DAVENPORT & Co LLC Boosts Stock Position in Bank of America Corporation $BAC

DAVENPORT & Co LLC grew its holdings in shares of Bank of America Corporation (NYSE:BAC) by 6.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 409,332 shares of the financial services provider’s stock after buying an additional 24,548 shares during the quarter. DAVENPORT & Co LLC’s holdings in Bank of America were worth $22,513,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Permanent Capital Management LP acquired a new position in shares of Bank of America in the 3rd quarter worth approximately $649,000. Meridian Wealth Management LLC increased its holdings 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 acquiring an additional 20,591 shares during the last quarter. Lockheed Martin Investment Management Co. raised its position in shares of Bank of America by 15.9% during the 3rd quarter. Lockheed Martin Investment Management Co. now owns 629,610 shares of the financial services provider’s stock valued at $32,482,000 after acquiring an additional 86,290 shares in the last quarter. World Equity Group Inc. lifted its stake in Bank of America by 21.8% during the third quarter. World Equity Group Inc. now owns 73,188 shares of the financial services provider’s stock worth $3,779,000 after purchasing an additional 13,119 shares during the last quarter. Finally, AdvisorShares Investments LLC bought a new position in Bank of America during the third quarter worth $482,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insiders Place Their Bets

In other news, insider Bernard A. Mensah sold 94,000 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $46.94, for a total value of $4,412,360.00. Following the completion of the sale, the insider directly owned 170,184 shares of the company’s stock, valued at approximately $7,988,436.96. This represents a 35.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider James P. Demare sold 83,832 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the transaction, the insider owned 307,240 shares of the company’s stock, valued at $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 227,832 shares of company stock worth $11,094,960. 0.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have weighed in on BAC. Daiwa Securities Group lowered their target price on shares of Bank of America from $66.00 to $62.00 and set a “buy” rating for the company in a research note on Tuesday, January 27th. Oppenheimer raised their price target on shares of Bank of America from $55.00 to $63.00 and gave the stock an “outperform” rating in a research report on Thursday, December 18th. Wells Fargo & Company boosted their price objective on shares of Bank of America from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Morgan Stanley dropped their price objective on shares of Bank of America from $68.00 to $64.00 and set an “overweight” rating on the stock in a research note on Thursday, January 15th. Finally, Truist Financial cut their target price on shares of Bank of America from $62.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, January 15th. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.87.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: BofA sets up a private-capital M&A team to advise on private-equity exits — a direct revenue opportunity from advisory fees as PE managers look to sell or recap assets; the hire signals the bank is chasing fee pools in private markets. Article Title
• Positive Sentiment: Market notes and wire stories highlighting BAC’s outperformance vs. the broader market provide short-term bullish momentum and may attract active flows into the name. Article Title
• Neutral Sentiment: BofA’s research team has been active — initiating and upgrading coverage on AI-infrastructure names (CoreWeave, Nebius) and reinstating coverage on Oracle — which bolsters the firm’s sell-side profile but is indirect for BAC’s fundamentals. Strong research can help trading and investment-banking pipelines over time. Article Title Article Title
• Neutral Sentiment: Analyst and market commentary about the financial sector (XLF) frames BAC as a core bank exposure in a deeply underperformed sector — that could support longer-term flows if sector rotation resumes, but broader NIM and mortgage headwinds remain. (Sector context: watch rates/NIM and loan growth.)
• Neutral Sentiment: Expectations for BAC’s upcoming quarterly report are for modest earnings growth; preview coverage and “what to expect” pieces are keeping the name on investors’ radars but don’t change near-term fundamentals absent surprises. Article Title
• Negative Sentiment: An outside bearish price forecast from Goldman Sachs was published, which could weigh on sentiment and prompt some profit-taking or cautious positioning by institutional investors. Article Title

Bank of America Trading Up 1.2%

Shares of BAC stock opened at $48.74 on Thursday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $57.55. The firm has a market capitalization of $348.25 billion, a PE ratio of 12.72, a price-to-earnings-growth ratio of 1.17 and a beta of 1.28. The stock has a fifty day moving average of $51.24 and a two-hundred day moving average of $52.30. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80.

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

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.12 annualized dividend and a yield of 2.3%. Bank of America’s dividend payout ratio (DPR) is presently 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.