100,000 Shares in Bank of America Corporation $BAC Purchased by Arini Capital Management Ltd

Key Points

• Arini Capital Management purchased 100,000 Bank of America shares worth approximately $5.7 million, making BAC about 0.6% of its portfolio. Institutional investors collectively own 70.71% of the company.
• Bank of America reported quarterly earnings of $1.21 per share, beating estimates of $1.13, while revenue rose 19.6% year over year to $31.56 billion.
• The bank raised its quarterly dividend from $0.28 to $0.32 per share, equivalent to a 2.1% annualized yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $64.08.

Arini Capital Management Ltd purchased a new stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 100,000 shares of the financial services provider's stock, valued at approximately $5,698,000. Bank of America comprises approximately 0.6% of Arini Capital Management Ltd's investment portfolio, making the stock its 20th largest holding.

Other institutional investors and hedge funds have also bought and sold shares of the company. Total Clarity Wealth Management Inc. grew its position in Bank of America by 3.6% during the 2nd quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider's stock valued at $279,000 after purchasing an additional 168 shares during the last quarter. Orca Wealth Management LLC raised its holdings in Bank of America by 0.5% in the second quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider's stock worth $1,999,000 after buying an additional 179 shares during the last quarter. Financial Consulate Inc. lifted its stake in shares of Bank of America by 4.0% in the second quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider's stock worth $270,000 after buying an additional 181 shares in the last quarter. Money Concepts Capital Corp lifted its stake in shares of Bank of America by 3.8% in the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock worth $273,000 after buying an additional 182 shares in the last quarter. Finally, Operose Advisors LLC grew its holdings in shares of Bank of America by 0.9% during the fourth quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider's stock valued at $1,123,000 after buying an additional 185 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Stock Up 2.0%

Shares of BAC opened at $62.38 on Friday. The business's 50 day moving average is $61.18 and its 200 day moving average is $54.92. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22. The company has a market capitalization of $436.21 billion, a PE ratio of 14.31, a price-to-earnings-growth ratio of 0.98 and a beta of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.08. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The business had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same period in the prior year, the company posted $0.89 EPS. The firm's revenue for the quarter was up 19.6% compared to the same quarter last year. Research analysts expect that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.32 per share. The ex-dividend date is Friday, September 4th. This represents a $1.28 annualized dividend and a yield of 2.1%. This is a boost from Bank of America's previous quarterly dividend of $0.28. Bank of America's dividend payout ratio (DPR) is 25.69%.

Analysts Set New Price Targets

Several research firms recently commented on BAC. Oppenheimer cut Bank of America from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Jefferies Financial Group reissued a "buy" rating and issued a $75.00 target price on shares of Bank of America in a research report on Tuesday, July 14th. Truist Financial upped their target price on shares of Bank of America from $64.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, July 15th. Robert W. Baird raised their price target on shares of Bank of America from $58.00 to $62.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. Finally, Morgan Stanley lifted 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 note on Monday, June 29th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $64.08.

More Bank of America News

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

• Positive Sentiment: Bank of America’s artificial-intelligence initiatives and branch expansion are expected to improve operating efficiency and customer service. The potential for productivity gains supports the long-term earnings case, although elevated expenses remain a risk. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: Strong inflows into gold and cryptocurrency funds reported by BofA suggest elevated client demand for investment products. That activity could benefit the bank’s wealth-management, brokerage and trading businesses, though the impact on BAC’s earnings is indirect.
• Neutral Sentiment: Bank of America disclosed holdings of approximately 4.69% and 5.87% in QIAGEN, reflecting regulatory notifications about its investment position. The disclosures may attract attention but do not materially change BAC’s core banking outlook. Bank of America Discloses 5.87% Stake in QIAGEN
• Neutral Sentiment: BofA strategists warned that global equities could face an autumn “reality check” tied to the U.S. midterm elections and geopolitical developments. A market pullback could weigh on BAC through lower investment-banking, asset-management and trading activity. Bank of America Warns of an Autumn Reality Check
• Negative Sentiment: JPMorgan is hiring senior technology dealmaker David Fishman from Bank of America. Losing an experienced M&A executive could weaken BAC’s technology investment-banking franchise and adds to competitive pressure. JPMorgan Hiring Bank of America’s David Fishman
• Negative Sentiment: The SEC is reportedly investigating margin lending to hedge fund Situational Awareness after a 67% drawdown, with Bank of America among the subpoenaed banks. Potential legal, credit and reputational risks could pressure sentiment. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: BAC is challenging proposed changes to the Federal Reserve’s global systemically important bank capital surcharge. Higher capital requirements could constrain lending, reduce balance-sheet flexibility and pressure returns on equity. Bank of America Joins Clash Over Fed GSIB Capital Rule

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.

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