Mill Capital Management LLC Acquires New Shares in Bank of America Corporation $BAC

Key Points

• Mill Capital Management acquired 35,645 Bank of America shares worth approximately $2.03 million during the second quarter. Institutional investors collectively own 70.71% of BAC.
• Bank of America reported quarterly EPS of $1.21, beating estimates of $1.13, while revenue rose 19.6% year over year to $31.56 billion. The company also increased its quarterly dividend to $0.32, implying a 2.0% annual yield.
• BAC has a “Moderate Buy” consensus rating from analysts, with a consensus price target of $64.08; shares recently traded near $64.24, close to their 12-month high.

Mill Capital Management LLC bought a new position in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 35,645 shares of the financial services provider's stock, valued at approximately $2,031,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Abound Financial LLC bought a new position in shares of Bank of America during the fourth quarter valued at approximately $26,000. Wiser Advisor Group LLC purchased a new stake in Bank of America during the third quarter worth $27,000. CrossGen Wealth LLC bought a new stake in Bank of America during the 4th quarter valued at $30,000. Joseph Group Capital Management purchased a new position in shares of Bank of America in the 4th quarter valued at $32,000. Finally, Vermillion Wealth Management Inc. increased its holdings in shares of Bank of America by 199.1% in the 1st quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 438 shares during the period. 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 is investing $1.9 billion for up to a 49.9% stake in Jio Credit, expanding its presence in India’s fast-growing financial-services market and creating potential long-term revenue growth. Will Bank of America Benefit From the Jio Credit Partnership in India?
• Positive Sentiment: BofA’s global fund-manager survey showed unusually strong optimism toward equities, with investors relatively unconcerned about higher rates, economic weakness, political instability and AI capital spending. This supports a constructive backdrop for large financial stocks. Fund managers have rarely been this bullish about stocks
• Positive Sentiment: Bank of America’s bullish calls on cybersecurity, AI infrastructure and memory-chip companies highlight its investment-banking and research exposure to areas attracting strong investor demand. The bank also sees gold reaching $5,000, reflecting active market opportunities for its clients. AI Agents Are Creating a New Cybersecurity Boom
• Neutral Sentiment: Strategists Michael Hartnett and other BofA analysts warned that record U.S. deficits, rising long-term yields and potential global stagflation make bonds less attractive. The outlook could support trading activity and net interest income, but it also raises risks for bond portfolios and the broader economy. With the national debt nearing $40 trillion
• Negative Sentiment: Bank of America cautioned that the AI boom’s heavy capital spending could create a less visible market vulnerability if expected returns fail to justify investments. That warning may weigh on sentiment toward banks exposed to technology financing and capital markets. Bank of America Has a Stark Warning on AI Spending
• Negative Sentiment: BAC is among six banks agreeing to an $86.4 million settlement over alleged Mexican bond-market manipulation. Although the cost is shared and appears manageable relative to BAC’s size, the matter adds regulatory and litigation overhang. Major US Banks Agree to $86.4M Settlement in Mexican Bond-Rigging Case

Bank of America Stock Up 0.5%

NYSE:BAC opened at $64.24 on Wednesday. The company has a market cap of $449.19 billion, a PE ratio of 14.73, a P/E/G ratio of 1.03 and a beta of 1.17. Bank of America Corporation has a twelve month low of $46.12 and a twelve 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. The company's 50 day moving average is $60.18 and its two-hundred day moving average is $54.49.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.13 by $0.08. The business had revenue of $31.56 billion for 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 for the quarter was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.89 EPS. Analysts anticipate that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors 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 2.0%. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Bank of America's previous quarterly dividend of $0.28. Bank of America's payout ratio is currently 25.69%.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent research reports. Keefe, Bruyette & Woods raised their price objective on Bank of America from $67.00 to $70.00 and gave the company an "outperform" rating in a research report on Wednesday, July 15th. Truist Financial increased their price target on shares of Bank of America from $64.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, July 15th. Argus set a $70.00 price target on shares of Bank of America in a report on Wednesday, July 15th. UBS Group lifted their price objective on shares of Bank of America from $68.00 to $70.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Bank of America from $62.50 to $68.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus 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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