New York Life Investment Management LLC Sells 18,174 Shares of Bank of America Corporation $BAC

New York Life Investment Management LLC lessened its position in shares of Bank of America Corporation (NYSE:BAC) by 1.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 973,487 shares of the financial services provider’s stock after selling 18,174 shares during the period. New York Life Investment Management LLC’s holdings in Bank of America were worth $53,542,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Bank of America by 640.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock worth $2,399,798,000 after purchasing an additional 40,235,201 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock valued at $35,809,225,000 after purchasing an additional 23,351,183 shares during the last quarter. Capital World Investors raised its holdings in shares of Bank of America by 11.0% during the 3rd quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider’s stock worth $7,448,816,000 after buying an additional 14,275,810 shares in the last quarter. American Assets Investment Management LLC raised its holdings in shares of Bank of America by 1,248.5% during the 4th quarter. American Assets Investment Management LLC now owns 15,224,325 shares of the financial services provider’s stock worth $837,338,000 after buying an additional 14,095,375 shares in the last quarter. Finally, Danske Bank A S bought a new stake in shares of Bank of America during the 3rd quarter worth $224,863,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America and other major banks are seen as potential winners if rates stay elevated longer, since higher rates can support net interest income and keep banking margins healthier. Higher-for-longer rate outlook puts bank stocks back on watch
• Positive Sentiment: Bank of America’s analyst calls on semiconductors, including upgraded price targets for Nvidia and Micron, reinforce BAC’s role as a leading Wall Street research franchise and may support investor sentiment around its markets and advisory businesses. BofA Hikes Nvidia Price Target to $320 — Calls It Top Sector Pick
• Positive Sentiment: Bank of America remains well-regarded for digital banking, tying U.S. Bank for first place in a competitive retail digital experience ranking, which supports its long-term consumer franchise. Banks Give Customers Online Controls for Privacy & Marketing Preferences
• Positive Sentiment: BofA added to its AI and electronic trading push by joining LTX as a liquidity provider on an AI-powered corporate bond platform, highlighting continued investment in technology-driven fixed income trading. Bank Of America Deepens AI Bond Trading Role With LTX Partnership
• Neutral Sentiment: Several articles focus on BofA’s analyst coverage of other stocks, which mostly reflects the firm’s market influence rather than a direct change in BAC fundamentals. Bank of America massively resets Micron stock price target after surge
• Neutral Sentiment: Qiagen disclosed Bank of America as a voting stakeholder, but the filing appears to be a routine ownership update and is unlikely to move BAC shares by itself. Bank of America Discloses 3.11% Voting Stake in Qiagen

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Bernard A. Mensah sold 94,000 shares of Bank of America stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the transaction, the insider directly owned 170,184 shares of the company’s stock, valued at approximately $7,988,436.96. The trade was a 35.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James P. Demare sold 83,832 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total value of $4,191,600.00. Following the completion of the sale, the insider owned 307,240 shares in the company, valued at $15,362,000. This trade represents a 21.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 354,588 shares of company stock worth $17,814,296. Company insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. TD Cowen decreased their target price on Bank of America from $66.00 to $64.00 and set a “buy” rating on the stock in a research report on Thursday, January 15th. Jefferies Financial Group increased their target price on shares of Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Robert W. Baird raised their price target on shares of Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Autonomous Res decreased 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 report on Monday, April 6th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research report on Friday, April 24th. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $61.06.

Bank of America Stock Performance

Bank of America stock opened at $49.89 on Friday. The business has a 50 day moving average of $50.42 and a 200-day moving average of $52.46. The company has a market capitalization of $354.05 billion, a P/E ratio of 12.35, a P/E/G ratio of 0.84 and a beta of 1.21. Bank of America Corporation has a 1 year low of $42.35 and a 1 year high of $57.55. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same period last year, the company earned $0.90 EPS. The firm’s revenue was up 10.7% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Corporation will post 4.46 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, June 5th. Bank of America’s payout ratio is 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.