J. Safra Sarasin Holding AG Increases Stock Holdings in Bank of America Corporation $BAC

Key Points

• J. Safra Sarasin Holding AG dramatically increased its Bank of America stake by 840.2% in the first quarter, ending with 257,772 shares valued at about $12.5 million.
• Several other hedge funds also added to BAC positions, and institutional investors now own 70.71% of the company’s stock, highlighting broad professional interest in the bank.
• Bank of America’s latest fundamentals and outlook remain solid: it beat Q1 earnings expectations, raised analyst price targets, and is supported by signs of resilient consumer spending ahead of its next earnings report.

J. Safra Sarasin Holding AG boosted its stake in Bank of America Corporation (NYSE:BAC) by 840.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 257,772 shares of the financial services provider's stock after acquiring an additional 230,354 shares during the quarter. J. Safra Sarasin Holding AG's holdings in Bank of America were worth $12,539,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in BAC. Brighton Jones LLC raised its position in shares of Bank of America by 30.0% in the 4th 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 in the last quarter. Sivia Capital Partners LLC grew its holdings in Bank of America by 40.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock worth $1,013,000 after acquiring an additional 6,174 shares in the last quarter. Jump Financial LLC increased its position 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 bought a new stake in shares of Bank of America in the 2nd quarter worth about $1,396,000. Finally, Vivaldi Capital Management LP raised its stake in shares of Bank of America by 4.2% in 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 in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America News Summary

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

• Positive Sentiment: Bank of America’s consumer team said its latest report showed spending up 6.3%, the fastest pace in four years, with wage growth broad-based across all income groups. That suggests the U.S. consumer remains resilient, which is supportive for BAC’s lending and fee income outlook. BofA Consumer Chief: Spending Jumps 6.3% With Wage Growth Across “All Income Groups”
• Positive Sentiment: Financial funds saw their biggest inflow since January, according to Bank of America, signaling improved investor appetite for the sector ahead of bank earnings season. That kind of rotation can lift BAC and other large-cap financials. Financial funds steal the spotlight with biggest inflow since January, Bofa says
• Positive Sentiment: Analysts and market coverage continue to frame Bank of America’s upcoming July 14 earnings report as potentially strong, with expectations for healthy net interest income, fee income, and double-digit EPS growth. Strong results could extend the recent move higher in BAC shares. Bank of America Reports Q2 Earnings Next Week. What Investors Should Expect.
• Neutral Sentiment: Bank of America also continues to generate headlines through its analyst research, including bullish views on names like Meta, Nvidia, Micron, Costco, and homebuilders. These reports help reinforce BAC’s influence on Wall Street, but they are only an indirect driver of BAC stock itself. Meta Stock’s AI Chip Ambitions Are Reaching a ‘Positive Inflection,’ Says Bank of America
• Neutral Sentiment: Bank of America, N.A. announced redemptions of $2.6 billion of senior notes due in August 2026. The move is routine balance-sheet management and is not likely to materially affect the stock on its own. Bank of America, N.A. Announces Redemptions of $2,000,000,000 5.526% Senior Bank Notes and $600,000,000 Floating Rate Senior Bank Notes, Due August 2026

Insider Activity at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated 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 sale, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Keefe, Bruyette & Woods lifted their price target on Bank of America from $63.00 to $64.00 and gave the stock an "outperform" rating in a research note on Thursday, April 16th. Oppenheimer cut Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. UBS Group increased their target price on Bank of America from $63.00 to $68.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Jefferies Financial Group lifted their target price on Bank of America from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Finally, Morgan Stanley boosted their price target on Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a report on Monday, June 29th. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $62.19.

Bank of America Stock Performance

BAC opened at $59.67 on Monday. The business's 50 day moving average is $54.50 and its 200-day moving average is $52.96. The stock has a market cap of $423.49 billion, a PE ratio of 14.77, a price-to-earnings-growth ratio of 1.00 and a beta of 1.17. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $60.83.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. During the same period in the prior year, the company posted $0.90 EPS. The business's revenue for the quarter was up 10.7% compared to the same quarter last year. On average, analysts predict that Bank of America Corporation will post 4.51 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. Bank of America's dividend payout ratio is presently 27.72%.

About Bank of America

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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