Manatuck Hill Partners LLC Takes $6.91 Million Position in Bank of America Corporation $BAC

Manatuck Hill Partners LLC purchased a new stake in Bank of America Corporation (NYSE:BAC) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 121,198 shares of the financial services provider's stock, valued at approximately $6,906,000. Bank of America comprises about 2.3% of Manatuck Hill Partners LLC's portfolio, making the stock its 10th largest holding.

Other large investors also recently added to or reduced their stakes in the company. Total Clarity Wealth Management Inc. lifted its stake in shares of Bank of America by 3.6% in the 2nd quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider's stock valued at $279,000 after purchasing an additional 168 shares during the last quarter. Orca Wealth Management LLC boosted its holdings in shares of Bank of America by 0.5% in the 2nd quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider's stock worth $1,999,000 after purchasing an additional 179 shares during the period. Financial Consulate Inc. increased its position in shares of Bank of America by 4.0% during the 2nd quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider's stock valued at $270,000 after purchasing an additional 181 shares during the last quarter. Money Concepts Capital Corp raised its holdings in Bank of America by 3.8% during the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock valued at $273,000 after buying an additional 182 shares during the period. Finally, Operose Advisors LLC raised its holdings in Bank of America by 0.9% during the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider's stock valued at $1,123,000 after buying an additional 185 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

Shares of Bank of America stock opened at $61.17 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. The stock's fifty day moving average is $61.06 and its two-hundred day moving average is $54.86. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22. The company has a market capitalization of $427.73 billion, a PE ratio of 14.03, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.08. The business had revenue of $31.56 billion during 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 business's revenue for the quarter was up 19.6% compared to the same quarter last year. During the same period last year, the company earned $0.89 earnings per share. As a group, analysts expect 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. Investors of record on Friday, September 4th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 annualized dividend and a yield of 2.1%. This is a boost from Bank of America's previous quarterly dividend of $0.28. Bank of America's payout ratio is 25.69%.

Analyst Ratings Changes

BAC has been the subject of several recent analyst reports. Wells Fargo & Company lifted their price objective on shares of Bank of America from $67.00 to $69.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Barclays raised their target price on shares of Bank of America from $71.00 to $72.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Citigroup lifted their price target on shares of Bank of America from $62.00 to $66.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. Jefferies Financial Group reiterated a "buy" rating and set a $75.00 price target on shares of Bank of America in a report on Tuesday, July 14th. Finally, Argus set a $70.00 price objective on shares of Bank of America in a research report on Wednesday, July 15th. Twenty-one investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and an average target price of $64.08.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America’s AI initiatives, including branch expansion and automation, may improve operating efficiency and customer service over time. However, continued expense growth could limit the near-term benefit. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: BofA Securities continues to demonstrate a constructive view on major growth and technology markets, reiterating Buy ratings on Alibaba, Nvidia, Prudential and Elbit Systems. The activity supports the visibility of BAC’s investment-banking and research franchise, although it has limited direct impact on earnings. Alibaba Raises $10 Billion for AI — Why BofA Is Looking Past the Dilution
• Neutral Sentiment: Bank of America issued several senior unsecured notes in August, with maturities extending from 2029 to 2046. The issuance supports liquidity and funding flexibility, but adds to interest obligations and offers no immediate change to the company’s earnings outlook. What Bank of America (BAC)'s New Debt Issuance and AI Credit Research Push Means For Shareholders
• Negative Sentiment: The SEC reportedly subpoenaed Bank of America, Goldman Sachs, JPMorgan and Citigroup regarding margin lending to hedge fund Situational Awareness, which suffered a 67% drawdown during an AI-stock sell-off. The investigation raises potential legal, compliance and credit-loss risks, particularly if leveraged clients cannot meet obligations. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: Persistent operating-cost pressure remains a concern for BAC investors. While AI and branch expansion could boost productivity, elevated expenses may weigh on margins and reduce the benefit of the bank’s recent revenue growth.

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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