Healthcare of Ontario Pension Plan Trust Fund Buys 4,570,349 Shares of Bank of America Corporation $BAC

Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 63.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,797,936 shares of the financial services provider's stock after buying an additional 4,570,349 shares during the quarter. Bank of America makes up approximately 0.9% of Healthcare of Ontario Pension Plan Trust Fund's holdings, making the stock its 20th largest holding. Healthcare of Ontario Pension Plan Trust Fund owned about 0.17% of Bank of America worth $575,149,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Abound Financial LLC bought a new position in Bank of America in the fourth quarter valued at approximately $26,000. Legacy Bridge LLC raised its position in shares of Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 330 shares during the last quarter. Wiser Advisor Group LLC acquired a new position in shares of Bank of America in the 3rd quarter valued at $27,000. CrossGen Wealth LLC bought a new position in shares of Bank of America in the 4th quarter worth $30,000. Finally, Joseph Group Capital Management bought a new position in shares of Bank of America in the 4th quarter worth $32,000. 70.71% of the stock is owned by institutional investors.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America raised its quarterly dividend by 14% to $0.32 per share, a clear signal of strong capital generation and management’s commitment to shareholder returns. Bank of America hikes common stock dividend by 14%
• Positive Sentiment: The dividend boost was also highlighted in company announcements and market coverage, likely supporting sentiment that BAC’s balance sheet and earnings power remain solid. Bank of America Increases Common Stock Dividend 14% to 0.32 Per Share
• Positive Sentiment: Bank of America also continued to get attention for its investment research, including bullish calls on AI beneficiaries like Micron and Alphabet, which can reinforce the firm’s reputation and market visibility. Why BofA Thinks Micron Stock Could Be One of AI’s Biggest Long-Term Winners
• Neutral Sentiment: One report noted Bank of America’s well-known stock-market “sell signal” indicator is at its highest level since 2021, which may be seen as a cautionary macro signal rather than a direct BAC-specific issue. BofA's famed sell signal for stocks is at its highest level since 2021
• Neutral Sentiment: Additional coverage on federal debt, inflation, and global bond weakness reflects the broader macro backdrop BAC operates in, but these items do not directly change the bank’s near-term fundamentals. Trump Called Himself the ‘King of Debt.’ Now Bank of America Says the U.S. Will Spend $2 Trillion More Than It Brings In This Year

Bank of America Price Performance

BAC opened at $62.00 on Friday. 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 Corporation has a 12 month low of $44.75 and a 12 month high of $62.28. The company has a fifty day simple moving average of $56.42 and a 200 day simple moving average of $53.36. The stock has a market cap of $439.96 billion, a P/E ratio of 14.22, a P/E/G ratio of 0.98 and a beta of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last issued 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 $8.08 billion for 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 was up 19.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.89 EPS. On average, research analysts expect that Bank of America Corporation will post 4.65 EPS for the current year.

Bank of America Increases Dividend

The business also recently declared 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 boost from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. Bank of America's dividend payout ratio is currently 25.69%.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their price objective on Bank of America from $67.00 to $69.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. The Goldman Sachs Group raised their target price on Bank of America from $58.00 to $63.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Citigroup boosted 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. Royal Bank Of Canada boosted their target price on Bank of America from $59.00 to $65.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 15th. Finally, Oppenheimer cut Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Twenty-one investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $63.77.

Insider Activity

In other news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.27% of the stock is owned by corporate insiders.

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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