Jennison Associates LLC Has $140.03 Million Holdings in Bank of America Corporation $BAC

Jennison Associates LLC cut its holdings in Bank of America Corporation (NYSE:BAC) by 50.7% in the first quarter, HoldingsChannel reports. The firm owned 2,872,458 shares of the financial services provider’s stock after selling 2,948,816 shares during the period. Jennison Associates LLC’s holdings in Bank of America were worth $140,032,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of BAC. Handelsbanken Fonder AB increased its position in 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 worth $254,625,000 after buying an additional 1,603,080 shares during the period. Legal & General Group Plc boosted its position in shares of Bank of America by 3.4% in the fourth quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider’s stock valued at $2,497,655,000 after acquiring an additional 1,487,809 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Bank of America by 2.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 2,905,348 shares of the financial services provider’s stock valued at $159,794,000 after acquiring an additional 71,307 shares during the period. Mondrian Investment Partners LTD grew its stake in shares of Bank of America by 34.3% in the fourth quarter. Mondrian Investment Partners LTD now owns 2,175,401 shares of the financial services provider’s stock worth $119,647,000 after acquiring an additional 555,063 shares during the last quarter. Finally, International Assets Investment Management LLC grew its stake in shares of Bank of America by 217.4% in the fourth quarter. International Assets Investment Management LLC now owns 327,949 shares of the financial services provider’s stock worth $18,037,000 after acquiring an additional 224,627 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Down 0.5%

Shares of BAC stock opened at $61.18 on Friday. The stock has a market cap of $434.16 billion, a P/E ratio of 14.03, a price-to-earnings-growth ratio of 0.98 and a beta of 1.17. Bank of America Corporation has a one year low of $44.75 and a one year high of $62.12. The stock has a fifty day moving average price of $55.30 and a 200 day moving average price of $53.15. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.81.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.08. The firm had revenue of $8.08 billion for the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The business’s revenue for the quarter was up 19.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.89 EPS. Analysts predict that Bank of America Corporation will post 4.64 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, June 5th. Bank of America’s payout ratio is 25.69%.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America declared regular cash dividends on multiple preferred stock series, reinforcing its continued capital return to shareholders. Bank of America Declares Preferred Stock Dividends Payable in August and September 2026
• Positive Sentiment: Multiple firms lifted their outlooks on BAC, including higher earnings estimates for FY2026 and FY2027, suggesting improving expectations for profitability. Bank of America stock page
• Positive Sentiment: Bank of America’s recent Q2 results were broadly strong, with the company topping estimates and benefiting from robust trading and deal activity, which has helped support investor confidence in the stock. BofA rides market whiplash to trading records, deal activity shines
• Neutral Sentiment: Bank of America also announced internal AI leadership appointments to accelerate AI adoption in its global markets business, a strategic move that could improve efficiency over time but is not an immediate earnings driver. BofA names senior executives to drive AI adoption in global markets-memo

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Morgan Stanley upped their target price on shares of Bank of America from $61.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Robert W. Baird raised their price target on shares of Bank of America from $58.00 to $62.00 and gave the stock a “neutral” rating in a research report on Wednesday. UBS Group boosted their price objective on shares of Bank of America from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Royal Bank Of Canada upped their price objective on shares of Bank of America from $59.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Barclays increased their target price on shares of Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $63.77.

Insider Buying and Selling at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction dated 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 sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company 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.