Bank of America Corporation $BAC Shares Bought by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada increased its Bank of America position by 1%. The fund added 10,526 shares in the second quarter, bringing its holdings to 1.12 million shares valued at approximately $65.2 million. Institutional investors collectively own 70.71% of BAC.
• Analyst sentiment remains moderately bullish. Bank of America has a consensus “Moderate Buy” rating and a $64.08 target price, with 21 analysts rating it Buy and six rating it Hold.
• Bank of America reported stronger-than-expected quarterly results and raised its dividend. Earnings per share came in at $1.21 versus the $1.13 consensus, while revenue rose 19.6% year over year; the quarterly dividend increased from $0.28 to $0.32 per share.

TD Waterhouse Canada Inc. raised its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 1.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,116,080 shares of the financial services provider's stock after acquiring an additional 10,526 shares during the quarter. TD Waterhouse Canada Inc.'s holdings in Bank of America were worth $65,160,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in Bank of America in the 4th quarter valued at $4,774,210,000. Legal & General Group Plc acquired a new stake in Bank of America during the 2nd quarter worth $2,571,060,000. Capital International Investors acquired a new stake in Bank of America during the 4th quarter worth $2,357,461,000. Deutsche Bank AG purchased a new stake in shares of Bank of America during the second quarter worth $2,359,172,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Bank of America during the second quarter worth $2,313,953,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America News Summary

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

• Positive Sentiment: Stablecoin initiative could create a new growth opportunity. Bank of America joined 20 other financial institutions planning a company to issue a U.S. dollar stablecoin in 2027. The project could expand the bank’s role in digital payments, blockchain-based liquidity and institutional settlement, although regulatory and execution details remain important. Bank of America and Citi Join 21-Firm USD Stablecoin Plan
• Positive Sentiment: Bank stocks are attracting capital. Investors are shifting toward major banks amid expectations of rising rates and concerns about elevated artificial-intelligence valuations. Higher rates can support net interest income, while BAC’s scale and diversified businesses may benefit from stronger financial-sector flows. Expectations of Rising Rates and Worries About AI Have Investors Piling Into Big Bank Stocks
• Positive Sentiment: Options activity and analyst sentiment are constructive. Call-option volume was reported at roughly 363,000 contracts, 172% above typical levels, while brokerages assigned BAC a consensus “Moderate Buy” rating. A valuation analysis also suggested the shares could be undervalued, supporting the bullish case. Bank of America Corporation Given Consensus Recommendation of Moderate Buy

Wall Street Analyst Weigh In

BAC has been the topic of several research reports. Citigroup raised their price target on shares of Bank of America from $62.00 to $66.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. Oppenheimer cut shares of Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Robert W. Baird increased their price objective on shares of Bank of America from $58.00 to $62.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. Truist Financial raised their target price on shares of Bank of America from $64.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Finally, JPMorgan Chase & Co. boosted their target price on Bank of America from $62.50 to $68.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $64.08.

Bank of America Trading Up 0.8%

Shares of Bank of America stock opened at $63.07 on Friday. The stock has a 50 day moving average of $61.55 and a 200 day moving average of $55.15. 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 firm has a market capitalization of $441.03 billion, a price-to-earnings ratio of 14.47, a PEG ratio of 1.00 and a beta of 1.15. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating the consensus estimate of $1.13 by $0.08. The business 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 company's quarterly revenue was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.89 EPS. As a group, research analysts predict that Bank of America Corporation will post 4.68 earnings per share 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 given a $0.32 dividend. The ex-dividend date of this dividend is Friday, September 4th. This is an increase 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 2.0%. 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.

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