24,730 Shares in Bank of America Corporation $BAC Purchased by Field & Main Bank

Key Points

• Field & Main Bank acquired 24,730 Bank of America shares worth approximately $1.4 million during the second quarter. Hedge funds and other institutional investors own 70.71% of BAC, with several institutions recently increasing or initiating positions.
• Bank of America reported quarterly EPS of $1.21, beating estimates by $0.08, while revenue rose 19.6% year over year to $31.56 billion. The bank also raised its quarterly dividend from $0.28 to $0.32 per share, implying a 2.1% annual yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $64.08 price target. However, potential headwinds include an SEC investigation involving margin lending, possible higher capital requirements, and the loss of a senior technology investment-banking executive to JPMorgan.

Field & Main Bank bought a new position in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 24,730 shares of the financial services provider's stock, valued at approximately $1,409,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Handelsbanken Fonder AB increased its stake in shares of Bank of America by 53.0% during the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider's stock worth $254,625,000 after purchasing an additional 1,603,080 shares in the last quarter. Bamco Inc. NY lifted its stake in Bank of America by 45.4% in the 2nd quarter. Bamco Inc. NY now owns 40,994 shares of the financial services provider's stock valued at $2,336,000 after buying an additional 12,794 shares in the last quarter. E Fund Management Co. Ltd. purchased a new stake in Bank of America in the 2nd quarter valued at approximately $4,089,000. Bernicke Wealth Management Ltd. acquired a new stake in Bank of America during the 2nd quarter valued at $2,132,000. Finally, Legal & General Group Plc grew its holdings in Bank of America by 3.4% during the 4th quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider's stock valued at $2,497,655,000 after buying an additional 1,487,809 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

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 Trading Up 0.1%

Shares of Bank of America stock opened at $62.38 on Monday. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The firm has a market cap of $436.21 billion, a PE ratio of 14.31, a P/E/G ratio of 0.99 and a beta of 1.17. The business's fifty day moving average is $61.18 and its two-hundred day moving average is $54.90. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23.

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 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.08. The business had revenue of $31.56 billion for the quarter, compared to analysts' expectations of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The business's revenue was up 19.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.89 earnings per share. Analysts anticipate that Bank of America Corporation will post 4.68 earnings per share 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. Investors of record on Friday, September 4th will be given a dividend of $0.32 per share. 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. The ex-dividend date is Friday, September 4th. Bank of America's dividend payout ratio (DPR) is currently 25.69%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on BAC shares. Jefferies Financial Group reissued a "buy" rating and issued a $75.00 price target on shares of Bank of America in a report on Tuesday, July 14th. Argus set a $70.00 price objective on Bank of America in a research note on Wednesday, July 15th. Citigroup lifted their price objective on Bank of America from $62.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, June 23rd. Morgan Stanley boosted their target price on shares of Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a research note on Monday, June 29th. Finally, Evercore set a $63.00 target price on shares of Bank of America and gave the company an "outperform" rating in a report on Monday, July 6th. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $64.08.

About Bank of America

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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