Cullen Capital Management LLC Takes Position in Bank of America Corporation $BAC

Key Points

• Cullen Capital Management bought 11,686 Bank of America shares worth approximately $2.8 million in the second quarter, while institutional investors collectively own 70.71% of BAC.
• Analysts maintain a bullish outlook, with 21 Buy ratings and six Holds producing a consensus “Moderate Buy” rating and an average price target of $64.08.
• Bank of America exceeded quarterly earnings and revenue estimates, reporting $1.21 in EPS and $31.56 billion in revenue, while raising its quarterly dividend to $0.32 per share.

Cullen Capital Management LLC bought a new position in Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 11,686 shares of the financial services provider's stock, valued at approximately $2,785,000.

A number of other large investors have also added to or reduced their stakes in BAC. Whalen Wealth Management Inc. bought a new position in shares of Bank of America during the 2nd quarter valued at $1,649,000. Trail Ridge Investment Advisors LLC bought a new stake in shares of Bank of America in the second quarter worth $319,000. Algert Global LLC bought a new stake in shares of Bank of America in the second quarter worth $9,236,000. GSG Advisors LLC purchased a new stake in Bank of America during the second quarter valued at $304,000. Finally, Asset One Wealth Management LLC bought a new position in Bank of America in the second quarter valued at about $418,000. Institutional investors own 70.71% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BAC. Citigroup raised their target price 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. Truist Financial upped their price target on shares of Bank of America from $64.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, July 15th. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of America in a research note on Tuesday, July 21st. JPMorgan Chase & Co. boosted their target price on shares of Bank of America from $62.50 to $68.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and set a $75.00 target price on shares of Bank of America in a report on Tuesday, July 14th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $64.08.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America’s approximately $40 billion share-repurchase authorization could retire as much as 11% of outstanding shares, potentially supporting earnings per share and providing a valuation floor. The buyback is particularly notable following the company’s recent earnings beat and 19.6% year-over-year revenue growth. Bank of America stock information
• Positive Sentiment: Bank of America analysts continue to influence investor views on artificial intelligence, semiconductors and global markets. Positive calls on Nvidia and SK Hynix reinforce the bank’s research franchise and could support investment-banking and trading activity, although these reports do not directly change BAC’s fundamentals. BofA analyst Nvidia outlook
• Neutral Sentiment: The bank issued several senior unsecured medium-term notes in August, including bonds maturing from 2029 through 2046. The issuance adds funding and liquidity but also increases interest expense and leverage, making the net shareholder impact dependent on how the proceeds are used. Bank of America debt issuance and AI research
• Negative Sentiment: SEC subpoenas involving major prime brokers, including Bank of America, create a regulatory overhang. The investigation focuses on leverage and risk controls tied to a heavily leveraged hedge fund; while immediate solvency risk appears limited, tighter margin rules could reduce trading activity and raise compliance costs. SEC subpoena and banking-sector liquidity analysis
• Negative Sentiment: Bank of America expects to spend at least $250 million annually on GLP-1 weight-loss drugs for employees. Management views the benefit as worthwhile, but the expense could pressure operating costs and margins. Bank of America employee GLP-1 spending

Bank of America Stock Performance

NYSE:BAC opened at $62.26 on Thursday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. The stock has a 50-day simple moving average of $60.96 and a two-hundred day simple moving average of $54.83. The firm has a market capitalization of $435.37 billion, a PE ratio of 14.28, a P/E/G ratio of 1.00 and a beta of 1.17. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22.

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. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The firm had revenue of $31.56 billion for the quarter, compared to the consensus estimate of $30.78 billion. During the same quarter last year, the company earned $0.89 earnings per share. The business's revenue for the quarter was up 19.6% compared to the same quarter last year. Analysts forecast that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, September 4th. This is a positive change from Bank of America's previous quarterly dividend of $0.28. Bank of America's dividend payout ratio (DPR) is 25.69%.

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC - Free Report).

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