Pinnacle Associates Ltd. Sells 22,008 Shares of Bank of America Corporation $BAC

Pinnacle Associates Ltd. reduced its position in Bank of America Corporation (NYSE:BAC) by 2.4% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 899,808 shares of the financial services provider’s stock after selling 22,008 shares during the period. Pinnacle Associates Ltd.’s holdings in Bank of America were worth $46,421,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Steph & Co. increased its stake in shares of Bank of America by 224.3% in the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 379 shares in the last quarter. Collier Financial purchased a new stake in shares of Bank of America during the 3rd quarter valued at approximately $30,000. Marquette Asset Management LLC bought a new position in Bank of America in the 3rd quarter worth approximately $30,000. Mountain Hill Investment Partners Corp. purchased a new position in Bank of America in the 3rd quarter valued at approximately $31,000. Finally, Wealth Preservation Advisors LLC grew its stake in Bank of America by 48.7% in the 2nd quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock valued at $32,000 after buying an additional 223 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE:BAC opened at $48.68 on Friday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $57.55. The stock has a fifty day moving average of $53.27 and a 200 day moving average of $52.52. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $349.36 billion, a price-to-earnings ratio of 12.71, a P/E/G ratio of 1.19 and a beta of 1.28.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. The business 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 in the prior year, the company earned $0.82 EPS. On average, research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Friday, March 6th. Bank of America’s payout ratio is currently 29.24%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on BAC shares. Wolfe Research downgraded Bank of America from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, January 7th. Piper Sandler lifted their price target on Bank of America from $56.00 to $57.00 and gave the company a “neutral” rating in a research report on Thursday, January 15th. Royal Bank Of Canada boosted their price objective on Bank of America from $56.00 to $59.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Daiwa Securities Group cut their target price on 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. Finally, Wells Fargo & Company increased their price target on shares of Bank of America from $62.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Twenty-two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $60.30.

Key Bank of America News

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

• Positive Sentiment: Analyst buy thesis: BAC is described as “slipping back into the buy zone” — trading at ~12.5x trailing earnings (below its 10-year average) with a multiyear tailwind from net interest margin expansion as low‑yielding assets reprice, supporting operating leverage and returns. Bank Of America: Slipping Back Into The ‘Buy’ Zone
• Positive Sentiment: Dividend & income angle: Coverage argues BAC remains attractive for dividend-seeking portfolios — an important point for income investors given the bank’s payout and current yield profile. Bank of America (BAC) Could Be a Great Choice
• Positive Sentiment: Wealth-management product expansion: Bank of America Private Bank launched an Art Consulting service — a niche revenue/relationship initiative that modestly diversifies fee income and deepens HNW client ties. Bank Of America Art Consulting Adds Dimension To Wealth And Valuation Story
• Neutral Sentiment: Underwriting / investment-banking activity: BofA Securities is lead in SM Energy’s $1bn senior notes offering — a reminder of recurring fee revenue from capital markets, but not large enough alone to swing BAC’s stock. Vinson & Elkins Advises Initial Purchasers on SM Energy’s $1 Billion Senior Notes Offering
• Neutral Sentiment: Shareholder / holdings disclosure: Galapagos filed transparency notices showing Bank of America entities crossed a reporting threshold — operational detail about holdings rather than a direct signal about BAC’s performance. Galapagos Receives Transparency Notifications from Bank of America
• Negative Sentiment: Geopolitical / market risk: BofA strategists warn that a prolonged U.S.–Iran war could push investors out of Europe and Japan into oil and the dollar — a macro shock that raises volatility and can hurt banks via risk‑off flows, trading losses, or credit stress. BofA’s Hartnett Sees European, Japanese Stocks at Risk From War
• Negative Sentiment: Market sentiment cooling: Coverage noting that recent BAC share momentum has cooled and valuation dynamics are being reassessed — this sort of reassessment can trigger short‑term selling even if fundamentals remain intact. Assessing Bank Of America (BAC) Valuation As Recent Share Momentum Cools
• Negative Sentiment: Sector rotation commentary: Bank of America research and market pieces (and consequent media coverage) around selling oil stocks and shifting sector preferences signal rotation and positioning changes that can temporarily depress financial shares amid heightened commodity and FX volatility. Bank of America (BAC) Is Telling Investors to Sell Oil Stocks as Crude Prices Soar. Here’s Why

Insiders Place Their Bets

In other news, insider James P. Demare sold 83,832 shares of the stock in a transaction on 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 transaction, the insider owned 307,240 shares of the company’s stock, valued at $15,362,000. This represents a 21.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Thomas M. Scrivener sold 50,000 shares of Bank of America stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the sale, the insider directly owned 227,973 shares of the company’s stock, valued at $11,357,614.86. This represents a 17.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.30% of the stock is owned by corporate insiders.

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.