Main Street Financial Solutions LLC Takes Position in Bank of America Corporation $BAC

Key Points

• Main Street Financial Solutions purchased 74,674 Bank of America shares in the second quarter, valued at approximately $4.26 million. Institutional investors collectively own 70.71% of BAC.
• Bank of America reported quarterly EPS of $1.21, exceeding estimates of $1.13, while revenue rose 19.6% year over year to $31.56 billion.
• The bank increased its quarterly dividend to $0.32 per share, implying a 2.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $64.08.

Main Street Financial Solutions LLC purchased a new stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 74,674 shares of the financial services provider's stock, valued at approximately $4,255,000.

A number of other hedge funds have also bought and sold shares of the business. Handelsbanken Fonder AB increased its holdings in 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 worth $254,625,000 after buying an additional 1,603,080 shares during the last quarter. Legal & General Group Plc boosted its stake 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 during the last quarter. Mondrian Investment Partners LTD grew its position in shares of Bank of America by 34.3% during the 4th 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 during the period. International Assets Investment Management LLC grew its position in shares of 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 acquiring an additional 224,627 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in shares of Bank of America during the 1st quarter worth approximately $67,507,000. 70.71% of the stock is currently owned by institutional investors.

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

Bank of America Stock Performance

Shares of BAC stock opened at $61.73 on Friday. The stock has a market capitalization of $431.66 billion, a P/E ratio of 14.16, a PEG ratio of 0.99 and a beta of 1.17. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. The firm's 50 day moving average is $60.60 and its 200 day moving average is $54.67. 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 released 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. 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 during the quarter, compared to the consensus estimate of $30.78 billion. During the same period last year, the firm earned $0.89 EPS. Bank of America's revenue for the quarter was up 19.6% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America Corporation will post 4.68 earnings per share 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 given 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 (DPR) is presently 25.69%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BAC. Evercore set a $63.00 price objective on Bank of America and gave the company an "outperform" rating in a research note on Monday, July 6th. Weiss Ratings reissued a "buy (b)" rating on shares of Bank of America in a research report on Tuesday, July 21st. JPMorgan Chase & Co. boosted their target price on Bank of America from $62.50 to $68.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Citigroup upped their price target on Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a research report on Tuesday, June 23rd. Finally, UBS Group increased their price target on Bank of America from $68.00 to $70.00 and gave the stock a "buy" rating in a research note on Monday, August 3rd. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and an average target price of $64.08.

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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