year, the business earned $0.90 earnings per share. The firm’s revenue was up 10.7% on a year-over-year basis. Research analysts predict that Bank of America Corporation will post 4.45 EPS for the current year.
Bank of America Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America’s payout ratio is presently 27.72%.
Analysts Set New Price Targets
A number of analysts recently issued reports on the company. Truist Financial boosted their price objective on Bank of America from $57.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Autonomous Res decreased their price objective on Bank of America from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Monday, April 6th. Daiwa Securities Group boosted their price objective on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, April 28th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research note on Friday, April 24th. Finally, Jefferies Financial Group boosted their price objective on Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $61.06.
Read Our Latest Research Report on BAC
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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