Algert Global LLC Buys New Position in Bank of America Corporation $BAC

Key Points

• Algert Global LLC initiated a Bank of America position by purchasing 162,088 shares valued at approximately $9.2 million. Institutional investors collectively own 70.71% of BAC.
• Bank of America reported quarterly EPS of $1.21, beating estimates of $1.13, while revenue rose 19.6% year over year to $31.56 billion. The stock opened at $62.26, near its 12-month high of $65.22.
• The company raised its quarterly dividend to $0.32 per share, equivalent to an annualized $1.28 payout and a 2.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $64.08.

Algert Global LLC bought a new position in shares of Bank of America Corporation (NYSE:BAC) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 162,088 shares of the financial services provider's stock, valued at approximately $9,236,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Total Clarity Wealth Management Inc. grew its holdings in shares of 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 valued at $279,000 after purchasing an additional 168 shares in the last quarter. Orca Wealth Management LLC grew its stake in shares of Bank of America by 0.5% in the 2nd quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider's stock worth $1,999,000 after buying an additional 179 shares in the last quarter. Financial Consulate Inc. grew its stake in shares of Bank of America by 4.0% in the 2nd quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider's stock worth $270,000 after buying an additional 181 shares in the last quarter. Money Concepts Capital Corp increased its holdings in shares of 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 buying an additional 182 shares during the last quarter. Finally, Operose Advisors LLC increased its holdings in shares of 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 buying an additional 185 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Down 0.3%

BAC stock opened at $62.26 on Thursday. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22. The firm's 50-day moving average is $60.96 and its 200 day moving average is $54.83. The company has a market capitalization of $435.37 billion, a PE ratio of 14.28, a P/E/G ratio of 1.00 and a beta of 1.17. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.08. The company had revenue of $31.56 billion during the quarter, compared to analysts' expectations of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm's quarterly revenue was up 19.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.89 EPS. On average, research analysts anticipate that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

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

More Bank of America News

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

BAC has been the subject of a number of analyst reports. Oppenheimer downgraded shares of Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. JPMorgan Chase & Co. boosted their price objective on Bank of America from $62.50 to $68.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Evercore set a $63.00 target price on Bank of America and gave the stock an "outperform" rating in a report on Monday, July 6th. Citigroup boosted their target price on Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a research report on Tuesday, June 23rd. Finally, Barclays lifted their price objective on shares of Bank of America from $71.00 to $72.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus price target of $64.08.

Bank of America Profile

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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