Bank of America Corporation $BAC Stake Boosted by LGT Fund Management Co Ltd.

Key Points

• LGT Fund Management increased its Bank of America stake by 22.7% in the first quarter, adding 33,941 shares and bringing its total holdings to 183,690 shares worth about $8.96 million.
• Bank of America shares were up 0.7% to $59.67, near the stock’s 52-week high, and the company continues to have strong institutional support with about 70.71% of shares held by institutions and hedge funds.
• The bank beat quarterly expectations with EPS of $1.11 versus $1.00 expected and revenue of $30.27 billion, while analysts currently rate the stock a Moderate Buy with a consensus price target of $62.19.

LGT Fund Management Co Ltd. raised its position in shares of Bank of America Corporation (NYSE:BAC) by 22.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 183,690 shares of the financial services provider's stock after buying an additional 33,941 shares during the quarter. LGT Fund Management Co Ltd.'s holdings in Bank of America were worth $8,955,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Handelsbanken Fonder AB boosted its position in shares of Bank of America by 53.0% in the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider's stock worth $254,625,000 after buying an additional 1,603,080 shares during the period. Legal & General Group Plc raised its position in Bank of America by 3.4% during 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 buying an additional 1,487,809 shares during the period. Nisa Investment Advisors LLC lifted its stake in Bank of America by 2.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,905,348 shares of the financial services provider's stock worth $159,794,000 after acquiring an additional 71,307 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Bank of America by 217.4% in the 4th quarter. International Assets Investment Management LLC now owns 327,949 shares of the financial services provider's stock worth $18,037,000 after acquiring an additional 224,627 shares in the last quarter. Finally, Moore Capital Management LP grew its stake in Bank of America by 2.2% during the 3rd quarter. Moore Capital Management LP now owns 2,628,480 shares of the financial services provider's stock valued at $135,603,000 after acquiring an additional 55,840 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 0.7%

Shares of BAC traded up $0.42 during mid-day trading on Friday, hitting $59.67. 21,908,911 shares of the company's stock were exchanged, compared to its average volume of 32,415,350. The stock has a market cap of $423.49 billion, a price-to-earnings ratio of 14.77, a P/E/G ratio of 1.00 and a beta of 1.17. The firm has a fifty day moving average of $54.50 and a two-hundred day moving average of $52.98. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $60.83.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. The firm had revenue of $30.27 billion during the quarter, compared to analysts' expectations of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. Bank of America's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.90 earnings per share. On average, sell-side analysts forecast that Bank of America Corporation will post 4.51 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America's dividend payout ratio (DPR) is presently 27.72%.

Key Bank of America News

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

• Positive Sentiment: Bank of America’s consumer team said its latest report showed spending up 6.3%, the fastest pace in four years, with wage growth broad-based across all income groups. That suggests the U.S. consumer remains resilient, which is supportive for BAC’s lending and fee income outlook. BofA Consumer Chief: Spending Jumps 6.3% With Wage Growth Across “All Income Groups”
• Positive Sentiment: Financial funds saw their biggest inflow since January, according to Bank of America, signaling improved investor appetite for the sector ahead of bank earnings season. That kind of rotation can lift BAC and other large-cap financials. Financial funds steal the spotlight with biggest inflow since January, Bofa says
• Positive Sentiment: Analysts and market coverage continue to frame Bank of America’s upcoming July 14 earnings report as potentially strong, with expectations for healthy net interest income, fee income, and double-digit EPS growth. Strong results could extend the recent move higher in BAC shares. Bank of America Reports Q2 Earnings Next Week. What Investors Should Expect.
• Neutral Sentiment: Bank of America also continues to generate headlines through its analyst research, including bullish views on names like Meta, Nvidia, Micron, Costco, and homebuilders. These reports help reinforce BAC’s influence on Wall Street, but they are only an indirect driver of BAC stock itself. Meta Stock’s AI Chip Ambitions Are Reaching a ‘Positive Inflection,’ Says Bank of America
• Neutral Sentiment: Bank of America, N.A. announced redemptions of $2.6 billion of senior notes due in August 2026. The move is routine balance-sheet management and is not likely to materially affect the stock on its own. Bank of America, N.A. Announces Redemptions of $2,000,000,000 5.526% Senior Bank Notes and $600,000,000 Floating Rate Senior Bank Notes, Due August 2026

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Oppenheimer lowered shares of Bank of America from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $59.00 price objective on shares of Bank of America in a research note on Thursday, April 16th. Argus lifted their target price on shares of Bank of America from $59.00 to $62.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Daiwa Securities Group boosted their price target on shares of Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a report on Tuesday, April 28th. Finally, Piper Sandler increased their price objective on Bank of America from $53.00 to $59.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Twenty-one investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $62.19.

Insiders Place Their Bets

In related news, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.27% of the company's stock.

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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