Parnassus Investments LLC Sells 2,780,853 Shares of Bank of America Corporation $BAC

Parnassus Investments LLC lessened its position in Bank of America Corporation (NYSE:BAC) by 14.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,477,774 shares of the financial services provider’s stock after selling 2,780,853 shares during the quarter. Bank of America comprises about 2.3% of Parnassus Investments LLC’s investment portfolio, making the stock its 13th biggest position. Parnassus Investments LLC owned about 0.23% of Bank of America worth $906,278,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of BAC. Wiser Advisor Group LLC bought a new position in Bank of America in the 3rd quarter worth $27,000. Legacy Bridge LLC raised its holdings 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 worth $28,000 after acquiring an additional 330 shares during the period. Joseph Group Capital Management bought a new position in Bank of America in the 4th quarter worth $32,000. HFM Investment Advisors LLC raised its holdings in Bank of America by 566.0% in 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 during the period. Finally, Coston McIsaac & Partners raised its holdings in Bank of America by 90.2% in the 4th quarter. Coston McIsaac & Partners now owns 662 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 314 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction dated 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 transaction, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.27% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent analyst reports. Robert W. Baird lifted their target price on shares of Bank of America from $56.00 to $58.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $63.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday, April 16th. Evercore decreased their price target on shares of Bank of America from $70.00 to $61.00 and set an “outperform” rating on the stock in a research report on Friday, May 15th. UBS Group raised their price target on shares of Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Finally, Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $61.06.

Bank of America Price Performance

NYSE:BAC opened at $55.17 on Friday. The firm has a market cap of $391.48 billion, a PE ratio of 13.65, a price-to-earnings-growth ratio of 0.92 and a beta of 1.18. Bank of America Corporation has a 12 month low of $43.66 and a 12 month high of $57.55. 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 company’s 50-day moving average price is $52.16 and its two-hundred day moving average price is $52.39.

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

Bank of America Announces Dividend

The company 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 is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. Bank of America’s payout ratio is 27.72%.

Bank of America News Summary

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

• Positive Sentiment: Bank of America launched new client offerings, including pay-over-time tools, an expanded rewards program, and credit monitoring features, which could support card usage, customer retention, and fee revenue. Bank of America Introduces New Ways to Reward Clients, Manage Payments and Track Credit
• Positive Sentiment: The bank is planning real-time global payments through Swift and CashPro, a move that could boost fee income and strengthen client relationships over time. BAC Plans to Launch Real-Time Global Payments: A Fee Revenue Catalyst?
• Positive Sentiment: Erste Group Bank raised its FY2027 EPS estimate for Bank of America (NYSE: BAC), suggesting more confidence in the company’s longer-term earnings outlook. Bank of America Corporation – Free Report
• Positive Sentiment: Bank of America highlighted surging demand for AI-led treasury, trade, and FX solutions in Asia-Pacific, reinforcing a constructive outlook for its global payments and transaction banking business. Bank of America Highlights Surging Demand for AI-Led Treasury, Fx Solutions in Asia Pacific
• Neutral Sentiment: Bank of America declared preferred stock dividends for multiple series, a routine capital-return update that is not likely to materially move the common stock. Bank of America Declares Preferred Stock Dividends Payable in July and August 2026
• Neutral Sentiment: Several articles referenced Bank of America’s market-timing and stock-market warning indicators, which may reflect caution on broader equities rather than a direct operational issue for BAC. Bank of America told investors to ‘take profits.’ Then the Nasdaq fell 7%
• Negative Sentiment: The Justice Department’s subpoena probe into alleged “debanking,” which includes Bank of America, adds regulatory overhang and could create headlines risk for the shares. US Justice Department subpoenas major banks over alleged ‘debanking’, WSJ reports

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.