Altiora Financial Group LLC Buys New Holdings in Bank of America Corporation $BAC

Key Points

• Altiora Financial Group acquired 15,010 Bank of America shares worth approximately $855,000 in the second quarter, making BAC its 28th-largest holding. Institutional investors collectively own 70.71% of the company.
• Bank of America reported stronger-than-expected quarterly results, with $1.21 earnings per share and $31.56 billion in revenue, up 19.6% year over year. The bank also increased its quarterly dividend from $0.28 to $0.32 per share.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and a $64.08 price target, although concerns about crowded positioning and recent share-price weakness could weigh on near-term sentiment.

Altiora Financial Group LLC acquired a new stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,010 shares of the financial services provider's stock, valued at approximately $855,000. Bank of America accounts for about 0.1% of Altiora Financial Group LLC's investment portfolio, making the stock its 28th biggest holding.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Bank of America in the 4th quarter worth approximately $4,774,210,000. Capital International Investors bought a new position in shares of Bank of America during the fourth quarter valued at approximately $2,357,461,000. Deutsche Bank AG purchased a new stake in Bank of America in the second quarter worth $2,359,172,000. Bank of New York Mellon Corp purchased a new stake in Bank of America in the second quarter worth $2,313,953,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Bank of America by 640.5% in the third 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 valued at $2,399,798,000 after acquiring an additional 40,235,201 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

More 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

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Barclays boosted their price objective on shares of Bank of America from $71.00 to $72.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Citigroup lifted their target price on shares of Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a research note on Tuesday, June 23rd. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of America in a research report on Tuesday, July 21st. Evercore set a $63.00 price target on shares of Bank of America and gave the stock an "outperform" rating in a research note on Monday, July 6th. Finally, JPMorgan Chase & Co. raised their price objective 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. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $64.08.

Bank of America Stock Performance

Shares of Bank of America stock opened at $61.73 on Friday. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22. The firm has a market capitalization of $431.66 billion, a P/E ratio of 14.16, a P/E/G ratio of 0.98 and a beta of 1.17. 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 business has a fifty day simple moving average of $60.60 and a two-hundred day simple moving average of $54.67.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts' consensus estimates of $1.13 by $0.08. The firm had revenue of $31.56 billion for 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 company's revenue was up 19.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.89 EPS. On average, equities analysts forecast that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

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

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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