QRG Capital Management Inc. Increases Stock Holdings in Bank of America Corporation $BAC

QRG Capital Management Inc. lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 8.6% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 886,958 shares of the financial services provider’s stock after acquiring an additional 70,109 shares during the period. QRG Capital Management Inc.’s holdings in Bank of America were worth $43,239,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Bank of America by 3.7% during 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 acquiring an additional 23,351,183 shares in the last quarter. Capital World Investors lifted its holdings in shares of Bank of America by 11.0% in the third quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider’s stock valued at $7,448,816,000 after purchasing an additional 14,275,810 shares in the last quarter. Norges Bank purchased a new stake in shares of Bank of America in the fourth quarter valued at about $4,774,210,000. Bank of New York Mellon Corp grew its position in shares of Bank of America by 5.4% in the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock valued at $3,169,062,000 after purchasing an additional 2,929,779 shares during the last quarter. Finally, Fisher Asset Management LLC grew its position in shares of Bank of America by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock valued at $2,958,110,000 after purchasing an additional 1,105,833 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.27% of the company’s stock.

More Bank of America News

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

• Positive Sentiment: Bank of America analysts are backing Meta Platforms’ AI/cloud expansion, highlighting a potentially large revenue opportunity tied to selling AI infrastructure capacity. While this is about Meta, it reinforces BAC’s influence in high-profile AI and cloud investment themes. Article Title
• Positive Sentiment: One report says Bank of America could soon increase its dividend after passing stress tests, which would be a favorable capital-return signal for income investors. Article Title
• Neutral Sentiment: Analysts and market commentary continue to frame BAC as a relatively reasonable value among major banks, with discussion around earnings power, valuation, and how it compares with peers like Wells Fargo. Article Title
• Neutral Sentiment: Bank of America’s strategists remain active in market calls, including a warning that the S&P 500 could face a correction and a view that “boring” cyclical stocks may outperform. These comments reflect BAC’s broad market influence more than direct company-specific news. Article Title
• Negative Sentiment: One article highlights a $7.5 million SEC settlement related to Bank of America, adding a modest regulatory overhang even though the dollar amount is not material relative to BAC’s size. Article Title

Bank of America Stock Performance

Shares of BAC opened at $58.67 on Friday. Bank of America Corporation has a 1 year low of $44.75 and a 1 year high of $59.19. The company’s 50 day simple moving average is $53.82 and its 200 day simple moving average is $52.82. The company has a market capitalization of $416.35 billion, a price-to-earnings ratio of 14.52, a PEG ratio of 0.99 and a beta of 1.17. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating 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 the consensus estimate of $29.72 billion. During the same period in the previous year, the firm posted $0.90 EPS. Bank of America’s revenue was up 10.7% on a year-over-year basis. On average, sell-side analysts predict that Bank of America Corporation will post 4.49 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were given a $0.28 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. Bank of America’s payout ratio is currently 27.72%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on BAC shares. Piper Sandler raised their price objective on shares of Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. Jefferies Financial Group raised their price target on Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Royal Bank Of Canada reissued an “outperform” rating and issued a $59.00 price target on shares of Bank of America in a report on Thursday, April 16th. Finally, Citigroup increased their price objective on Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.60.

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.