NewEdge Wealth LLC Sells 40,813 Shares of Bank of America Corporation $BAC

NewEdge Wealth LLC reduced its holdings in shares of Bank of America Corporation (NYSE:BAC) by 17.2% in the first quarter, Holdings Channel reports. The institutional investor owned 196,008 shares of the financial services provider’s stock after selling 40,813 shares during the period. NewEdge Wealth LLC’s holdings in Bank of America were worth $9,555,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Money Concepts Capital Corp increased its stake in shares of Bank of America by 3.8% in the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock worth $273,000 after purchasing an additional 182 shares in the last quarter. Operose Advisors LLC lifted its position in Bank of America by 0.9% during the fourth 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. Asahi Life Asset Management CO. LTD. lifted its position in Bank of America by 1.0% during the fourth 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. GatePass Capital LLC grew its holdings in Bank of America by 3.6% during the first quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider’s stock valued at $266,000 after purchasing an additional 190 shares during the period. Finally, GeoWealth Management LLC grew its holdings in Bank of America by 0.3% during the fourth quarter. GeoWealth Management LLC now owns 61,597 shares of the financial services provider’s stock valued at $3,388,000 after purchasing an additional 191 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was 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 $72,803,774.97. This represents a 8.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.27% of the company’s stock.

Key Bank of America News

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

• Positive Sentiment: Bank of America’s own analysts said Alphabet’s post-earnings selloff looks like a buying opportunity, reinforcing BAC’s credibility as a market-moving research franchise and highlighting the firm’s influence in large-cap tech coverage. 4 Reasons to Buy Alphabet Stock After the CAPEX Shock: Bank of America
• Positive Sentiment: Bank of America extended the naming-rights deal for Bank of America Stadium with the Carolina Panthers, reinforcing a long-term brand partnership and its visibility in Charlotte and the Carolinas. Bank of America and Carolina Panthers Extend Naming Rights for Bank of America Stadium
• Positive Sentiment: The launch of new hybrid public-private investment funds by Wellington, Vanguard, and Blackstone through Merrill and Bank of America’s private bank could help drive more client assets and deepen wealth-management relationships. Global Market: Wellington, Vanguard, Blackstone launch hybrid public-private investment funds for wealthy clients
• Positive Sentiment: Bank of America’s preferred dividend confirmation and recent earnings backdrop underscore ongoing capital returns and support the valuation case for BAC shares. Bank of America (BAC) Preferred Dividend Update Keeps Valuation In Focus
• Neutral Sentiment: Several articles highlight BAC’s broader market influence, including comments on bank earnings, rate policy, and consumer health, but they do not appear to directly change Bank of America’s near-term earnings outlook. What Bank Earnings Just Revealed About the Health of the American Consumer
• Neutral Sentiment: Coverage of Bank of America’s consumer-service AI rollout and finance-leadership messaging is strategically positive, but likely a longer-term operational story rather than an immediate stock catalyst. Bank of America Equips Customer Service Reps With Gen AI
• Negative Sentiment: CEO commentary warning that inflation could force the Fed into a corner suggests a tougher macro backdrop, which could pressure loan demand, credit costs, and the banking sector broadly if rates stay restrictive. Bank of America CEO warns inflation will back Fed into a corner

Bank of America Price Performance

Shares of Bank of America stock opened at $61.30 on Friday. The stock’s 50-day simple moving average is $56.17 and its 200-day simple moving average is $53.29. Bank of America Corporation has a 52 week low of $44.75 and a 52 week high of $62.12. The company has a market capitalization of $435.02 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 0.99 and a beta of 1.17. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.08. The firm had revenue of $8.08 billion during the quarter, compared to analysts’ expectations of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The firm’s revenue was up 19.6% on a year-over-year basis. During the same quarter last year, the business posted $0.89 earnings per share. As a group, analysts expect that Bank of America Corporation will post 4.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Barclays raised their price objective on Bank of America from $71.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. increased their target price on shares of Bank of America from $57.50 to $62.50 and gave the stock an “overweight” rating in a report on Monday, July 6th. Citigroup raised their target price on shares of Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Finally, Wells Fargo & Company lifted their price target on shares of Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Twenty-one investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $63.77.

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.