Glenview Trust Co Makes New Investment in Bank of America Corporation $BAC

Key Points

• Glenview Trust Co. initiated a Bank of America position by purchasing 397,356 shares worth approximately $19.4 million during the second quarter.
• Institutional investors own 70.71% of BAC, with major firms including Norges Bank, Bank of New York Mellon, Fisher Asset Management, Deutsche Bank and UBS increasing or initiating holdings.
• Bank of America reported better-than-expected quarterly results, with EPS of $1.21 and revenue of $31.56 billion, while raising its quarterly dividend from $0.28 to $0.32 per share. Analysts maintain a “Moderate Buy” consensus with a $64.08 average price target.

Glenview Trust Co bought a new position in shares of Bank of America Corporation (NYSE:BAC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 397,356 shares of the financial services provider's stock, valued at approximately $19,371,000.

Other institutional investors have also modified their holdings of the company. Norges Bank bought a new position in Bank of America in the fourth quarter worth about $4,774,210,000. Bank of New York Mellon Corp grew its holdings in shares of Bank of America by 5.4% during the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider's stock valued at $3,169,062,000 after purchasing an additional 2,929,779 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Bank of America by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider's stock worth $2,958,110,000 after purchasing an additional 1,105,833 shares during the period. Deutsche Bank AG lifted its holdings in shares of Bank of America by 5.9% in the 4th quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider's stock worth $2,594,488,000 after purchasing an additional 2,611,776 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Bank of America by 640.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock worth $2,399,798,000 after purchasing an additional 40,235,201 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America’s artificial-intelligence initiatives and branch expansion are expected to improve operating efficiency and customer service. The potential for productivity gains supports the long-term earnings case, although elevated expenses remain a risk. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: Strong inflows into gold and cryptocurrency funds reported by BofA suggest elevated client demand for investment products. That activity could benefit the bank’s wealth-management, brokerage and trading businesses, though the impact on BAC’s earnings is indirect.
• Neutral Sentiment: Bank of America disclosed holdings of approximately 4.69% and 5.87% in QIAGEN, reflecting regulatory notifications about its investment position. The disclosures may attract attention but do not materially change BAC’s core banking outlook. Bank of America Discloses 5.87% Stake in QIAGEN
• Neutral Sentiment: BofA strategists warned that global equities could face an autumn “reality check” tied to the U.S. midterm elections and geopolitical developments. A market pullback could weigh on BAC through lower investment-banking, asset-management and trading activity. Bank of America Warns of an Autumn Reality Check
• Negative Sentiment: JPMorgan is hiring senior technology dealmaker David Fishman from Bank of America. Losing an experienced M&A executive could weaken BAC’s technology investment-banking franchise and adds to competitive pressure. JPMorgan Hiring Bank of America’s David Fishman
• Negative Sentiment: The SEC is reportedly investigating margin lending to hedge fund Situational Awareness after a 67% drawdown, with Bank of America among the subpoenaed banks. Potential legal, credit and reputational risks could pressure sentiment. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: BAC is challenging proposed changes to the Federal Reserve’s global systemically important bank capital surcharge. Higher capital requirements could constrain lending, reduce balance-sheet flexibility and pressure returns on equity. Bank of America Joins Clash Over Fed GSIB Capital Rule

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Barclays upped their price objective on Bank of America from $71.00 to $72.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. increased their price objective on shares of Bank of America from $62.50 to $68.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Morgan Stanley lifted their price objective on shares of Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a research report on Monday, June 29th. Robert W. Baird upped their target price on shares of Bank of America from $58.00 to $62.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. Finally, Evercore set a $63.00 price target on Bank of America and gave the company an "outperform" rating in a report on Monday, July 6th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and a consensus target price of $64.08.

Bank of America Trading Up 2.0%

Shares of Bank of America stock opened at $62.38 on Friday. The business has a fifty day simple moving average of $61.18 and a 200-day simple moving average of $54.92. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The firm has a market cap of $436.21 billion, a price-to-earnings ratio of 14.31, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results 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 net margin of 17.56% and a return on equity of 12.20%. The firm had revenue of $31.56 billion for the quarter, compared to analysts' expectations of $30.78 billion. During the same period in the previous year, the business earned $0.89 earnings per share. Bank of America's revenue for the quarter was up 19.6% compared to the same quarter last year. On average, equities analysts forecast that Bank of America Corporation will post 4.68 EPS for the current fiscal 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 issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, September 4th. This is a boost from Bank of America's previous quarterly dividend of $0.28. Bank of America's dividend payout ratio is presently 25.69%.

Bank of America 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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