Sumitomo Mitsui Trust Group Inc. Has $743.57 Million Holdings in Bank of America Corporation $BAC

Sumitomo Mitsui Trust Group Inc. lessened its position in shares of Bank of America Corporation (NYSE:BAC) by 6.6% in the first quarter, HoldingsChannel reports. The fund owned 15,252,703 shares of the financial services provider’s stock after selling 1,081,912 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Bank of America were worth $743,569,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Griffith & Werner Inc. increased its stake in shares of Bank of America by 10.2% during the first quarter. Griffith & Werner Inc. now owns 128,959 shares of the financial services provider’s stock worth $6,287,000 after purchasing an additional 11,922 shares during the period. CFS Investment Advisory Services LLC boosted its stake in Bank of America by 0.7% in the 1st quarter. CFS Investment Advisory Services LLC now owns 37,655 shares of the financial services provider’s stock valued at $2,030,000 after purchasing an additional 260 shares during the period. Frank Rimerman Advisors LLC grew its holdings in Bank of America by 4.5% in the 1st quarter. Frank Rimerman Advisors LLC now owns 74,860 shares of the financial services provider’s stock valued at $3,649,000 after buying an additional 3,233 shares in the last quarter. Quantum Portfolio Management LLC grew its holdings in Bank of America by 33.0% in the 1st quarter. Quantum Portfolio Management LLC now owns 6,108 shares of the financial services provider’s stock valued at $298,000 after buying an additional 1,517 shares in the last quarter. Finally, Mine & Arao Wealth Creation & Management LLC. increased its position in Bank of America by 2.1% during the 1st quarter. Mine & Arao Wealth Creation & Management LLC. now owns 12,174 shares of the financial services provider’s stock worth $593,000 after buying an additional 250 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on BAC shares. Keefe, Bruyette & Woods lifted their target price on Bank of America from $63.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday, April 16th. Piper Sandler upped their price target on shares of Bank of America from $53.00 to $59.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Morgan Stanley raised their price target on shares of Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Argus lifted their price objective on shares of Bank of America from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Finally, Autonomous Res decreased their target price on shares of Bank of America from $62.00 to $54.00 and set a “neutral” rating on the stock in a research report on Monday, April 6th. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $62.19.

Bank of America Stock Performance

NYSE:BAC opened at $58.38 on Thursday. The company has a market cap of $414.33 billion, a price-to-earnings ratio of 14.45, a PEG ratio of 1.00 and a beta of 1.17. Bank of America Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $60.83. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a fifty day moving average price of $54.24 and a 200-day moving average price of $52.90.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. The company had revenue of $30.27 billion for the quarter, compared to analysts’ expectations of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.Bank of America’s revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business earned $0.90 earnings per share. As a group, equities analysts anticipate that Bank of America Corporation will post 4.49 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is currently 27.72%.

More Bank of America News

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

• Positive Sentiment: Bank of America extended OpenAI a $520 million credit line, its first loan to the AI company, signaling BAC is deepening relationships in one of the market’s fastest-growing sectors and strengthening its reputation as a major AI financier. BofA extends first $520 million loan to OpenAI ahead of IPO, source says
• Positive Sentiment: Analysts at Bank of America reiterated a Buy rating on Nvidia and called it a “unique, durable growth franchise,” reinforcing BAC’s credibility on AI-related equity research and its exposure to the broader AI investment theme. BofA Says Buy Nvidia (NVDA) Stock, Calls It a ‘Unique, Durable Growth Franchise’
• Positive Sentiment: Bank of America also reiterated a Buy on Nvidia and said current valuation already reflects overly cautious expectations, which may support investor sentiment toward BAC’s analyst franchise and AI-linked banking activity. Nvidia backed by Bank of America as analysts see AI leadership supporting further growth
• Positive Sentiment: Bank of America’s stock has also benefited from stronger sector sentiment and recent optimism around its stress-test results and payments initiatives, which suggests investors are still comfortable with BAC’s capital position and earnings outlook. Why Bank of America Stock Jumped in June

Bank of America Company 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.