31,718 Shares in Bank of America Corporation $BAC Purchased by Oslo Pensjonsforsikring AS

Key Points

• Oslo Pensjonsforsikring AS opened a new position in Bank of America, buying 31,718 shares worth about $1.55 million. The stake makes BAC its 29th largest holding and about 0.2% of its portfolio.
• Bank of America recently posted better-than-expected quarterly earnings, with EPS of $1.21 topping estimates and revenue up 19.6% from a year earlier. The company also maintained a quarterly dividend of $0.28 per share, equal to a 1.8% yield.
• Analyst sentiment remains generally constructive, with several firms raising price targets and the stock holding a Moderate Buy consensus. At the same time, an insider sale by Geoffrey S. Greener trimmed his ownership by 8.45%.

Oslo Pensjonsforsikring AS acquired a new stake in Bank of America Corporation (NYSE:BAC) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 31,718 shares of the financial services provider's stock, valued at approximately $1,546,000. Bank of America makes up approximately 0.2% of Oslo Pensjonsforsikring AS's investment portfolio, making the stock its 29th biggest holding.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Handelsbanken Fonder AB boosted 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 acquiring an additional 1,603,080 shares in the last quarter. Legal & General Group Plc increased its stake in Bank of America by 3.4% in 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 purchasing an additional 1,487,809 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in Bank of America by 2.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,905,348 shares of the financial services provider's stock worth $159,794,000 after purchasing an additional 71,307 shares during the last quarter. Mondrian Investment Partners LTD raised its holdings in Bank of America by 34.3% during the fourth quarter. Mondrian Investment Partners LTD now owns 2,175,401 shares of the financial services provider's stock worth $119,647,000 after purchasing an additional 555,063 shares during the last quarter. Finally, Ritholtz Wealth Management boosted its position in Bank of America by 9.9% during the fourth quarter. Ritholtz Wealth Management now owns 231,018 shares of the financial services provider's stock worth $12,706,000 after purchasing an additional 20,819 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Key Bank of America News

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

• Positive Sentiment: Bank of America’s new BofA Rewards program crossed 3 million enrollments in just seven weeks, with most sign-ups happening digitally. That rapid adoption suggests the bank is successfully deepening customer relationships and could support future deposit growth and cross-selling. 3 Million+ Clients Enroll in New BofA Rewards™ Program in First Seven Weeks
• Positive Sentiment: Bank of America also enhanced its EricaAssist tool with generative AI, giving more than 18,000 employees faster real-time guidance to resolve client needs. Investors may view this as an efficiency and service-quality improvement that can help lower costs over time. BofA enhances AI-powered tool to resolve client needs faster
• Positive Sentiment: Oppenheimer reportedly added Bank of America to its latest buy ideas list with a near-perfect quant rating, reinforcing the bullish case for BAC among analysts. Bank of America leads Oppenheimer's latest buy additions with near-perfect quant rating
• Positive Sentiment: The bank promoted Thorsten Pauli to lead Asia Pacific capital markets, a move that underscores continued focus on investment banking and global markets opportunities. Bank of America (BAC) Names Thorsten Pauli To Lead Asia Pacific Capital Markets
• Positive Sentiment: Bank of America’s small business digital banking platform again ranked first in a Keynova Group scorecard, which may bolster the view that BAC is gaining share through better digital products. Small Business Digital Banking Advances with Payment Innovations and Upgraded Invoicing and Receivables Capabilities
• Neutral Sentiment: Several stories highlighted Bank of America research on other companies, including Micron, Meta, Apple, CoreWeave, and Citizens Financial. These items mainly reflect BAC’s analyst franchise rather than a direct change in Bank of America’s fundamentals.
• Neutral Sentiment: The bank also released workplace wellbeing and broader economic commentary, which add color to the macro backdrop but are less likely to move BAC shares by themselves. BofA Report: Financial Wellbeing of Employees at U.S. Companies Hits Four-Year High, Even as Cost-of-Living Pressures Persist

Bank of America Stock Performance

NYSE BAC opened at $61.12 on Wednesday. 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 Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $62.12. The business has a fifty day moving average of $55.71 and a 200-day moving average of $53.21. The stock has a market cap of $433.71 billion, a price-to-earnings ratio of 14.02, a price-to-earnings-growth ratio of 0.97 and a beta of 1.17.

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, beating analysts' consensus estimates of $1.13 by $0.08. The business had revenue of $8.08 billion for the quarter, compared to analyst estimates 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 for the quarter was up 19.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.89 earnings per share. As a group, analysts predict that Bank of America Corporation will post 4.66 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America's dividend payout ratio (DPR) is currently 25.69%.

Analyst Ratings Changes

Several analysts have weighed in on BAC shares. Morgan Stanley upped their target price on Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a report on Monday, June 29th. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of America in a research report on Friday, April 24th. Oppenheimer cut shares of Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Barclays raised their target price on shares of Bank of America from $71.00 to $72.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Finally, Evercore set a $63.00 target price on shares of Bank of America and gave the stock an "outperform" rating in a research 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. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $63.77.

Insider Activity

In other news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.27% of the stock is owned by corporate insiders.

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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