176,445 Shares in Bank of America Corporation $BAC Purchased by Great Lakes Advisors LLC

Great Lakes Advisors LLC purchased a new position in Bank of America Corporation (NYSE:BAC - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 176,445 shares of the financial services provider's stock, valued at approximately $10,054,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of BAC. Abound Financial LLC acquired a new position in shares of Bank of America in the 4th quarter worth approximately $26,000. Wiser Advisor Group LLC acquired a new stake in Bank of America during the third quarter valued at approximately $27,000. CrossGen Wealth LLC acquired a new stake in Bank of America during the fourth quarter valued at approximately $30,000. Joseph Group Capital Management bought a new stake in Bank of America during the fourth quarter worth approximately $32,000. Finally, HFM Investment Advisors LLC boosted its holdings in Bank of America by 566.0% during the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock worth $34,000 after buying an additional 532 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Down 0.2%

BAC stock opened at $61.73 on Friday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. The firm has a market capitalization of $431.66 billion, a P/E ratio of 14.16, a P/E/G ratio of 0.98 and a beta of 1.17. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. The company's 50 day simple moving average is $60.60 and its 200-day simple moving average is $54.67.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping analysts' consensus estimates of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm had revenue of $31.56 billion during the quarter, compared to analyst estimates of $30.78 billion. During the same quarter last year, the business posted $0.89 EPS. The company's revenue was up 19.6% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a $0.32 dividend. The ex-dividend date is Friday, September 4th. This is an increase from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America's dividend payout ratio is currently 25.69%.

Analyst Ratings Changes

Several research firms have issued reports on BAC. Barclays upped their price target on Bank of America from $71.00 to $72.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Jefferies Financial Group reissued a "buy" rating and set a $75.00 price objective on shares of Bank of America in a research note on Tuesday, July 14th. Royal Bank Of Canada lifted their target price on Bank of America from $59.00 to $65.00 and gave the stock an "outperform" rating in a report on Wednesday, July 15th. Keefe, Bruyette & Woods boosted their target price on Bank of America from $67.00 to $70.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 15th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of America in a report on Tuesday, July 21st. Twenty-one investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $64.08.

Key Bank of America News

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

• Positive Sentiment: Bank of America’s active participation in the August bond market demonstrates continued access to wholesale funding and allows it to extend maturities through senior unsecured offerings. Its latest quarterly results also showed strong earnings and revenue growth, providing a fundamental counterweight to near-term concerns. Bank of America's Stock Market Signal Flashes Warning
• Neutral Sentiment: Bank of America increased its indirect stake in Turkish industrial technology company Hidropar to 5.386%. The disclosure indicates portfolio or client-related investment activity, but it is not expected to materially affect BAC’s earnings. Bank of America Lifts Indirect Stake in Hidropar to 5.386%
• Neutral Sentiment: Bank of America crossed a disclosure threshold in Smith & Nephew, reflecting an updated shareholding. The move is unlikely to have a meaningful direct impact on BAC’s common stock. Smith & Nephew Discloses Updated Bank of America Shareholding
• Neutral Sentiment: Bank of America’s analysts issued views on HP, Home Depot and Nvidia. These calls may generate research-related attention, but they do not materially change BAC’s own fundamentals. Bank of America Sends Warning on HP Stock
• Negative Sentiment: A market commentary warns that crowded positioning in Bank of America could make any broader-market pullback sharper. Separate analysis questions whether BAC is undervalued after its recent bond issuance, while noting recent short-term share-price weakness. These factors are weighing on sentiment despite the bank’s solid earnings profile. Bank of America's Stock Market Signal Flashes Warning Is Bank of America Undervalued?
• Negative Sentiment: Analysis of Bank of America preferred stock suggests that more attractive alternatives may exist than Series GG. While this primarily affects preferred securities, it can modestly temper sentiment toward BAC’s capital-raising instruments. Bank of America Preferreds: Better Propositions Available Than Series GG

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.

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