Norges Bank Takes $4.77 Billion Position in Bank of America Corporation $BAC

Norges Bank acquired a new stake in Bank of America Corporation (NYSE:BAC) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 86,803,816 shares of the financial services provider’s stock, valued at approximately $4,774,210,000. Bank of America accounts for about 0.5% of Norges Bank’s holdings, making the stock its 27th biggest position. Norges Bank owned 1.19% of Bank of America as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of BAC. Handelsbanken Fonder AB increased its stake in shares of Bank of America by 53.0% in the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock valued at $254,625,000 after purchasing an additional 1,603,080 shares in the last quarter. Meridian Wealth Management LLC increased its stake in shares of Bank of America by 54.6% in the 3rd quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider’s stock valued at $3,008,000 after purchasing an additional 20,591 shares in the last quarter. AdvisorShares Investments LLC purchased a new position in shares of Bank of America in the 3rd quarter valued at about $482,000. Mufg Securities Americas Inc. increased its stake in shares of Bank of America by 26.6% in the 3rd quarter. Mufg Securities Americas Inc. now owns 198,918 shares of the financial services provider’s stock valued at $10,262,000 after purchasing an additional 41,809 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. AG increased its stake in shares of Bank of America by 11.2% in the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 677,919 shares of the financial services provider’s stock valued at $34,974,000 after purchasing an additional 68,093 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE:BAC opened at $51.56 on Friday. Bank of America Corporation has a 12 month low of $43.36 and a 12 month high of $57.55. The stock has a 50 day moving average of $51.11 and a two-hundred day moving average of $52.32. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The firm has a market cap of $365.91 billion, a P/E ratio of 12.76, a price-to-earnings-growth ratio of 0.86 and a beta of 1.21.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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 return on equity of 11.49% and a net margin of 16.78%.The company had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. During the same period in the previous year, the business earned $0.90 EPS. Bank of America’s quarterly revenue was up 10.7% on a year-over-year basis. On average, analysts expect that Bank of America Corporation will post 4.45 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, June 5th. 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’s strong first-quarter results and guidance for roughly 15% year-over-year trading revenue growth are supporting the case for continued earnings momentum. Bank of America CEO flags massive Wall Street surge
• Positive Sentiment: Several commentators say BAC looks attractively valued after a sideways 2026, suggesting upside if earnings strength persists. Bank of America Could Be a Bargain After Strong Q1 Earnings
• Neutral Sentiment: Bank of America announced new arts funding in Canada and other community initiatives, which are positive for reputation but unlikely to move the stock materially. Bank of America Deepens Support for the Arts in Canada
• Neutral Sentiment: Coverage noting BAC’s recent underperformance versus the Nasdaq and bearish price action reflects the stock’s recent lag, though analysts still sound optimistic. Is Bank of America Stock Underperforming the Nasdaq?

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Keefe, Bruyette & Woods lifted their price target on Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. Piper Sandler lifted their price target on Bank of America from $53.00 to $59.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Daiwa Securities Group lifted their price target on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, April 28th. Robert W. Baird lifted their price target on Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Finally, Morgan Stanley cut their price target on Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $61.06.

Insider Transactions at Bank of America

In other news, insider Thomas M. Scrivener sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total value of $2,491,000.00. Following the completion of the sale, the insider directly owned 227,973 shares in the company, valued at $11,357,614.86. This represents a 17.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Geoffrey S. Greener sold 126,756 shares of the company’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 completion of the sale, the insider owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 354,588 shares of company stock valued at $17,814,296 in the last 90 days. Corporate insiders own 0.27% of the company’s stock.

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.