Pitcairn Co. Sells 36,200 Shares of Bank of America Corporation $BAC

Pitcairn Co. lessened its stake in shares of Bank of America Corporation (NYSE:BAC) by 34.4% during the third quarter, Holdings Channel.com reports. The fund owned 69,016 shares of the financial services provider’s stock after selling 36,200 shares during the period. Pitcairn Co.’s holdings in Bank of America were worth $3,561,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Smith Moore & CO. grew its holdings in shares of Bank of America by 2.7% during the 3rd quarter. Smith Moore & CO. now owns 13,693 shares of the financial services provider’s stock worth $706,000 after purchasing an additional 355 shares in the last quarter. United Capital Management of KS Inc. grew its stake in Bank of America by 1.6% during the third quarter. United Capital Management of KS Inc. now owns 152,051 shares of the financial services provider’s stock worth $7,844,000 after buying an additional 2,406 shares in the last quarter. Tower Bridge Advisors grew its stake in Bank of America by 0.9% during the third quarter. Tower Bridge Advisors now owns 74,178 shares of the financial services provider’s stock worth $3,827,000 after buying an additional 660 shares in the last quarter. Advisory Alpha LLC increased its holdings in Bank of America by 3.0% in the 3rd quarter. Advisory Alpha LLC now owns 34,098 shares of the financial services provider’s stock valued at $1,722,000 after buying an additional 995 shares during the period. Finally, NewSquare Capital LLC raised its position in shares of Bank of America by 31.6% in the 3rd quarter. NewSquare Capital LLC now owns 5,907 shares of the financial services provider’s stock valued at $305,000 after buying an additional 1,418 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BAC. HSBC increased their price target on shares of Bank of America from $55.00 to $57.00 and gave the stock a “hold” rating in a research report on Friday, February 6th. CICC Research assumed coverage on Bank of America in a report on Wednesday, January 14th. They issued an “outperform” rating and a $62.00 target price on the stock. Oppenheimer lifted their price target on Bank of America from $55.00 to $63.00 and gave the company an “outperform” rating in a research note on Thursday, December 18th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, January 27th. Finally, Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Twenty-two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $60.30.

Bank of America News Summary

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

• Positive Sentiment: Bank of America Private Bank launched an Art Consulting service to help wealth clients treat art as an investable asset, which can deepen client relationships and boost advisory/relationship fee income. Read More.
• Positive Sentiment: BofA Securities acted as lead underwriter/advisor on SM Energy’s $1B senior notes offering, highlighting ongoing investment-banking deal flow that supports non‑interest fee revenue. Read More.
• Neutral Sentiment: Bank of America disclosed a stake crossing in Galapagos under transparency rules; this is a regulatory filing about holdings rather than a business development for BAC itself. Read More.
• Neutral Sentiment: VantageScore’s CEO will appear at BofA’s upcoming Information & Business Services conference — evidence BofA continues to host investor events that support its securities business but with limited direct impact on the bank’s fundamentals. Read More.
• Neutral Sentiment: Coverage and analyst activity mentioning BAC (Zacks trending piece) indicate retail/investor interest in the stock; attention can drive volume but is not a clear directional catalyst. Read More.
• Negative Sentiment: Analysis flagging that BAC’s recent share momentum is cooling raises near-term valuation pressure and may be a direct reason shares are trading lower today. Read More.
• Negative Sentiment: Bank of America warns broader market risk from the U.S.-Iran war (e.g., collapsed Strait of Hormuz volumes) could spark volatility and downside for banks via economic and oil‑price shocks. That macro risk is a headwind for financial stocks including BAC. Read More.

Bank of America Trading Down 1.0%

Shares of BAC stock opened at $49.81 on Friday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $57.55. The stock’s fifty day simple moving average is $53.42 and its 200 day simple moving average is $52.48. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $357.47 billion, a P/E ratio of 13.01, a P/E/G ratio of 1.23 and a beta of 1.28.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.96 by $0.02. The firm had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $27.73 billion. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The business’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period last year, the company earned $0.82 earnings per share. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 6th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, March 6th. This represents a $1.12 annualized dividend and a yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is currently 29.24%.

Bank of America 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.