Kentucky Farm Bureau Mutual Insurance Co Takes Position in Bank of America Corporation $BAC

Key Points

• Kentucky Farm Bureau Mutual Insurance Co. initiated a position in Bank of America by purchasing 36,832 shares valued at approximately $2.1 million. Institutional investors collectively own 70.71% of BAC.
• Analyst sentiment remains positive, with 21 Buy ratings and six Holds producing a “Moderate Buy” consensus and an average price target of $64.08.
• Bank of America beat quarterly earnings and revenue expectations, while raising its quarterly dividend to $0.32 per share from $0.28, implying a 2.1% yield.

Kentucky Farm Bureau Mutual Insurance Co bought a new position in shares of Bank of America Corporation (NYSE:BAC - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 36,832 shares of the financial services provider's stock, valued at approximately $2,099,000.

Several other large investors also recently modified their holdings of BAC. Handelsbanken Fonder AB raised its holdings in shares of Bank of America by 53.0% during the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider's stock valued at $254,625,000 after acquiring an additional 1,603,080 shares in the last quarter. Legal & General Group Plc boosted its holdings in Bank of America by 3.4% in the fourth quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider's stock valued at $2,497,655,000 after acquiring an additional 1,487,809 shares in the last quarter. Mondrian Investment Partners LTD boosted its holdings in Bank of America by 34.3% in the fourth quarter. Mondrian Investment Partners LTD now owns 2,175,401 shares of the financial services provider's stock valued at $119,647,000 after acquiring an additional 555,063 shares in the last quarter. International Assets Investment Management LLC increased its position in Bank of America by 217.4% during the 4th quarter. International Assets Investment Management LLC now owns 327,949 shares of the financial services provider's stock valued at $18,037,000 after purchasing an additional 224,627 shares during the period. Finally, Renaissance Technologies LLC bought a new position in Bank of America in the 1st quarter worth $67,507,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on BAC. Daiwa Securities Group raised their target price on shares of Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 28th. Robert W. Baird increased their price target on shares of Bank of America from $58.00 to $62.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 15th. UBS Group raised their price objective on shares of Bank of America from $68.00 to $70.00 and gave the stock a "buy" rating in a report on Monday, August 3rd. Morgan Stanley lifted their price objective on Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a research report on Monday, June 29th. Finally, Keefe, Bruyette & Woods upped their target price on Bank of America from $67.00 to $70.00 and gave the stock an "outperform" rating in a report on Wednesday, July 15th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $64.08.

Bank of America Trading Down 0.2%

NYSE BAC opened at $61.73 on Friday. The stock has a market cap of $431.66 billion, a P/E ratio of 14.16, a P/E/G ratio of 0.98 and a beta of 1.17. The stock's fifty day moving average price is $60.60 and its 200-day moving average price is $54.67. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating analysts' consensus estimates of $1.13 by $0.08. The business had revenue of $31.56 billion during the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. Bank of America's revenue was up 19.6% compared to the same quarter last year. During the same period last year, the business earned $0.89 EPS. As a group, equities analysts forecast that Bank of America Corporation will post 4.68 EPS for the current fiscal year.

Bank of America Increases Dividend

The company 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 dividend of $0.32 per share. The ex-dividend date is Friday, September 4th. This is a positive change from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America's dividend payout ratio is currently 25.69%.

Key Headlines Impacting Bank of America

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

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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