Ancora Advisors LLC Takes $40.77 Million Position in Bank of America Corporation $BAC

Key Points

• Ancora Advisors acquired 715,456 Bank of America shares worth approximately $40.77 million, making BAC about 0.8% of its portfolio. Institutional investors collectively own 70.71% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $64.08; JPMorgan and Wells Fargo recently raised their targets.
• Bank of America exceeded quarterly earnings and revenue expectations, while increasing its quarterly dividend to $0.32 per share. Investors still face risks from elevated operating costs and a reported SEC probe into margin lending.

Ancora Advisors LLC purchased a new position in Bank of America Corporation (NYSE:BAC - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 715,456 shares of the financial services provider's stock, valued at approximately $40,767,000. Bank of America comprises approximately 0.8% of Ancora Advisors LLC's investment portfolio, making the stock its 24th largest position.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Brighton Jones LLC lifted its stake in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after buying an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC increased its position in shares of Bank of America by 40.5% during the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock worth $1,013,000 after acquiring an additional 6,174 shares in the last quarter. Jump Financial LLC increased its position in shares of Bank of America by 38.4% during the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock worth $3,108,000 after acquiring an additional 18,227 shares in the last quarter. Nebula Research & Development LLC acquired a new stake in shares of Bank of America during the second quarter worth $1,396,000. Finally, Vivaldi Capital Management LP lifted its position in Bank of America by 4.2% in the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock valued at $417,000 after acquiring an additional 355 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Bank of America from $62.50 to $68.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Wells Fargo & Company boosted their price target on Bank of America from $67.00 to $69.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Oppenheimer cut Bank of America from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Argus set a $70.00 price objective on Bank of America in a report on Wednesday, July 15th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Bank of America in a research report on Tuesday, July 21st. Twenty-one equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and an average price target of $64.08.

Bank of America Trading Down 1.7%

Bank of America stock opened at $61.17 on Friday. The firm has a 50-day moving average of $61.06 and a 200-day moving average of $54.86. Bank of America Corporation has a one year low of $46.12 and a one year high of $65.22. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. The company has a market cap of $427.73 billion, a price-to-earnings ratio of 14.03, a P/E/G ratio of 0.99 and a beta of 1.17.

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

Bank of America Increases Dividend

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

Bank of America News Summary

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

• Positive Sentiment: Bank of America’s AI initiatives, including branch expansion and automation, may improve operating efficiency and customer service over time. However, continued expense growth could limit the near-term benefit. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: BofA Securities continues to demonstrate a constructive view on major growth and technology markets, reiterating Buy ratings on Alibaba, Nvidia, Prudential and Elbit Systems. The activity supports the visibility of BAC’s investment-banking and research franchise, although it has limited direct impact on earnings. Alibaba Raises $10 Billion for AI — Why BofA Is Looking Past the Dilution
• Neutral Sentiment: Bank of America issued several senior unsecured notes in August, with maturities extending from 2029 to 2046. The issuance supports liquidity and funding flexibility, but adds to interest obligations and offers no immediate change to the company’s earnings outlook. What Bank of America (BAC)'s New Debt Issuance and AI Credit Research Push Means For Shareholders
• Negative Sentiment: The SEC reportedly subpoenaed Bank of America, Goldman Sachs, JPMorgan and Citigroup regarding margin lending to hedge fund Situational Awareness, which suffered a 67% drawdown during an AI-stock sell-off. The investigation raises potential legal, compliance and credit-loss risks, particularly if leveraged clients cannot meet obligations. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: Persistent operating-cost pressure remains a concern for BAC investors. While AI and branch expansion could boost productivity, elevated expenses may weigh on margins and reduce the benefit of the bank’s recent revenue growth.

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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