Great Lakes Advisors LLC Purchases Shares of 3,232,335 Bank of America Corporation $BAC

Key Points

• Great Lakes Advisors LLC acquired 3.23 million Bank of America shares worth approximately $184.2 million during the second quarter, making BAC its 10th-largest holding and representing about 1.4% of its portfolio.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating, 21 Buy ratings and an average price target of $64.08. BAC recently traded at $61.73 after reporting better-than-expected quarterly earnings and 19.6% year-over-year revenue growth.
• Bank of America raised its quarterly dividend to $0.32 per share from $0.28, implying an annualized dividend of $1.28 and a yield of approximately 2.1%.

Great Lakes Advisors LLC acquired a new position in shares of Bank of America Corporation (NYSE:BAC - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,232,335 shares of the financial services provider's stock, valued at approximately $184,178,000. Bank of America comprises about 1.4% of Great Lakes Advisors LLC's holdings, making the stock its 10th biggest holding.

Several other hedge funds also recently modified their holdings of BAC. Abound Financial LLC acquired a new position in shares of Bank of America in the 4th quarter worth approximately $26,000. Wiser Advisor Group LLC acquired a new stake in Bank of America during the 3rd quarter valued at $27,000. CrossGen Wealth LLC acquired a new stake in Bank of America during the 4th quarter valued at $30,000. Joseph Group Capital Management bought a new position in Bank of America in the 4th quarter valued at $32,000. Finally, Vermillion Wealth Management Inc. raised its position in Bank of America by 199.1% in the 1st quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 438 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

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

Analyst Ratings Changes

A number of equities analysts have commented on the company. Barclays boosted 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. Keefe, Bruyette & Woods lifted their price target on Bank of America from $67.00 to $70.00 and gave the company an "outperform" rating in a report on Wednesday, July 15th. Citigroup upped their price target on shares of Bank of America from $62.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, June 23rd. Wells Fargo & Company increased their price objective on shares of Bank of America from $67.00 to $69.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Finally, UBS Group raised their price objective on shares of Bank of America from $68.00 to $70.00 and gave the company a "buy" rating in a research report on Monday, August 3rd. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $64.08.

Bank of America Price Performance

Shares of BAC stock opened at $61.73 on Friday. The stock has a 50-day moving average price of $60.60 and a 200 day moving average price of $54.67. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The firm has a market cap of $431.66 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 0.98 and a beta of 1.17. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22.

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 (EPS) for the quarter, beating 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 company had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. During the same quarter last year, the firm earned $0.89 EPS. The company's revenue for the quarter was up 19.6% on a year-over-year basis. Research analysts expect that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be issued a $0.32 dividend. 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 2.1%. The ex-dividend date is Friday, September 4th. Bank of America's dividend payout ratio (DPR) is currently 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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