4,335,818 Shares in Bank of America Corporation $BAC Bought by Cullen Capital Management LLC

Key Points

• Cullen Capital Management acquired 4.34 million Bank of America shares worth approximately $247.1 million, making BAC its eighth-largest portfolio holding and representing 0.06% of the company.
• 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 raised its quarterly dividend to $0.32 per share, or $1.28 annually, for a 2.1% yield. Analysts maintain a generally positive view, with a “Moderate Buy” consensus and an average price target of $64.08.

Cullen Capital Management LLC bought a new position in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 4,335,818 shares of the financial services provider's stock, valued at approximately $247,055,000. Bank of America comprises 2.4% of Cullen Capital Management LLC's portfolio, making the stock its 8th largest position. Cullen Capital Management LLC owned 0.06% of Bank of America at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Turim 21 Investimentos Ltda. acquired a new stake in Bank of America in the 2nd quarter valued at approximately $25,000. Abound Financial LLC acquired a new stake in shares of Bank of America in the fourth quarter worth $26,000. Wiser Advisor Group LLC acquired a new stake in shares of Bank of America in the third quarter worth $27,000. CrossGen Wealth LLC bought a new position in Bank of America during the fourth quarter worth $30,000. Finally, Joseph Group Capital Management acquired a new position in Bank of America during the 4th quarter valued at $32,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

Shares of Bank of America stock opened at $62.26 on Thursday. The firm has a market cap of $435.37 billion, a P/E ratio of 14.28, a price-to-earnings-growth ratio of 1.00 and a beta of 1.17. The firm's 50-day simple moving average is $60.96 and its 200-day simple moving average is $54.83. Bank of America Corporation has a twelve month low of $46.12 and a twelve month high of $65.22. 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 (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 (EPS) for the quarter, topping the consensus estimate 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 in the prior year, the business posted $0.89 earnings per share. The company's quarterly revenue was up 19.6% compared to the same quarter last year. As a group, research analysts expect that Bank of America Corporation will post 4.68 EPS for the current fiscal year.

Bank of America Increases Dividend

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

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America’s approximately $40 billion share-repurchase authorization could retire as much as 11% of outstanding shares, potentially supporting earnings per share and providing a valuation floor. The buyback is particularly notable following the company’s recent earnings beat and 19.6% year-over-year revenue growth. Bank of America stock information
• Positive Sentiment: Bank of America analysts continue to influence investor views on artificial intelligence, semiconductors and global markets. Positive calls on Nvidia and SK Hynix reinforce the bank’s research franchise and could support investment-banking and trading activity, although these reports do not directly change BAC’s fundamentals. BofA analyst Nvidia outlook
• Neutral Sentiment: The bank issued several senior unsecured medium-term notes in August, including bonds maturing from 2029 through 2046. The issuance adds funding and liquidity but also increases interest expense and leverage, making the net shareholder impact dependent on how the proceeds are used. Bank of America debt issuance and AI research
• Negative Sentiment: SEC subpoenas involving major prime brokers, including Bank of America, create a regulatory overhang. The investigation focuses on leverage and risk controls tied to a heavily leveraged hedge fund; while immediate solvency risk appears limited, tighter margin rules could reduce trading activity and raise compliance costs. SEC subpoena and banking-sector liquidity analysis
• Negative Sentiment: Bank of America expects to spend at least $250 million annually on GLP-1 weight-loss drugs for employees. Management views the benefit as worthwhile, but the expense could pressure operating costs and margins. Bank of America employee GLP-1 spending

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price target 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. Argus set a $70.00 price objective on shares of Bank of America in a research report on Wednesday, July 15th. Jefferies Financial Group reissued a "buy" rating and set a $75.00 target price on shares of Bank of America in a research report on Tuesday, July 14th. Keefe, Bruyette & Woods upped their price target on Bank of America from $67.00 to $70.00 and gave the company an "outperform" rating in a report on Wednesday, July 15th. Finally, Royal Bank Of Canada raised their price objective on Bank of America from $59.00 to $65.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 15th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and an average target price 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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