Sumitomo Life Insurance Co. Has $8.90 Million Position in Bank of America Corporation $BAC

Sumitomo Life Insurance Co. raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 8.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 161,890 shares of the financial services provider’s stock after buying an additional 12,583 shares during the period. Sumitomo Life Insurance Co.’s holdings in Bank of America were worth $8,904,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Legacy Bridge LLC boosted its stake in shares of Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after buying an additional 330 shares during the period. Wiser Advisor Group LLC acquired a new stake in shares of Bank of America during the 3rd quarter valued at $27,000. Joseph Group Capital Management acquired a new stake in shares of Bank of America during the 4th quarter valued at $32,000. HFM Investment Advisors LLC boosted its stake in shares of Bank of America by 566.0% during the 4th quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider’s stock valued at $34,000 after buying an additional 532 shares during the period. Finally, Coston McIsaac & Partners boosted its stake in shares of Bank of America by 90.2% during the 4th quarter. Coston McIsaac & Partners now owns 662 shares of the financial services provider’s stock valued at $36,000 after buying an additional 314 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the transaction, the insider owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is currently owned by corporate insiders.

Bank of America Stock Up 1.5%

BAC stock opened at $55.96 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a 1 year low of $43.66 and a 1 year high of $57.55. The company has a fifty day simple moving average of $52.29 and a 200 day simple moving average of $52.41. The firm has a market cap of $397.15 billion, a PE ratio of 13.85, a PEG ratio of 0.93 and a beta of 1.18.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $29.72 billion. During the same quarter in the previous year, the business earned $0.90 EPS. Bank of America’s quarterly revenue was up 10.7% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. Bank of America’s payout ratio is currently 27.72%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on BAC shares. Oppenheimer lifted their target price on shares of Bank of America from $58.00 to $61.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. reduced their price objective on shares of Bank of America from $61.50 to $57.50 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research note on Friday, April 24th. Morgan Stanley reduced their price objective on shares of 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. Finally, Argus lifted their price objective on shares of Bank of America from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $61.06.

Key Bank of America News

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

• Positive Sentiment: Analysts and commentary highlighted BAC’s strong Q1 results, robust deposit base, and improving revenue prospects in markets and wealth management, supporting the case for continued momentum. Bank Of America (BAC) Stock Valuation After Strong Q1 Results And Upgraded Markets Revenue Outlook
• Positive Sentiment: Bank of America announced regular preferred-stock dividend declarations, reinforcing its capital-return profile and signaling balance-sheet stability. Bank of America Declares Preferred Stock Dividends Payable in July and August 2026
• Positive Sentiment: One report noted that Erste Group raised its FY2027 EPS estimate for BAC, suggesting some analysts see earnings power improving over time.
• Neutral Sentiment: BofA’s own market commentary warned investors that optimism is elevated and that an AI-driven bubble may be vulnerable, but these views are more about the broader market than BAC’s fundamentals. Bank of America Sends a Stark Warning on the S&P 500
• Negative Sentiment: A DOJ subpoena report tied BAC to a sweeping bank industry probe into customer account closures, which could create legal, regulatory, and reputational overhang. JPMorgan, Bank of America receive subpoena from DOJ
• Negative Sentiment: Another article argued BAC has been going sideways and lagging the S&P 500 over the past six months, which may temper enthusiasm despite recent gains. 3 Reasons to Sell BAC and 1 Stock to Buy Instead

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.