Aljian Capital Management LLC Purchases New Position in Bank of America Corporation $BAC

Key Points

• Aljian Capital Management acquired 41,461 Bank of America shares worth approximately $2.36 million during the second quarter, while institutional investors collectively own 70.71% of BAC’s stock.
• Analysts remain broadly positive, with 21 Buy ratings and six Holds; the stock has a “Moderate Buy” consensus and an average price target of $64.08.
• Bank of America exceeded quarterly earnings and revenue expectations, and raised its quarterly dividend to $0.32 per share, implying a 2.1% annualized yield.

Aljian Capital Management LLC acquired a new position in shares of Bank of America Corporation (NYSE:BAC - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 41,461 shares of the financial services provider's stock, valued at approximately $2,362,000. Bank of America comprises about 0.4% of Aljian Capital Management LLC's portfolio, making the stock its 29th biggest holding.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock valued at $35,809,225,000 after buying an additional 23,351,183 shares in the last quarter. Norges Bank acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $4,774,210,000. Bank of New York Mellon Corp increased its position in shares of Bank of America by 5.4% during the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider's stock worth $3,169,062,000 after acquiring an additional 2,929,779 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Bank of America by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider's stock worth $2,958,110,000 after acquiring an additional 1,105,833 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Bank of America by 5.9% during the fourth quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider's stock worth $2,594,488,000 after acquiring an additional 2,611,776 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on BAC shares. Truist Financial boosted their price objective on shares of Bank of America from $64.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, July 15th. Barclays lifted their price target on Bank of America from $71.00 to $72.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Morgan Stanley boosted their price target on Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a report on Monday, June 29th. JPMorgan Chase & Co. increased their target price on shares of Bank of America from $62.50 to $68.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Finally, UBS Group raised their target price on shares of Bank of America from $68.00 to $70.00 and gave the company a "buy" rating in a research report on Monday, August 3rd. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $64.08.

Bank of America Trading Down 0.2%

Shares of Bank of America stock opened at $61.73 on Friday. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. The stock has a market cap of $431.66 billion, a PE ratio of 14.16, a PEG ratio of 0.99 and a beta of 1.17. The firm has a 50-day moving average of $60.60 and a 200-day moving average of $54.67. 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 data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.13 by $0.08. The firm had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The business's revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.89 EPS. As a group, sell-side analysts forecast that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The firm also recently declared 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 represents a $1.28 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. Bank of America's dividend payout ratio (DPR) is presently 25.69%.

Key Bank of America News

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 Company 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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