Levin Capital Strategies L.P. Invests $14.53 Million in Bank of America Corporation $BAC

Key Points

• Levin Capital Strategies disclosed a new first-quarter stake in Bank of America, buying 298,014 shares valued at about $14.53 million.
• Bank of America is seeing positive business momentum, including more than 3 million clients enrolled in its new BofA Rewards program and new generative AI upgrades to EricaAssist aimed at improving customer service efficiency.
• The bank recently beat earnings estimates, reporting $1.21 EPS versus the $1.13 consensus, while analysts remain broadly constructive with a Moderate Buy rating and a consensus price target of $63.77.

Levin Capital Strategies L.P. bought a new stake in Bank of America Corporation (NYSE:BAC) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 298,014 shares of the financial services provider's stock, valued at approximately $14,528,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Money Concepts Capital Corp increased its position in Bank of America by 3.8% in the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock valued at $273,000 after acquiring an additional 182 shares in the last quarter. Operose Advisors LLC lifted its position in shares of Bank of America by 0.9% during the fourth quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider's stock worth $1,123,000 after purchasing an additional 185 shares in the last quarter. Asahi Life Asset Management CO. LTD. grew its stake in shares of Bank of America by 1.0% during the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider's stock valued at $1,092,000 after purchasing an additional 187 shares during the last quarter. GatePass Capital LLC grew its stake in shares of Bank of America by 3.6% during the first quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider's stock valued at $266,000 after purchasing an additional 190 shares during the last quarter. Finally, GeoWealth Management LLC increased its holdings in shares of Bank of America by 0.3% in the fourth quarter. GeoWealth Management LLC now owns 61,597 shares of the financial services provider's stock valued at $3,388,000 after purchasing an additional 191 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America’s new BofA Rewards program is seeing strong early traction, with more than 3 million clients enrolled in the first seven weeks, suggesting improved customer engagement and potential deposit/relationship growth. 3 Million+ Clients Enroll in New BofA Rewards™ Program in First Seven Weeks
• Positive Sentiment: The bank also highlighted new generative AI upgrades to EricaAssist, which should help more than 18,000 customer service reps resolve client needs faster and improve service efficiency. Bank of America Enhances EricaAssist with Generative AI to Help Employees Resolve Client Needs Faster
• Positive Sentiment: Bank of America’s research desk remains active and influential, with bullish calls on sectors like semiconductors and chips reflecting continued market relevance and visibility for the franchise. 3 Semiconductor Stocks to Buy After the Selloff — Bank of America’s Picks
• Neutral Sentiment: Reports that Blackstone’s new private-markets funds will initially be available to Bank of America Merrill and private bank clients could modestly support the bank’s wealth-management relationship value, though the direct financial impact is still unclear. Blackstone Debuts Funds to Bring Private Markets to Main Street
• Neutral Sentiment: Several commentary pieces about inflation, Fed policy, and consumer health may affect expectations for Bank of America’s lending and trading businesses, but they are not direct company-specific catalysts. What Bank Earnings Just Revealed About the Health of the American Consumer
• Negative Sentiment: No major negative company-specific developments appeared in the latest batch of headlines, so today’s move looks more driven by positive operating updates and favorable business momentum than by any fresh downside catalyst.

Analyst Ratings Changes

A number of research analysts have commented on BAC shares. Barclays increased their price objective on Bank of America from $71.00 to $72.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Autonomous Res cut their price target on Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a research note on Monday, April 6th. Jefferies Financial Group reiterated a "buy" rating and issued a $75.00 price target on shares of Bank of America in a report on Tuesday, July 14th. Royal Bank Of Canada lifted their price objective 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, Wells Fargo & Company upped their target price on shares of Bank of America from $67.00 to $69.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, Bank of America has an average rating of "Moderate Buy" and a consensus price target of $63.77.

Bank of America Trading Up 0.8%

NYSE:BAC opened at $61.68 on Thursday. 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 Corporation has a 1-year low of $44.75 and a 1-year high of $62.12. The firm has a market capitalization of $437.74 billion, a price-to-earnings ratio of 14.15, a PEG ratio of 0.98 and a beta of 1.17. The business's 50-day moving average price is $55.94 and its two-hundred day moving average price is $53.26.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating analysts' consensus estimates of $1.13 by $0.08. The company had revenue of $8.08 billion during the quarter, compared to analysts' expectations of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.Bank of America's revenue was up 19.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.89 EPS. On average, equities analysts expect that Bank of America Corporation will post 4.65 earnings per share for the current year.

Insider Transactions at Bank of America

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares of the company's stock, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.27% of the company's stock.

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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