Bank of America Corporation $BAC Position Increased by Bank OZK

Key Points

• Bank OZK increased its Bank of America stake by 10.2% in the second quarter, bringing its holdings to 120,468 shares valued at approximately $6.86 million. Institutional investors collectively own 70.71% of BAC.
• Bank of America exceeded quarterly expectations, reporting $1.21 in EPS and $31.56 billion in revenue, with revenue up 19.6% year over year.
• The company raised its quarterly dividend from $0.28 to $0.32 per share, equivalent to a 2.1% yield, while analysts maintained a “Moderate Buy” consensus and an average price target of $64.08.

Bank OZK boosted its position in Bank of America Corporation (NYSE:BAC - Free Report) by 10.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 120,468 shares of the financial services provider's stock after acquiring an additional 11,161 shares during the quarter. Bank of America accounts for about 2.1% of Bank OZK's holdings, making the stock its 9th biggest holding. Bank OZK's holdings in Bank of America were worth $6,864,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. California State Teachers Retirement System lifted its position in shares of Bank of America by 5,515.7% during the 2nd quarter. California State Teachers Retirement System now owns 586,149,556 shares of the financial services provider's stock worth $33,398,802,000 after purchasing an additional 575,711,933 shares during the last quarter. Norges Bank purchased a new stake in Bank of America during the 4th quarter worth about $4,774,210,000. Legal & General Group Plc acquired a new position in shares of Bank of America during the 2nd quarter worth about $2,571,060,000. Capital International Investors acquired a new position in shares of Bank of America during the 4th quarter worth about $2,357,461,000. Finally, Deutsche Bank AG purchased a new position in shares of Bank of America in the 2nd quarter valued at about $2,359,172,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of NYSE:BAC traded down $0.34 on Tuesday, reaching $62.34. The company's stock had a trading volume of 28,336,206 shares, compared to its average volume of 36,940,820. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. The stock has a market capitalization of $435.96 billion, a P/E ratio of 14.30, a PEG ratio of 1.00 and a beta of 1.15. The stock's 50-day moving average is $61.74 and its two-hundred day moving average is $55.29. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.13 by $0.08. The firm had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The business's revenue was up 19.6% on a year-over-year basis. During the same quarter last year, the company posted $0.89 earnings per share. As a group, sell-side analysts forecast 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. Shareholders of record on Friday, September 4th will be paid a $0.32 dividend. This is an increase from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.1%. Bank of America's dividend payout ratio (DPR) is 29.36%.

Bank of America News Summary

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

• Positive Sentiment: Bank of America’s strong earnings momentum, capital cushion and buyback capacity support expectations for continued shareholder returns, providing a potential catalyst for BAC. What's Powering Bank of America's Strong Capital Return Strategy?
• Positive Sentiment: An analyst argues that Bank of America’s valuation remains attractive, which may limit downside and support the stock if earnings continue to meet expectations. Bank of America: The Valuation Still Works
• Positive Sentiment: BofA’s broader research remains constructive on AI-related trends, including tight memory-chip supply and Meta’s custom AI-chip strategy. This highlights the firm’s advisory and research activity in attractive growth markets, although the developments do not directly change BAC’s earnings outlook. Bank of America Is Bullish on SK hynix Stock
• Neutral Sentiment: Bank of America raised its indirect stake in Turkey’s Manas Enerji to 6.01%, a disclosure with limited near-term significance for BAC’s consolidated financial results. Bank of America Raises Indirect Stake in Manas Enerji to 6.01%
• Negative Sentiment: Weakness in preferred shares issued by major banks, including BAC, suggests investors are positioning for interest rates to stay higher for longer. That could pressure bond values, borrowing demand and bank valuations. Bank Preferred Stocks Are Sending a Warning About Interest Rates
• Negative Sentiment: Fading capital-markets momentum in the third quarter raises the risk of uneven investment-banking and trading results for BAC and other large banks. Capital Markets Momentum Fades

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on BAC shares. Argus set a $70.00 target price on Bank of America in a research report on Wednesday, July 15th. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of America in a research note on Tuesday, July 21st. Oppenheimer cut shares of Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Wells Fargo & Company boosted their price objective on shares of Bank of America from $67.00 to $69.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $75.00 target price on shares of Bank of America in a research report on Tuesday, July 14th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus 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.

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