Bank Pictet & Cie Europe AG Lowers Stock Position in Bank of America Corporation $BAC

Key Points

• Bank Pictet & Cie Europe AG reduced its Bank of America stake by 10.3% in the second quarter, selling 51,303 shares and retaining 445,908 shares valued at approximately $25.4 million.
• Bank of America reported quarterly EPS of $1.21, exceeding the $1.13 consensus estimate, while revenue rose 19.6% year over year to $31.56 billion.
• The bank raised its quarterly dividend to $0.32 from $0.28, implying a 2.0% annualized yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $64.08.

Bank Pictet & Cie Europe AG lessened its stake in Bank of America Corporation (NYSE:BAC) by 10.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 445,908 shares of the financial services provider's stock after selling 51,303 shares during the period. Bank Pictet & Cie Europe AG's holdings in Bank of America were worth $25,408,000 at the end of the most recent reporting period.

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

Bank of America Stock Down 0.8%

BAC opened at $63.98 on Tuesday. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.23. 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 business's 50-day moving average price is $59.98 and its 200-day moving average price is $54.40. The company has a market cap of $447.40 billion, a P/E ratio of 14.67, a P/E/G ratio of 1.03 and a beta of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share 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 company had revenue of $31.56 billion during the quarter, compared to analysts' expectations of $30.78 billion. During the same period in the prior year, the business posted $0.89 EPS. Bank of America's quarterly revenue was up 19.6% compared to the same quarter last year. On average, equities analysts expect that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The business also recently disclosed 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 is Friday, September 4th. This is an increase from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a yield of 2.0%. Bank of America's dividend payout ratio is presently 25.69%.

Key Stories 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 analysts have recently issued reports on the company. Oppenheimer cut Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Wells Fargo & Company raised their price objective on Bank of America from $67.00 to $69.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Truist Financial boosted their target price on Bank of America from $64.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Citigroup upped their target price on Bank of America from $62.00 to $66.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. Finally, Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $67.00 to $70.00 and gave the company an "outperform" rating in a research report on Wednesday, July 15th. Twenty-one research 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 presently has a consensus rating of "Moderate Buy" and a consensus price target of $64.08.

About Bank of America

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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