Dunhill Financial LLC Makes New $4.38 Million Investment in Bank of America Corporation $BAC

Key Points

• Dunhill Financial purchased 76,896 Bank of America shares worth approximately $4.38 million in the second quarter, making BAC 0.9% of its portfolio. Institutional investors and hedge funds collectively own 70.71% of the stock.
• Bank of America reported quarterly earnings of $1.21 per share and revenue of $31.56 billion, exceeding analyst expectations; revenue increased 19.6% year over year.
• The bank raised its quarterly dividend from $0.28 to $0.32 per share, equivalent to a $1.28 annualized payout and a 2.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $64.08.

Dunhill Financial LLC purchased a new stake in Bank of America Corporation (NYSE:BAC) in the second quarter, according to its most recent filing with the SEC. The fund purchased 76,896 shares of the financial services provider's stock, valued at approximately $4,382,000. Bank of America comprises 0.9% of Dunhill Financial LLC's portfolio, making the stock its 17th biggest position.

Several other institutional investors and hedge funds have also made changes to their positions in BAC. Brighton Jones LLC grew its holdings in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after purchasing an additional 25,143 shares during the last quarter. Sivia Capital Partners LLC lifted its holdings in shares of Bank of America by 40.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock worth $1,013,000 after purchasing an additional 6,174 shares during the last quarter. Jump Financial LLC lifted its holdings in shares of Bank of America by 38.4% in the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock worth $3,108,000 after purchasing an additional 18,227 shares during the last quarter. Nebula Research & Development LLC acquired a new position in Bank of America during the 2nd quarter valued at approximately $1,396,000. Finally, Vivaldi Capital Management LP boosted its position in Bank of America by 4.2% during the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock valued at $417,000 after purchasing an additional 355 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 0.2%

Bank of America stock opened at $61.73 on Friday. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. The stock has a market capitalization of $431.66 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17. The firm has a 50 day simple moving average of $60.60 and a 200-day simple moving average of $54.67.

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

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.1%. This is a positive change from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. Bank of America's payout ratio is currently 25.69%.

More Bank of America News

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

• Positive Sentiment: Bank of America’s active participation in the August bond market demonstrates continued access to wholesale funding and allows it to extend maturities through senior unsecured offerings. Its latest quarterly results also showed strong earnings and revenue growth, providing a fundamental counterweight to near-term concerns. Bank of America's Stock Market Signal Flashes Warning
• Neutral Sentiment: Bank of America increased its indirect stake in Turkish industrial technology company Hidropar to 5.386%. The disclosure indicates portfolio or client-related investment activity, but it is not expected to materially affect BAC’s earnings. Bank of America Lifts Indirect Stake in Hidropar to 5.386%
• Neutral Sentiment: Bank of America crossed a disclosure threshold in Smith & Nephew, reflecting an updated shareholding. The move is unlikely to have a meaningful direct impact on BAC’s common stock. Smith & Nephew Discloses Updated Bank of America Shareholding
• Neutral Sentiment: Bank of America’s analysts issued views on HP, Home Depot and Nvidia. These calls may generate research-related attention, but they do not materially change BAC’s own fundamentals. Bank of America Sends Warning on HP Stock
• Negative Sentiment: A market commentary warns that crowded positioning in Bank of America could make any broader-market pullback sharper. Separate analysis questions whether BAC is undervalued after its recent bond issuance, while noting recent short-term share-price weakness. These factors are weighing on sentiment despite the bank’s solid earnings profile. Bank of America's Stock Market Signal Flashes Warning Is Bank of America Undervalued?
• Negative Sentiment: Analysis of Bank of America preferred stock suggests that more attractive alternatives may exist than Series GG. While this primarily affects preferred securities, it can modestly temper sentiment toward BAC’s capital-raising instruments. Bank of America Preferreds: Better Propositions Available Than Series GG

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Argus set a $70.00 target price on Bank of America in a research note on Wednesday, July 15th. JPMorgan Chase & Co. upped their price target on shares of Bank of America from $62.50 to $68.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Oppenheimer cut shares of Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Truist Financial lifted their price objective 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. Finally, Citigroup boosted their target price on shares of Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a research note on Tuesday, June 23rd. Twenty-one analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and an average target price 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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