Form 4: Bank of America Reports NMCO Stock Transactions

Bank of America and Merrill Lynch reported simultaneous purchase and sale of Nuveen Municipal Credit Opportunities Fund common stock on February 17, 2026.

Summary

• Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Inc. (Reporting Persons) filed a Form 4 regarding Nuveen Municipal Credit Opportunities Fund (NMCO).
• On February 17, 2026, 1,400 shares of NMCO common stock were acquired at a price of $10.745 per share.
• Concurrently, on February 17, 2026, 1,400 shares of NMCO common stock were disposed of at a price of $10.7401 per share.
• Following these transactions, the Reporting Persons' beneficial ownership of NMCO common stock is 0 shares.
• The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest, if any.
• They also declare that they are not acting as a partnership, syndicate, or group for the purpose of acquiring, holding, or disposing of the Issuer's securities.
• Without conceding 10%+ beneficial owner status or Section 16(a)/16(b) applicability, any profit potentially recoverable under Section 16(b) will be remitted to the Issuer.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, as the reported transactions represent a simultaneous purchase and sale of the same number of shares, resulting in no net change in beneficial ownership for the reporting entities.

Risks

• The potential for short-swing profit recovery under Section 16(b) of the Securities Exchange Act of 1934, which the reporting persons disclaim applicability for but offer to remit any such profit to the Issuer.

Future Outlook

NA

Management Comments

• Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, if any, and this report shall not be deemed an admission that any such Reporting Person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Securities Exchange Act of 1934 (the "Exchange Act"), or for any other purpose.
• Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the Exchange Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.
• Without conceding its status as a greater than 10% beneficial owner or that the reported transactions are subject to disclosure under Section 16(a) of the Exchange Act or short-swing profit recovery under Section 16(b) of the Exchange Act, the amount of profit potentially recoverable by the Issuer from the reported transactions in the event that the Reporting Persons were greater than 10% beneficial owners and the transactions were subject to Section 16(b) will be remitted to the Issuer.

Industry Context

StockSavvy.ai notes that Form 4 filings provide transparency into insider activity, which can sometimes signal management's confidence or concerns. However, these specific transactions appear to be a wash trade, potentially for internal accounting or compliance purposes, rather than a strategic investment move.

Related Party Transactions

• The filing explicitly states that Bank of America Corporation holds an indirect interest in the securities by virtue of its 100% ownership of its subsidiary Merrill Lynch, Pierce, Fenner & Smith Incorporated, establishing a related party relationship between the two reporting entities.

Stakeholder Impact

• Shareholders: Minimal impact, as the transactions represent a wash trade with no net change in beneficial ownership, unlikely to signal a shift in investment strategy or financial health.

Key Dates

Recommendation

The reported transactions represent a simultaneous purchase and sale of a small number of shares, resulting in no net change in beneficial ownership for the reporting entities. This type of wash trade typically has no material impact on the issuer's fundamentals or market valuation, thus warranting a neutral "hold" recommendation based solely on this filing.

Keywords

Nuveen Municipal Credit Opportunities Fund, NMCO, Bank of America, Merrill Lynch, Form 4, Insider Transaction, Beneficial Ownership, Equity Securities, Closed-End Fund