Berkshire Asset Management LLC PA Sells 18,139 Shares of Bank of America Corporation $BAC

Berkshire Asset Management LLC PA decreased its position in shares of Bank of America Corporation (NYSE:BAC) by 1.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,171,125 shares of the financial services provider’s stock after selling 18,139 shares during the period. Bank of America comprises 2.8% of Berkshire Asset Management LLC PA’s investment portfolio, making the stock its 6th biggest position. Berkshire Asset Management LLC PA’s holdings in Bank of America were worth $64,412,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Abound Financial LLC acquired a new position in Bank of America during the 4th quarter worth about $26,000. Legacy Bridge LLC lifted its stake in Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 330 shares in the last quarter. Wiser Advisor Group LLC acquired a new position in Bank of America during the 3rd quarter worth about $27,000. Joseph Group Capital Management acquired a new position in Bank of America during the 4th quarter worth about $32,000. Finally, HFM Investment Advisors LLC lifted its stake in Bank of America by 566.0% during the 4th quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 532 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $56.79 on Wednesday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $402.99 billion, a P/E ratio of 14.06, a P/E/G ratio of 0.95 and a beta of 1.19. The business’s 50-day moving average is $52.57 and its two-hundred day moving average is $52.47. Bank of America Corporation has a 1 year low of $44.06 and a 1 year high of $57.55.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.11. The company had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.Bank of America’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.90 EPS. Analysts anticipate that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. Bank of America’s dividend payout ratio (DPR) is currently 27.72%.

Insider Buying and Selling at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was 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 approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. 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.

Analyst Upgrades and Downgrades

BAC has been the topic of several research reports. Piper Sandler increased their target price on Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. Oppenheimer increased their target price on Bank of America from $58.00 to $61.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. Daiwa Securities Group increased their target price on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. Jefferies Financial Group increased their price target on Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Finally, Truist Financial increased their price target on Bank of America from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $61.06.

More Bank of America News

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

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.