Pictet Asset Management Holding SA Has $167.15 Million Stock Holdings in Bank of America Corporation $BAC

Pictet Asset Management Holding SA increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 2.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,429,358 shares of the financial services provider’s stock after acquiring an additional 69,382 shares during the period. Pictet Asset Management Holding SA’s holdings in Bank of America were worth $167,154,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Abound Financial LLC acquired a new stake in Bank of America during the fourth quarter valued at approximately $26,000. Legacy Bridge LLC raised its holdings in shares of Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after buying an additional 330 shares in the last quarter. Wiser Advisor Group LLC acquired a new position in shares of Bank of America in the 3rd quarter worth approximately $27,000. CrossGen Wealth LLC bought a new position in shares of Bank of America during the 4th quarter worth approximately $30,000. Finally, Joseph Group Capital Management bought a new position in shares of Bank of America during the 4th quarter worth approximately $32,000. Institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the 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 sale, the insider owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. This represents a 8.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.27% of the stock is currently owned by company insiders.

Bank of America Trading Up 0.1%

BAC stock opened at $57.92 on Monday. The business has a fifty day moving average price of $53.36 and a 200 day moving average price of $52.67. 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 capitalization of $411.06 billion, a price-to-earnings ratio of 14.34, a P/E/G ratio of 0.98 and a beta of 1.19. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.11. The firm had revenue of $30.27 billion during 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 revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.90 EPS. Analysts expect that Bank of America Corporation will post 4.47 EPS for the current fiscal year.

Bank of America Announces Dividend

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

Bank of America News Roundup

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

• Positive Sentiment: Citi raised its price target on Bank of America and kept a Buy rating, citing expectations for strong second-quarter results and reinforcing the view that BAC can deliver solid earnings growth. Bank of America (BAC) – Among the Top 10 Blue Chip Stocks with Growing Dividends
• Positive Sentiment: Barclays reaffirmed its Buy rating on BAC, adding to the bullish analyst backdrop and suggesting Wall Street still sees room for upside. Barclays Reaffirms Their Buy Rating on Bank of America (BAC)
• Positive Sentiment: Bank of America’s own research highlighted AI-driven semiconductor demand, projecting an additional $1 trillion in chip sales over five years, which supports a more constructive macro outlook for markets tied to technology spending and capital formation. BofA Sees AI Driving the Next $1 Trillion in Semiconductor Revenue
• Positive Sentiment: Reports that major banks passed the Fed stress test again and showed capital resilience may lift sentiment toward large money-center banks like BAC by reinforcing dividend and buyback flexibility. Fed Stress Test: JPM & Other Big Banks Pass Again, Show Resilience
• Neutral Sentiment: Other BofA commentary focused on housing trends, small- and mid-cap preferences, and wealthy-investor behavior, but these items are more market-color than direct catalysts for BAC shares. Bank of America sees major housing shift despite high mortgage rates
• Negative Sentiment: Bank of America also warned that the risk of a market correction is rising, a cautious tone that can temper enthusiasm for financial stocks even when fundamentals remain solid. Bank of America (BAC) Says Risks of a Market Correction Are Rising

Analyst Ratings Changes

A number of analysts have weighed in on BAC shares. Erste Group Bank cut Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. Truist Financial lifted their price objective on Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a report on Friday. Argus boosted their target price on shares of Bank of America from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. Finally, UBS Group increased their target price on shares of Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Twenty-two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $61.35.

Bank of America 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.