Bank of America’s (BAC) International President Bernard Mensah has sold a major portion of his holdings, unloading 94,000 shares in a transaction valued at $4.4 million, according to a recent SEC filing. The sale took place on March 12 at an average price of $46.94 per share.
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Following the sale, Mensah now holds 170,184 shares of BAC stock, reducing his ownership stake by about 35.6%.
While insider sales do not necessarily signal a shift in company outlook, they often draw investor attention, especially given BofA’s strong stock performance. The stock currently trades about 18% below its 52‑week high, aided by steady consumer banking trends and improving credit quality.
Insider Sentiment for Bank of America Stock Is Bearish
Mensah’s move comes amid a broader uptick in insider selling at Bank of America in recent weeks. Other executives have also trimmed their holdings, including Co-President James P. DeMare and Chief Product Officer Sheri B. Bronstein, who sold shares earlier this month worth $4.2 million and $3 million, respectively. The cluster of transactions raises concerns around insider sentiment.
According to TipRanks’ Insider Trading Activity Tool, insider confidence in Bank of America stock is currently rated as Negative.
Investors may benefit from keeping an eye on transactions made by key insiders, as these trades typically reflect their trust in the company’s future.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is Bank of America Stock a Strong Buy?
Turning to Wall Street, BAC stock has a Strong Buy consensus rating based on 15 Buys and four Holds assigned in the last three months. At $61.81, the average Bank of America stock price target implies a 31.01% upside potential.
