Persistent Asset Partners Ltd Grows Stock Holdings in Bank of America Corporation $BAC

Persistent Asset Partners Ltd boosted its holdings in Bank of America Corporation (NYSE:BAC) by 131.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 21,050 shares of the financial services provider’s stock after acquiring an additional 11,959 shares during the quarter. Persistent Asset Partners Ltd’s holdings in Bank of America were worth $1,158,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. DecisionMap Wealth Management LLC grew its stake in Bank of America by 4.7% in the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider’s stock valued at $223,000 after buying an additional 182 shares in the last quarter. Money Concepts Capital Corp grew its position in shares of Bank of America by 3.8% during the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock valued at $273,000 after purchasing an additional 182 shares in the last quarter. Holistic Financial Partners grew its position in shares of Bank of America by 2.4% during the 4th quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider’s stock valued at $434,000 after purchasing an additional 183 shares in the last quarter. Operose Advisors LLC grew its position in shares of Bank of America by 0.9% during the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock valued at $1,123,000 after purchasing an additional 185 shares in the last quarter. Finally, Asahi Life Asset Management CO. LTD. grew its position in shares of Bank of America by 1.0% during the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock valued at $1,092,000 after purchasing an additional 187 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the transaction, the insider directly 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 Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.27% of the company’s stock.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America CEO Brian Moynihan said consumers are still spending on discretionary items despite inflation and affordability concerns, suggesting BAC’s customer base remains resilient and supporting a constructive outlook for card, deposit, and lending activity. Bank of America CEO Says Consumers Keep Spending Despite Affordability Concerns
• Positive Sentiment: Bank of America is expanding its “Scaminars” fraud-prevention campaign and using AI-powered detection tools, which could help reduce losses, protect clients, and strengthen the bank’s reputation with retail customers. Bank of America to Host Thousands of “Scaminars” to Help Protect Clients and Fight Fraud
• Positive Sentiment: Bank of America noted that Meta’s new AI search tools could create a larger monetization opportunity, highlighting BAC’s research influence and its bullish view on AI-driven growth themes. Meta introduces AI search and creative tools, Bank of America flags emerging monetization opportunity
• Neutral Sentiment: Bank of America maintained a Hold rating on PDD Holdings, citing softer-than-expected results; this is not directly about BAC, but it reflects ongoing analyst discipline across the firm’s coverage. Bank of America Securities Maintains Hold Rating on PDD Holdings (PDD) Stock
• Neutral Sentiment: Bank of America’s market commentary showing AI stock enthusiasm is still in the “boom phase” may support risk appetite in equities, but it is more of a market sentiment signal than a direct BAC-specific catalyst. AI Stock Rally Is in Boom Phase Not Euphoria, BofA Survey Shows
• Neutral Sentiment: Bank of America renewed its partnership with the Kansas City Current, a positive branding and community item, but it is unlikely to materially affect earnings or the stock near term. Kansas City Current, BofA Announces Multi-Year Partnership Renewal Featuring Enhanced Community Efforts
• Neutral Sentiment: Bank of America slightly reduced a derivative-based stake in CA Immobilien Anlagen, a routine disclosure that does not appear significant for BAC’s fundamentals. Bank of America slightly trims derivative-based stake in CA Immobilien Anlagen

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Friday, April 24th. Piper Sandler boosted their price target on shares of Bank of America from $53.00 to $59.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. Erste Group Bank lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. Morgan Stanley reduced their price target on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a research report on Tuesday, March 31st. Finally, Evercore reduced their price target on shares of Bank of America from $70.00 to $61.00 and set an “outperform” rating for the company in a research report on Friday, May 15th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $61.06.

Bank of America Stock Up 1.6%

Shares of NYSE:BAC opened at $56.79 on Wednesday. Bank of America Corporation has a 52-week low of $44.06 and a 52-week high of $57.55. The firm has a fifty day moving average of $52.57 and a 200 day moving average of $52.47. The firm has a market capitalization of $402.99 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 0.95 and a beta of 1.19. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81.

Bank of America (NYSE:BAC) last announced its 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 net margin of 16.78% and a return on equity of 11.49%. The company had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. During the same period in the previous year, the business earned $0.90 earnings per share. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business 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 $0.28 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 2.0%. Bank of America’s payout ratio is 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.