AlphaGrep UK Ltd Acquires Shares of 9,743 Bank of America Corporation $BAC

Key Points

• AlphaGrep UK Ltd acquired 9,743 Bank of America shares worth approximately $555,000 during the second quarter. Institutional investors and hedge funds collectively own 70.71% of BAC.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $64.08. Several firms recently raised their targets, with projections ranging up to $70.
• 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 company also increased its quarterly dividend to $0.32 per share, implying a 2.0% annual yield.

AlphaGrep UK Ltd bought a new position in Bank of America Corporation (NYSE:BAC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 9,743 shares of the financial services provider's stock, valued at approximately $555,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Norges Bank acquired a new position in shares of Bank of America during the 4th quarter worth about $4,774,210,000. Bank of New York Mellon Corp boosted its holdings in Bank of America by 5.4% in the 4th 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 buying an additional 2,929,779 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Bank of America by 2.1% in the 4th quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider's stock worth $2,958,110,000 after buying an additional 1,105,833 shares during the last quarter. Deutsche Bank AG increased its stake in Bank of America by 5.9% during the 4th quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider's stock worth $2,594,488,000 after buying an additional 2,611,776 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Bank of America by 640.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock worth $2,399,798,000 after buying an additional 40,235,201 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on BAC shares. Citigroup lifted their target price on shares of Bank of America from $62.00 to $66.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. Keefe, Bruyette & Woods increased 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. Evercore set a $63.00 target price on Bank of America and gave the company an "outperform" rating in a report on Monday, July 6th. Wells Fargo & Company boosted their price target on shares of 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, Truist Financial raised 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 report on Wednesday, July 15th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $64.08.

Bank of America Price Performance

Shares of BAC opened at $62.64 on Friday. Bank of America Corporation has a 1-year low of $46.12 and a 1-year high of $65.22. The stock has a market cap of $438.03 billion, a PE ratio of 14.37, a P/E/G ratio of 1.00 and a beta of 1.15. The firm has a 50-day simple moving average of $61.64 and a two-hundred day simple moving average of $55.21. 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 issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 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 for the quarter, compared to analyst estimates of $30.78 billion. During the same period in the prior year, the business posted $0.89 EPS. The business's revenue for the quarter was up 19.6% compared to the same quarter last year. As a group, analysts forecast that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be issued a dividend of $0.32 per share. This is a positive change 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 yield of 2.0%. Bank of America's dividend payout ratio (DPR) is 25.69%.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America joined 20 financial institutions forming a company that plans to issue a U.S.-dollar stablecoin in 2027. The initiative could strengthen BAC’s position in digital payments and blockchain-based financial services, although any revenue benefit is longer term. Bank of America (BAC), What Is Behind The Fresh Attention?
• Positive Sentiment: Unusual options activity showed investors purchasing 362,697 BAC call options, 172% above average daily volume. The activity signals heightened bullish speculation, though options positioning can increase volatility and does not guarantee fundamental upside.
• Positive Sentiment: Brokerage coverage continues to lean favorable, with analysts assigning BAC a consensus “Moderate Buy” rating. The constructive view supports the stock’s recent momentum. Bank of America Corporation Given Consensus Recommendation of Moderate Buy
• Neutral Sentiment: BAC announced plans to redeem $2 billion of U.S.-dollar senior notes and CAD1.425 billion of Canadian-dollar senior notes on September 15. The transactions represent routine liability management and may improve funding efficiency, but they are not expected to materially change near-term earnings. Bank of America Announces U.S. Note Redemptions
• Negative Sentiment: A technical-market warning noted that Wall Street positioning in BAC and broader equities has reached an extreme. That raises the risk of profit-taking or a pullback despite the bank’s recent outperformance. Bank of America's New Warning Should Concern Stock Investors

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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