Asahi Life Asset Management CO. LTD. Takes Position in Bank of America Corporation $BAC

Key Points

• Asahi Life Asset Management acquired 17,305 Bank of America shares worth approximately $986,000 in the second quarter. Institutional investors and hedge funds collectively own 70.71% of BAC.
• Bank of America reported stronger-than-expected quarterly results, with earnings of $1.21 per share and revenue of $31.56 billion, while revenue increased 19.6% year over year. The bank also raised its quarterly dividend from $0.28 to $0.32 per share.
• Analysts remain broadly positive, assigning the stock a “Moderate Buy” consensus rating and an average price target of $64.08, though market commentary warns that crowded positioning and recent share-price weakness could increase downside risk.

Asahi Life Asset Management CO. LTD. bought a new stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 17,305 shares of the financial services provider's stock, valued at approximately $986,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC grew its stake in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC lifted its position in Bank of America by 40.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock worth $1,013,000 after buying an additional 6,174 shares in the last quarter. Jump Financial LLC lifted its position in Bank of America by 38.4% in the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock worth $3,108,000 after buying 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 2nd quarter valued at $1,396,000. Finally, Vivaldi Capital Management LP boosted its stake in shares of Bank of America by 4.2% during the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock valued at $417,000 after buying an additional 355 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Key Stories Impacting Bank of America

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

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on BAC shares. JPMorgan Chase & Co. increased their price objective on Bank of America from $62.50 to $68.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Evercore set a $63.00 target price on Bank of America and gave the stock an "outperform" rating in a research report on Monday, July 6th. Keefe, Bruyette & Woods raised their price target on Bank of America from $67.00 to $70.00 and gave the stock an "outperform" rating in a research note 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 report on Wednesday, July 15th. Finally, Citigroup raised their price objective 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 research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $64.08.

Bank of America Price Performance

NYSE BAC opened at $61.73 on Monday. 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 company has a fifty day simple moving average of $60.60 and a 200 day simple moving average of $54.67. The company has a market cap 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. Bank of America Corporation has a 1 year low of $46.12 and a 1 year high of $65.22.

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 during the quarter, compared to analyst estimates 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 was up 19.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.89 EPS. On average, sell-side analysts predict that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The business also recently announced 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. This represents a $1.28 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, September 4th. This is an increase from Bank of America's previous quarterly dividend of $0.28. Bank of America's dividend payout ratio is currently 25.69%.

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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