Amundi Boosts Position in Bank of America Corporation $BAC

Amundi boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 12.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 42,385,115 shares of the financial services provider's stock after purchasing an additional 4,721,969 shares during the quarter. Bank of America comprises about 0.6% of Amundi's portfolio, making the stock its 24th biggest position. Amundi owned 0.60% of Bank of America worth $2,066,274,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in BAC. Abound Financial LLC bought a new position in shares of Bank of America during the fourth quarter valued at approximately $26,000. Legacy Bridge LLC raised its stake in Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after buying an additional 330 shares in the last quarter. Wiser Advisor Group LLC bought a new position in Bank of America in the third quarter worth approximately $27,000. CrossGen Wealth LLC purchased a new stake in Bank of America during the fourth quarter worth $30,000. Finally, Joseph Group Capital Management bought a new stake in Bank of America during the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Trading Up 0.8%

Shares of Bank of America stock opened at $62.61 on Wednesday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a 12-month low of $44.75 and a 12-month high of $62.99. The firm has a market capitalization of $444.32 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 1.00 and a beta of 1.17. The firm's 50 day simple moving average is $56.89 and its two-hundred day simple moving average is $53.41.

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 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 business had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same period in the previous year, the firm posted $0.89 earnings per share. The business's revenue for the quarter was up 19.6% compared to the same quarter last year. Analysts predict that Bank of America Corporation will post 4.65 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 represents a $1.28 dividend on an annualized basis and a dividend yield of 2.0%. This is a positive change from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. Bank of America's dividend payout ratio is presently 25.69%.

Bank of America News Summary

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

• Positive Sentiment: Strong Q2 performance supports the shares. Bank of America reported second-quarter EPS of $1.21, exceeding the $1.13 consensus estimate, with EPS up 34.4% year over year. Record net interest income, strong trading activity and investment-banking results highlighted the benefits of its diversified business model. Should You Invest in Bank of America Following Impressive Q2 Results?
• Positive Sentiment: AI could improve profitability. Morgan Stanley strategists identified BAC as one of the U.S. companies most likely to achieve meaningful net-margin expansion through 2027 as artificial-intelligence investments improve productivity and operating efficiency. Bank of America Could Be One Of Wall Street's Biggest AI Winners
• Positive Sentiment: New Travel Center may deepen customer engagement. BAC launched an expanded travel-booking platform powered by Rocket Travel by Agoda, offering nearly 1 million travel options and allowing customers to combine card rewards with payment cards. The initiative could encourage credit-card usage and strengthen customer loyalty, although its near-term earnings effect is likely limited. New Bank of America Travel Center
• Neutral Sentiment: Peer comparisons reinforce BAC’s diversified-bank positioning. A Q2 industry review and Zacks commentary place Bank of America among the major diversified banks being evaluated on earnings momentum, growth drivers and risks. The coverage is broadly supportive but does not introduce a new company-specific catalyst. Q2 Rundown: Bank of America vs. Other Diversified Banks Stocks
• Negative Sentiment: Fed policy uncertainty may increase volatility. Reports of a possible surprise interest-rate hike have unsettled bond markets ahead of the Federal Reserve decision. Rate expectations can affect BAC’s net interest income, bond portfolio values and broader financial-sector sentiment. Citadel Securities’ Fed Rate Hike Call Adds to Market Angst

Insider Buying and Selling

In related news, insider Geoffrey S. Greener sold 126,756 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the sale, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.27% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Morgan Stanley boosted their price target on Bank of America from $61.00 to $67.00 and gave the stock an "overweight" rating in a research report on Monday, June 29th. UBS Group raised their price objective on Bank of America from $63.00 to $68.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Truist Financial lifted 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. Evercore set a $63.00 price objective on shares of Bank of America and gave the stock an "outperform" rating in a research note on Monday, July 6th. Finally, Citigroup increased 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 report on Tuesday, June 23rd. Twenty-one 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 company currently has an average rating of "Moderate Buy" and a consensus price target of $63.77.

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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