Aware Super Pty Ltd as trustee of Aware Super Invests $23.25 Million in Bank of America Corporation $BAC

Aware Super Pty Ltd as trustee of Aware Super purchased a new position in shares of Bank of America Corporation (NYSE:BAC) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 476,994 shares of the financial services provider's stock, valued at approximately $23,253,000.

Several other institutional investors also recently bought and sold shares of BAC. Abound Financial LLC acquired a new stake in shares of Bank of America in the 4th quarter worth $26,000. Legacy Bridge LLC boosted its holdings in shares of Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 330 shares in the last quarter. Wiser Advisor Group LLC acquired a new position in shares of Bank of America during the third quarter worth about $27,000. CrossGen Wealth LLC acquired a new position in shares of Bank of America during the fourth quarter worth about $30,000. Finally, Joseph Group Capital Management purchased a new position in Bank of America during the fourth quarter worth about $32,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

BAC opened at $61.48 on Friday. The stock has a market cap of $436.30 billion, a P/E ratio of 14.10, a P/E/G ratio of 1.00 and a beta of 1.17. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.81. The stock's 50 day simple moving average is $55.11 and its 200 day simple moving average is $53.09. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $62.03.

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 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.08. The firm had revenue of $8.08 billion during the quarter, compared to analysts' expectations of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.Bank of America's revenue was up 19.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.89 earnings per share. As a group, equities analysts anticipate that Bank of America Corporation will post 4.64 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were given a $0.28 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. Bank of America's dividend payout ratio (DPR) is currently 27.72%.

Bank of America News Roundup

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

• Positive Sentiment: Several firms raised their price targets on BAC after Q2 results, with Barclays, Wells Fargo, KBW, and Truist all seeing further upside on stronger earnings and better growth prospects.
• Positive Sentiment: Bank of America’s earnings call highlighted durable growth drivers including rising net interest income, loan and deposit gains, operating leverage, and AI-enabled productivity, which should support profitability. Bank of America Q2 Earnings Call Points to Durable Growth Drivers
• Positive Sentiment: Coverage following the quarter noted that Bank of America rode market volatility to trading records, while deal activity remained a bright spot, reinforcing the strength of its capital markets businesses. BofA rides market whiplash to trading records, deal activity shines
• Positive Sentiment: Commentary after the Q2 report said Bank of America’s consumer unit earned nearly $3.3 billion as spending held up, suggesting its retail banking franchise remains resilient.
• Neutral Sentiment: CEO Brian Moynihan also warned about AI security risks, but this appears more like an industry-wide caution than a direct business setback for BAC.
• Negative Sentiment: An article questioning whether Bank of America is overvalued could temper some enthusiasm if investors worry the post-earnings rally has already priced in much of the good news. Is Bank of America Corporation (BAC) Overvalued?

Insider Activity

In other news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the transaction, the insider owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.27% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on BAC shares. Wells Fargo & Company raised their price objective 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. Robert W. Baird boosted their target price on Bank of America from $58.00 to $62.00 and gave the stock a "neutral" rating in a research report on Wednesday. Royal Bank Of Canada increased their target price on Bank of America from $59.00 to $65.00 and gave the stock an "outperform" rating in a research note on Wednesday. Keefe, Bruyette & Woods raised 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. Finally, The Goldman Sachs Group lifted their price target on Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $63.77.

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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