Pinnacle Associates Ltd. Has $46.42 Million Position in Bank of America Corporation $BAC

Pinnacle Associates Ltd. decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 2.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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.

A number of other large investors have also recently made changes to their positions in the business. Steph & Co. grew its holdings in shares of Bank of America by 224.3% during the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after buying an additional 379 shares during the last quarter. Marquette Asset Management LLC bought a new position in Bank of America in the 3rd quarter valued at about $30,000. Collier Financial bought a new stake in Bank of America during the 3rd quarter worth approximately $30,000. Mountain Hill Investment Partners Corp. purchased a new stake in shares of Bank of America in the third quarter worth approximately $31,000. Finally, Wealth Preservation Advisors LLC lifted its holdings in shares of Bank of America by 48.7% in the second quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 223 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BAC has been the subject of several recent research reports. Evercore set a $59.00 price target on Bank of America in a report on Thursday, January 15th. TD Cowen cut their price objective on shares of Bank of America from $66.00 to $64.00 and set a “buy” rating on the stock in a report on Thursday, January 15th. Keefe, Bruyette & Woods reduced their target price on shares of Bank of America from $64.00 to $63.00 and set an “outperform” rating for the company in a research note on Thursday, January 15th. The Goldman Sachs Group increased their target price on shares of Bank of America from $65.00 to $67.00 and gave the company a “buy” rating in a report on Monday, January 26th. Finally, Oppenheimer raised their price target on shares of Bank of America from $55.00 to $63.00 and gave the company an “outperform” rating in a research report on Thursday, December 18th. Twenty-two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $60.30.

Key Headlines Impacting Bank of America

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

Bank of America Stock Performance

Shares of Bank of America stock opened at $48.68 on Friday. The business’s fifty day simple moving average is $53.27 and its 200 day simple moving average is $52.52. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $57.55. The firm has a market capitalization of $349.36 billion, a P/E ratio of 12.71, a price-to-earnings-growth 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 (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.02. The firm had revenue of $4.53 billion during 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 business’s revenue was up 12.3% compared to the same quarter last year. During the same period last year, the firm posted $0.82 EPS. As a group, analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 6th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Friday, March 6th. Bank of America’s dividend payout ratio (DPR) is 29.24%.

Insider Activity

In other news, insider Thomas M. Scrivener sold 50,000 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James P. Demare sold 83,832 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the sale, the insider owned 307,240 shares of the company’s stock, valued at approximately $15,362,000. The trade was a 21.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.30% of the company’s stock.

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.