Parnassus Investments LLC Sells 2,780,853 Shares of Bank of America Corporation $BAC

Parnassus Investments LLC cut its stake in Bank of America Corporation (NYSE:BAC) by 14.4% in the fourth quarter, HoldingsChannel reports. The fund owned 16,477,774 shares of the financial services provider’s stock after selling 2,780,853 shares during the period. Bank of America accounts for 2.3% of Parnassus Investments LLC’s holdings, making the stock its 13th largest position. Parnassus Investments LLC’s holdings in Bank of America were worth $906,278,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. DecisionMap Wealth Management LLC boosted its stake in shares of Bank of America by 4.7% in the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider’s stock valued at $223,000 after purchasing an additional 182 shares in the last quarter. Money Concepts Capital Corp boosted its stake in shares of Bank of America by 3.8% in the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock valued at $273,000 after purchasing an additional 182 shares in the last quarter. Holistic Financial Partners boosted its stake in shares of Bank of America by 2.4% in the 4th quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider’s stock valued at $434,000 after purchasing an additional 183 shares in the last quarter. Operose Advisors LLC boosted its stake in shares of Bank of America by 0.9% in the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock valued at $1,123,000 after purchasing an additional 185 shares in the last quarter. Finally, Asahi Life Asset Management CO. LTD. boosted its stake in shares of Bank of America by 1.0% in the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock valued at $1,092,000 after purchasing an additional 187 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Robert W. Baird raised their price target on shares of Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Jefferies Financial Group raised their price target on shares of Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research note on Friday, April 24th. Piper Sandler raised 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. Finally, Evercore reduced their price target on shares of Bank of America from $70.00 to $61.00 and set an “outperform” rating on the stock in a research note on Friday, May 15th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $61.06.

Insider Activity

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 transaction, the insider 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.27% of the company’s stock.

Bank of America Stock Up 1.1%

NYSE:BAC opened at $55.17 on Friday. The firm’s 50 day simple moving average is $52.16 and its 200 day simple moving average is $52.39. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. Bank of America Corporation has a one year low of $43.66 and a one year high of $57.55. The company has a market cap of $391.48 billion, a PE ratio of 13.65, a P/E/G ratio of 0.92 and a beta of 1.18.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $29.72 billion. During the same period last year, the company earned $0.90 EPS. The firm’s revenue was up 10.7% compared to the same quarter last year. On average, research analysts anticipate that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Announces Dividend

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

Bank of America News Roundup

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

• Positive Sentiment: Bank of America launched new client offerings, including pay-over-time tools, an expanded rewards program, and credit monitoring features, which could support card usage, customer retention, and fee revenue. Bank of America Introduces New Ways to Reward Clients, Manage Payments and Track Credit
• Positive Sentiment: The bank is planning real-time global payments through Swift and CashPro, a move that could boost fee income and strengthen client relationships over time. BAC Plans to Launch Real-Time Global Payments: A Fee Revenue Catalyst?
• Positive Sentiment: Erste Group Bank raised its FY2027 EPS estimate for Bank of America (NYSE: BAC), suggesting more confidence in the company’s longer-term earnings outlook. Bank of America Corporation – Free Report
• Positive Sentiment: Bank of America highlighted surging demand for AI-led treasury, trade, and FX solutions in Asia-Pacific, reinforcing a constructive outlook for its global payments and transaction banking business. Bank of America Highlights Surging Demand for AI-Led Treasury, Fx Solutions in Asia Pacific
• Neutral Sentiment: Bank of America declared preferred stock dividends for multiple series, a routine capital-return update that is not likely to materially move the common stock. Bank of America Declares Preferred Stock Dividends Payable in July and August 2026
• Neutral Sentiment: Several articles referenced Bank of America’s market-timing and stock-market warning indicators, which may reflect caution on broader equities rather than a direct operational issue for BAC. Bank of America told investors to ‘take profits.’ Then the Nasdaq fell 7%
• Negative Sentiment: The Justice Department’s subpoena probe into alleged “debanking,” which includes Bank of America, adds regulatory overhang and could create headlines risk for the shares. US Justice Department subpoenas major banks over alleged ‘debanking’, WSJ reports

Bank of America 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.