339,038 Shares in Bank of America Corporation $BAC Purchased by Callan Family Office LLC

Key Points

• Callan Family Office purchased 339,038 Bank of America shares worth approximately $19.3 million during the second quarter. Institutional investors collectively own 70.71% of BAC’s outstanding stock.
• Bank of America reported quarterly earnings of $1.21 per share, exceeding the $1.13 analyst consensus, while revenue rose 19.6% year over year to $31.56 billion.
• The company raised its quarterly dividend from $0.28 to $0.32 per share, representing a $1.28 annual payout and a 2.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $64.08.

Callan Family Office LLC bought a new stake in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 339,038 shares of the financial services provider's stock, valued at approximately $19,318,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. Handelsbanken Fonder AB boosted its holdings 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 valued at $254,625,000 after purchasing an additional 1,603,080 shares during the last quarter. E Fund Management Co. Ltd. purchased a new position in Bank of America during the 2nd quarter valued at approximately $4,089,000. 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 worth $2,497,655,000 after acquiring an additional 1,487,809 shares during the last quarter. Mondrian Investment Partners LTD boosted its position in shares of Bank of America by 34.3% during the 4th quarter. Mondrian Investment Partners LTD now owns 2,175,401 shares of the financial services provider's stock valued at $119,647,000 after acquiring an additional 555,063 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Bank of America in the first quarter valued at $67,507,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Up 1.1%

NYSE:BAC opened at $62.35 on Tuesday. The company's 50-day simple moving average is $60.73 and its 200-day simple moving average is $54.73. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The stock has a market capitalization of $436.03 billion, a P/E ratio of 14.30, a P/E/G ratio of 0.98 and a beta of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts' consensus estimates of $1.13 by $0.08. The business had revenue of $31.56 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 company's revenue was up 19.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.89 earnings per share. On average, equities analysts anticipate that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

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

Trending Headlines about Bank of America

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

• Positive Sentiment: Higher dividend income reinforces BAC’s appeal: Bank of America has increased its payout again, generating approximately $619 million in annual dividend income for Warren Buffett’s Berkshire Hathaway. The dividend growth supports the stock’s income-investment case and signals confidence in capital generation. Iconic bank stock pays Buffett's Berkshire $619M in annual dividends
• Positive Sentiment: Preferred-share yields attract income investors: Analysis highlighting Bank of America preferred shares offering yields of roughly 6.6% may improve visibility for the company’s broader capital-return and income-investment story, though preferred securities do not directly increase common-stock earnings. Bank of America Offers Good Alternative To Treasuries
• Neutral Sentiment: Bank of America disclosed new strategic holdings: The company reported crossing a 10% stake in Lakefront Biotherapeutics and raising an indirect stake in Sanifoam above 5% under regulatory transparency rules. These disclosures appear to reflect investment or custody activity and are not expected to materially change BAC’s operating outlook. Bank of America Builds 10% Stake in Lakefront Biotherapeutics
• Neutral Sentiment: Market sentiment remains supportive: Bank of America’s fund-manager survey found rising equity optimism and cash allocations near historic lows. Stronger risk appetite could benefit banking activity and markets, but it also raises the possibility of positioning becoming crowded. Investor bullishness surges as BofA survey shows cash levels near historic lows
• Negative Sentiment: AI could widen consumer credit risks: Bank of America research suggests artificial intelligence is creating financial winners and losers and could eventually affect consumers’ access to credit. If weaker borrowers face increased pressure, the trend could pose longer-term risks to loan growth and credit quality. BofA finds AI is creating a credit divide

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Truist Financial lifted their price objective on shares of Bank of America from $64.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. increased their price objective on shares of Bank of America from $62.50 to $68.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Oppenheimer downgraded shares of Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Wells Fargo & Company boosted their target price on Bank of America from $67.00 to $69.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Finally, Citigroup upped their target price on Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a research note on Tuesday, June 23rd. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, 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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