Azimuth Capital Investment Management LLC Sells 13,700 Shares of Bank of America Corporation $BAC

Key Points

• Azimuth Capital Investment Management reduced its Bank of America stake by 13,700 shares, or 2.3%, leaving it with 584,771 shares valued at approximately $33.3 million. Institutional investors and hedge funds collectively own 70.71% of BAC.
• Bank of America reported quarterly earnings of $1.21 per share, exceeding estimates of $1.13, while revenue rose 19.6% year over year to $31.56 billion. The company also increased its quarterly dividend from $0.28 to $0.32 per share, equivalent to a 2.0% annualized yield.
• Analyst sentiment remains generally favorable, with a consensus “Moderate Buy” rating and an average price target of $64.08, although Oppenheimer downgraded the stock to “market perform.”

Azimuth Capital Investment Management LLC trimmed its stake in Bank of America Corporation (NYSE:BAC) by 2.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 584,771 shares of the financial services provider's stock after selling 13,700 shares during the quarter. Bank of America comprises about 1.1% of Azimuth Capital Investment Management LLC's holdings, making the stock its 12th biggest position. Azimuth Capital Investment Management LLC's holdings in Bank of America were worth $33,320,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of BAC. Handelsbanken Fonder AB raised its stake in shares of Bank of America by 53.0% during the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider's stock worth $254,625,000 after purchasing an additional 1,603,080 shares during the period. Bamco Inc. NY grew its position in Bank of America by 45.4% during the second quarter. Bamco Inc. NY now owns 40,994 shares of the financial services provider's stock valued at $2,336,000 after buying an additional 12,794 shares during the period. E Fund Management Co. Ltd. bought a new stake in shares of Bank of America in the second quarter valued at $4,089,000. Bernicke Wealth Management Ltd. purchased a new position in Bank of America in the 2nd quarter valued at approximately $2,132,000. Finally, Legal & General Group Plc grew its position in shares of Bank of America by 3.4% in the fourth quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider's stock valued at $2,497,655,000 after purchasing an additional 1,487,809 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

NYSE BAC opened at $62.64 on Friday. The company has a market capitalization of $438.03 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 1.00 and a beta of 1.15. 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 quick ratio of 0.82 and a current ratio of 0.83. The stock has a 50-day moving average of $61.64 and a 200 day moving average of $55.21.

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 EPS for the quarter, topping 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 analyst estimates of $30.78 billion. During the same quarter in the previous year, the company posted $0.89 earnings per share. Bank of America's revenue was up 19.6% compared to the same quarter last year. On average, sell-side analysts forecast that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost 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 currently 25.69%.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America joined 20 financial institutions forming a company that plans to issue a U.S.-dollar stablecoin in 2027. The initiative could strengthen BAC’s position in digital payments and blockchain-based financial services, although any revenue benefit is longer term. Bank of America (BAC), What Is Behind The Fresh Attention?
• Positive Sentiment: Unusual options activity showed investors purchasing 362,697 BAC call options, 172% above average daily volume. The activity signals heightened bullish speculation, though options positioning can increase volatility and does not guarantee fundamental upside.
• Positive Sentiment: Brokerage coverage continues to lean favorable, with analysts assigning BAC a consensus “Moderate Buy” rating. The constructive view supports the stock’s recent momentum. Bank of America Corporation Given Consensus Recommendation of Moderate Buy
• Neutral Sentiment: BAC announced plans to redeem $2 billion of U.S.-dollar senior notes and CAD1.425 billion of Canadian-dollar senior notes on September 15. The transactions represent routine liability management and may improve funding efficiency, but they are not expected to materially change near-term earnings. Bank of America Announces U.S. Note Redemptions
• Negative Sentiment: A technical-market warning noted that Wall Street positioning in BAC and broader equities has reached an extreme. That raises the risk of profit-taking or a pullback despite the bank’s recent outperformance. Bank of America's New Warning Should Concern Stock Investors

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on BAC shares. Oppenheimer lowered Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Jefferies Financial Group restated a "buy" rating and issued a $75.00 price objective on shares of Bank of America in a research report on Tuesday, July 14th. Robert W. Baird lifted their price objective on Bank of America from $58.00 to $62.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. Morgan Stanley upped their target price on Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a report on Monday, June 29th. Finally, Wells Fargo & Company upped their price objective on shares of Bank of America from $67.00 to $69.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and a consensus target price of $64.08.

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source