Abel Hall LLC Sells 15,570 Shares of Bank of America Corporation $BAC

Abel Hall LLC decreased its position in shares of Bank of America Corporation (NYSE:BAC) by 61.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,648 shares of the financial services provider’s stock after selling 15,570 shares during the period. Abel Hall LLC’s holdings in Bank of America were worth $470,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. GM Advisory Group LLC lifted its holdings in shares of Bank of America by 1.4% during the first quarter. GM Advisory Group LLC now owns 62,399 shares of the financial services provider’s stock worth $3,042,000 after buying an additional 833 shares during the last quarter. Mount Vernon Associates Inc. MD grew its stake in shares of Bank of America by 0.5% in the first quarter. Mount Vernon Associates Inc. MD now owns 83,119 shares of the financial services provider’s stock worth $4,052,000 after acquiring an additional 450 shares during the last quarter. NBT Bank N A NY increased its position in Bank of America by 4.5% during the first quarter. NBT Bank N A NY now owns 62,499 shares of the financial services provider’s stock worth $3,047,000 after acquiring an additional 2,702 shares during the period. St. Johns Investment Management Company LLC raised its stake in Bank of America by 4.3% during the 1st quarter. St. Johns Investment Management Company LLC now owns 58,786 shares of the financial services provider’s stock valued at $2,866,000 after purchasing an additional 2,412 shares during the last quarter. Finally, Koshinski Asset Management Inc. raised its stake in Bank of America by 5.3% during the 1st quarter. Koshinski Asset Management Inc. now owns 68,072 shares of the financial services provider’s stock valued at $3,318,000 after purchasing an additional 3,456 shares during the last quarter. 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 transaction of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.27% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have issued reports on BAC. Argus raised their price target on shares of Bank of America from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Morgan Stanley increased their target price on shares of Bank of America from $61.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Citigroup lifted their target price on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $59.00 price target on shares of Bank of America in a report on Thursday, April 16th. Finally, Evercore set a $63.00 price objective on Bank of America and gave the stock an “outperform” rating in a report on Monday. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $61.98.

Key Bank of America News

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

• Positive Sentiment: Bank of America reached a record high as bank stocks rallied broadly, reinforcing momentum in the shares. Bank of America Stock Hits Record High and Berkshire Hathaway Is a Big Winner
• Positive Sentiment: JPMorgan and Wells Fargo both raised their price targets on Bank of America, with each firm keeping an overweight rating, which can support bullish investor sentiment. Analyst target raises on Bank of America
• Positive Sentiment: Reuters reported that large U.S. banks, including Bank of America, are in preliminary talks to acquire Fiserv’s network, a potential strategic deal that could expand payments-related capabilities. Big US banks explore Fiserv network deal, WSJ reports
• Neutral Sentiment: Bank of America’s own market commentary stayed cautious on the broader economy, warning about elevated valuations, AI spending concerns, and a possible S&P 500 pullback; this is more of a macro view than a direct BAC-specific driver. The stock market is about to suffer a snapback…
• Neutral Sentiment: The firm also published bullish stock calls on other names such as Micron, Corning, T-Mobile, and Seagate, underscoring active research coverage but with limited direct impact on BAC shares. Bank of America Gives Astera Labs Stock a Stunning Street-High Price Target

Bank of America Stock Performance

NYSE BAC opened at $59.90 on Tuesday. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $59.94. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The stock has a market cap of $425.09 billion, a P/E ratio of 14.83, a PEG ratio of 0.99 and a beta of 1.17. The company’s 50-day simple moving average is $53.82 and its 200 day simple moving average is $52.80.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same period in the previous year, the business earned $0.90 earnings per share. The company’s quarterly revenue was up 10.7% on a year-over-year basis. As a group, research analysts forecast that Bank of America Corporation will post 4.49 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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

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.