Bank of America Corporation $BAC Stock Holdings Lifted by Sunpointe LLC

Key Points

• Sunpointe LLC more than doubled its Bank of America position during the second quarter, increasing holdings by 101.2% to 30,312 shares valued at approximately $1.73 million. Institutional investors collectively own 70.71% of the company.
• 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 raised its quarterly dividend to $0.32 per share, producing a 2.0% annualized yield.
• Analysts maintain a generally positive view, with 21 Buy ratings and six Hold ratings, resulting in a “Moderate Buy” consensus and an average price target of $64.08. Shares opened at $64.24, near their 52-week high of $65.22.

Sunpointe LLC grew its position in Bank of America Corporation (NYSE:BAC - Free Report) by 101.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,312 shares of the financial services provider's stock after purchasing an additional 15,244 shares during the period. Sunpointe LLC's holdings in Bank of America were worth $1,727,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Total Clarity Wealth Management Inc. raised its position in Bank of America by 3.6% during the second quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider's stock valued at $279,000 after acquiring an additional 168 shares in the last quarter. Orca Wealth Management LLC grew its position in Bank of America by 0.5% in the second quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider's stock worth $1,999,000 after acquiring an additional 179 shares in the last quarter. Financial Consulate Inc. increased its stake in shares of Bank of America by 4.0% during the 2nd quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider's stock worth $270,000 after purchasing an additional 181 shares during the last quarter. Money Concepts Capital Corp raised its holdings in shares of Bank of America by 3.8% during the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock valued at $273,000 after purchasing an additional 182 shares in the last quarter. Finally, Operose Advisors LLC raised its holdings in shares of Bank of America by 0.9% during the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider's stock valued at $1,123,000 after purchasing an additional 185 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

NYSE:BAC opened at $64.24 on Wednesday. The firm has a market capitalization of $449.19 billion, a PE ratio of 14.73, a PEG ratio of 1.03 and a beta of 1.17. Bank of America Corporation has a 1 year low of $46.12 and a 1 year high of $65.22. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. The firm's fifty day simple moving average is $60.18 and its 200 day simple moving average is $54.49.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts' consensus estimates of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm 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 business earned $0.89 EPS. The business's revenue was up 19.6% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.0%. This is a boost from Bank of America's previous quarterly dividend of $0.28. Bank of America's payout ratio is presently 25.69%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on BAC. Truist Financial upped their price objective on shares of Bank of America from $64.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. Oppenheimer cut Bank of America from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Evercore set a $63.00 price target on Bank of America and gave the stock an "outperform" rating in a research note on Monday, July 6th. Argus set a $70.00 price objective on Bank of America in a report on Wednesday, July 15th. Finally, Robert W. Baird raised their price objective on Bank of America from $58.00 to $62.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $64.08.

Trending Headlines about 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 up to a 49.9% stake in Jio Credit, expanding its presence in India’s fast-growing financial-services market and creating potential long-term revenue growth. Will Bank of America Benefit From the Jio Credit Partnership in India?
• Positive Sentiment: BofA’s global fund-manager survey showed unusually strong optimism toward equities, with investors relatively unconcerned about higher rates, economic weakness, political instability and AI capital spending. This supports a constructive backdrop for large financial stocks. Fund managers have rarely been this bullish about stocks
• Positive Sentiment: Bank of America’s bullish calls on cybersecurity, AI infrastructure and memory-chip companies highlight its investment-banking and research exposure to areas attracting strong investor demand. The bank also sees gold reaching $5,000, reflecting active market opportunities for its clients. AI Agents Are Creating a New Cybersecurity Boom
• Neutral Sentiment: Strategists Michael Hartnett and other BofA analysts warned that record U.S. deficits, rising long-term yields and potential global stagflation make bonds less attractive. The outlook could support trading activity and net interest income, but it also raises risks for bond portfolios and the broader economy. With the national debt nearing $40 trillion
• Negative Sentiment: Bank of America cautioned that the AI boom’s heavy capital spending could create a less visible market vulnerability if expected returns fail to justify investments. That warning may weigh on sentiment toward banks exposed to technology financing and capital markets. Bank of America Has a Stark Warning on AI Spending
• Negative Sentiment: BAC is among six banks agreeing to an $86.4 million settlement over alleged Mexican bond-market manipulation. Although the cost is shared and appears manageable relative to BAC’s size, the matter adds regulatory and litigation overhang. Major US Banks Agree to $86.4M Settlement in Mexican Bond-Rigging Case

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.

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