Bank of America Corporation $BAC Shares Sold by Oregon Public Employees Retirement Fund

Oregon Public Employees Retirement Fund reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 1.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 759,936 shares of the financial services provider’s stock after selling 9,489 shares during the period. Bank of America accounts for about 0.5% of Oregon Public Employees Retirement Fund’s portfolio, making the stock its 29th largest holding. Oregon Public Employees Retirement Fund’s holdings in Bank of America were worth $37,047,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Abound Financial LLC acquired a new stake in shares of Bank of America in the fourth quarter worth approximately $26,000. Wiser Advisor Group LLC purchased a new stake in shares of Bank of America during the third quarter worth approximately $27,000. Legacy Bridge LLC raised its stake in Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 330 shares during the last quarter. CrossGen Wealth LLC acquired a new position in Bank of America in the 4th quarter valued at $30,000. Finally, Joseph Group Capital Management purchased a new position in Bank of America in the 4th quarter valued at $32,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on BAC. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $59.00 target price on shares of Bank of America in a research note on Thursday, April 16th. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a research report on Thursday, April 16th. Evercore set a $63.00 price target on shares of Bank of America and gave the stock an “outperform” rating in a research note on Monday. Autonomous Res lowered their price target on shares of Bank of America from $62.00 to $54.00 and set a “neutral” rating on the stock in a research report on Monday, April 6th. Finally, HSBC upped their price objective on shares of Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $62.19.

Bank of America Stock Performance

Shares of Bank of America stock opened at $58.38 on Thursday. The firm has a market cap of $414.33 billion, a PE ratio of 14.45, a price-to-earnings-growth ratio of 1.00 and a beta of 1.17. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a 52 week low of $44.75 and a 52 week high of $60.83. The business’s fifty day simple moving average is $54.24 and its 200-day simple moving average is $52.90.

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, topping analysts’ consensus estimates 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 company’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period last year, the company earned $0.90 EPS. Equities analysts forecast that Bank of America Corporation will post 4.49 earnings per share for the current year.

Bank of America Announces Dividend

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

Insider Activity

In other news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction that occurred 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 sale, the insider directly 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 extended OpenAI a $520 million credit line, its first loan to the AI company, signaling BAC is deepening relationships in one of the market’s fastest-growing sectors and strengthening its reputation as a major AI financier. BofA extends first $520 million loan to OpenAI ahead of IPO, source says
• Positive Sentiment: Analysts at Bank of America reiterated a Buy rating on Nvidia and called it a “unique, durable growth franchise,” reinforcing BAC’s credibility on AI-related equity research and its exposure to the broader AI investment theme. BofA Says Buy Nvidia (NVDA) Stock, Calls It a ‘Unique, Durable Growth Franchise’
• Positive Sentiment: Bank of America also reiterated a Buy on Nvidia and said current valuation already reflects overly cautious expectations, which may support investor sentiment toward BAC’s analyst franchise and AI-linked banking activity. Nvidia backed by Bank of America as analysts see AI leadership supporting further growth
• Positive Sentiment: Bank of America’s stock has also benefited from stronger sector sentiment and recent optimism around its stress-test results and payments initiatives, which suggests investors are still comfortable with BAC’s capital position and earnings outlook. Why Bank of America Stock Jumped in June

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.