Algebris UK Ltd. acquired a new position in Bank of America Corporation (NYSE:BAC) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 915,504 shares of the financial services provider's stock, valued at approximately $52,001,000. Bank of America makes up 3.4% of Algebris UK Ltd.'s investment portfolio, making the stock its 11th biggest holding.
Several other institutional investors have also recently modified their holdings of BAC. Total Clarity Wealth Management Inc. lifted its stake in Bank of America by 3.6% in the second quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider's stock worth $279,000 after purchasing an additional 168 shares during the last quarter. Orca Wealth Management LLC grew its position in Bank of America by 0.5% during the 2nd quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider's stock worth $1,999,000 after acquiring an additional 179 shares during the last quarter. Financial Consulate Inc. grew its position in Bank of America by 4.0% during the 2nd quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider's stock worth $270,000 after acquiring an additional 181 shares during the last quarter. Money Concepts Capital Corp increased its stake in Bank of America by 3.8% in the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock worth $273,000 after purchasing an additional 182 shares during the period. Finally, Operose Advisors LLC increased its stake in Bank of America by 0.9% in the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider's stock worth $1,123,000 after purchasing an additional 185 shares during the period. 70.71% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several research analysts have recently issued reports on BAC shares. Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $67.00 to $70.00 and gave the stock an "outperform" rating in a report on Wednesday, July 15th. Morgan Stanley upped their price target on shares of Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a report on Monday, June 29th. Oppenheimer cut shares of Bank of America from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Argus set a $70.00 price target on shares of Bank of America in a report on Wednesday, July 15th. Finally, Citigroup boosted their price objective on shares of Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a research report on Tuesday, June 23rd. Twenty-one equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average target price of $64.08.
View Our Latest Analysis on BAC
Bank of America News Roundup
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 Trading Up 0.1%
Shares of BAC opened at $61.73 on Monday. Bank of America Corporation has a 1-year low of $46.12 and a 1-year high of $65.22. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. The firm's 50-day moving average price is $60.60 and its 200-day moving average price is $54.67. The firm has a market capitalization of $431.66 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 0.98 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 earnings per share for the quarter, beating 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 period in the previous year, the firm posted $0.89 EPS. Sell-side 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 dividend of $0.32 per share. 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 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America's dividend payout ratio (DPR) is presently 25.69%.
About Bank of America
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC - Free Report).
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