Cim Investment Management Inc. Raises Position in Bank of America Corporation $BAC

Key Points

• Cim Investment Management increased its Bank of America stake by 340.7% in the second quarter, acquiring 40,030 additional shares and bringing its total holdings to 51,780 shares valued at approximately $2.95 million.
• Analyst sentiment remains favorable, with 21 Buy ratings and six Holds. The stock has an average price target of $64.08, implying potential upside from its recent trading level.
• Bank of America reported better-than-expected quarterly earnings and revenue, while increasing its quarterly dividend to $0.32 per share, or $1.28 annually, for a yield of about 2.3%.

Cim Investment Management Inc. grew its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 340.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 51,780 shares of the financial services provider's stock after buying an additional 40,030 shares during the period. Bank of America accounts for approximately 0.7% of Cim Investment Management Inc.'s portfolio, making the stock its 24th largest holding. Cim Investment Management Inc.'s holdings in Bank of America were worth $2,950,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Total Clarity Wealth Management Inc. lifted its stake in shares of Bank of America by 3.6% in the 2nd 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 during the last quarter. Orca Wealth Management LLC lifted its position in Bank of America by 0.5% in the 2nd 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 in the last quarter. Financial Consulate Inc. boosted its position in shares of 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 buying an additional 181 shares during the last quarter. Bedel Financial Consulting Inc. boosted its holdings in shares of Bank of America by 1.1% during the 2nd quarter. Bedel Financial Consulting Inc. now owns 16,456 shares of the financial services provider's stock valued at $938,000 after acquiring an additional 184 shares during the last quarter. Finally, GatePass Capital LLC grew its position in Bank of America by 3.6% in the 1st quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider's stock worth $266,000 after purchasing an additional 190 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. HSBC began coverage on Bank of America in a report on Monday. They issued a "buy" rating and a $65.00 target price on the stock. Truist Financial lifted their price target on shares of Bank of America from $64.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. UBS Group upped their price objective on Bank of America from $68.00 to $70.00 and gave the stock a "buy" rating in a report on Monday, August 3rd. Jefferies Financial Group decreased their target price on shares of Bank of America from $75.00 to $70.00 and set a "buy" rating on the stock in a research report on Thursday, September 24th. Finally, Oppenheimer lowered shares of Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $64.08.

Bank of America News Summary

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

• Positive Sentiment: Analyst support remains favorable: HSBC initiated coverage with a Buy rating and a $65 price target, while Morgan Stanley also maintained a Buy view. These calls suggest potential upside from current levels. Bank of America Stock Rated Buy in New Coverage at HSBC
• Positive Sentiment: Bank of America reported that corporate clients are accelerating use of its real-time payments network. Transaction volume rose 48%, while transactions above $1 million increased 351%, highlighting growing demand for treasury and liquidity-management services. BofA Clients Accelerate RTP Use
• Positive Sentiment: The bank launched AI-powered Payments Insights for CashPro clients and expanded its AskGPS Intelligence Hub. The tools could improve client retention, treasury-service revenue and operating efficiency over time. Bank of America Launches Payments Insights
• Positive Sentiment: Bradesco completed the first pilot transaction using BofA’s cross-border real-time payments solution, providing evidence that the bank’s payments technology is gaining international adoption. Bradesco Completes First Pilot Transaction
• Neutral Sentiment: Analysts expect Bank of America to report third-quarter results next month, with a projected double-digit earnings increase. Investors may remain cautious ahead of the release while evaluating whether investment-banking momentum and digital growth can continue. Bank of America Earnings Preview
• Negative Sentiment: Recent commentary acknowledges that rising expenses could limit near-term upside after BAC’s 17.4% six-month advance. Higher interest rates may benefit lending income, but they can also increase funding costs and pressure credit-sensitive areas.

Bank of America Stock Performance

NYSE:BAC traded down $0.51 during trading hours on Tuesday, hitting $54.97. 31,387,078 shares of the company were exchanged, compared to its average volume of 37,158,004. 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 $65.22. The stock has a market capitalization of $384.36 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 0.91 and a beta of 1.15. The company's 50 day moving average price is $61.48 and its 200-day moving average price is $56.15.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping the consensus estimate of $1.13 by $0.08. The business had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The business's revenue for the quarter was up 19.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.89 earnings per share. As a group, research analysts forecast that Bank of America Corporation will post 4.66 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.3%. This is a positive change from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, September 4th. Bank of America's dividend payout ratio is presently 29.36%.

Bank of America Company Profile

Bank of America Corporation NYSE: BAC is a diversified financial services company serving individual consumers, small businesses, middle-market companies and large corporations. Its principal businesses include consumer banking, wealth and investment management, commercial banking, corporate and investment banking, and sales and trading.

Through its banking and financial services businesses, the company offers deposit accounts, credit cards, mortgages, home equity products, consumer and business loans, payment services, treasury management, brokerage services and investment advice.

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