Bank of America Corporation $BAC Stock Holdings Decreased by Empire Life Investments Inc.

Key Points

• Empire Life Investments reduced its Bank of America stake by 3.9% in the second quarter, selling 16,126 shares and retaining 401,879 shares worth approximately $22.9 million. Institutional investors collectively own 70.71% of BAC.
• Bank of America reported quarterly EPS of $1.21, beating 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, implying a 2.0% yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $64.08; individual targets range as high as $75.00.

Empire Life Investments Inc. lowered its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 3.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 401,879 shares of the financial services provider's stock after selling 16,126 shares during the quarter. Bank of America accounts for about 1.3% of Empire Life Investments Inc.'s holdings, making the stock its 25th largest position. Empire Life Investments Inc.'s holdings in Bank of America were worth $22,899,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Abound Financial LLC purchased a new stake in shares of Bank of America in the fourth quarter valued at $26,000. Wiser Advisor Group LLC purchased a new position in shares of Bank of America during the third quarter valued at $27,000. CrossGen Wealth LLC purchased a new position in shares of Bank of America during the fourth quarter valued at $30,000. Joseph Group Capital Management acquired a new position in Bank of America during the fourth quarter valued at $32,000. Finally, Vermillion Wealth Management Inc. lifted its stake in Bank of America by 199.1% in the 1st quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider's stock worth $32,000 after acquiring an additional 438 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Stock Down 0.8%

Shares of Bank of America stock opened at $63.98 on Tuesday. The firm has a market cap of $447.40 billion, a price-to-earnings ratio of 14.67, a P/E/G ratio of 1.03 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 0.82. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.23. The stock has a 50-day simple moving average of $59.98 and a 200-day simple moving average of $54.40.

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. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The business had revenue of $31.56 billion during the quarter, compared to analysts' expectations of $30.78 billion. During the same quarter in the previous year, the business posted $0.89 EPS. The firm's quarterly revenue was up 19.6% compared to the same quarter last year. On average, equities research analysts expect that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm 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. This is a positive change from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, September 4th. Bank of America's payout ratio is presently 25.69%.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America is investing $1.9 billion for as much as a 49.9% stake in Jio Credit, expanding its presence in India’s growing financial-services market. The partnership could provide long-term growth and diversification, although returns will depend on execution and regulatory conditions. Will Bank of America Benefit From the Jio Credit Partnership in India?
• Positive Sentiment: BofA’s analysts remain highly constructive on Micron, citing structurally stronger memory demand, potential earnings growth and substantial free cash flow from AI infrastructure. Stronger capital-markets and advisory activity around AI-related companies could indirectly benefit BAC, though the primary gains accrue to Micron investors. Bank of America Sees 50% Upside in Micron Stock
• Neutral Sentiment: BofA also sees substantial potential margin improvement for AI-cloud providers CoreWeave and Nebius, and has endorsed long positions in gold amid a weaker dollar and changing Federal Reserve expectations. These views highlight areas of client and markets activity but have no clear immediate effect on BAC’s profits. A Major Catalyst Could Boost CoreWeave and Nebius Margins by Up to 1,000 Basis Points
• Neutral Sentiment: Bank of America trimmed an indirect holding in Turkey’s Ozsu Balik Uretim, a portfolio-management update that appears too small and unrelated to materially affect BAC’s valuation. Bank of America Trims Indirect Stake in Ozsu Balik Uretim
• Neutral Sentiment: Coverage of CEO Brian Moynihan’s distinctive language during analyst calls is reputational rather than financial and provides no new earnings or capital-allocation information. The Secret Word Game Bank of America's CEO Plays With Wall Street

Analysts Set New Price Targets

A number of equities research analysts have commented on BAC shares. Citigroup raised their price objective on Bank of America from $62.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, June 23rd. Oppenheimer downgraded Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. UBS Group increased their price target on shares of Bank of America from $68.00 to $70.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. Daiwa Securities Group raised their price target on shares of Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a report on Tuesday, April 28th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and set a $75.00 price objective 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 issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $64.08.

Bank of America Company 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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