National Pension Service Purchases 46,375 Shares of Bank of America Corporation $BAC

Key Points

• National Pension Service increased its Bank of America stake by 46,375 shares, bringing its holdings to 15.54 million shares valued at approximately $885.3 million. Institutional investors collectively own 70.71% of BAC.
• Analysts maintain a generally positive view, with 21 Buy ratings and six Holds, an overall “Moderate Buy” consensus, and an average price target of $64.08.
• Bank of America exceeded quarterly earnings and revenue expectations and raised its quarterly dividend from $0.28 to $0.32 per share, equivalent to a 2.0% annualized yield.

National Pension Service grew its position in shares of Bank of America Corporation (NYSE:BAC) by 0.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,536,432 shares of the financial services provider's stock after purchasing an additional 46,375 shares during the period. National Pension Service owned approximately 0.22% of Bank of America worth $885,266,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Turim 21 Investimentos Ltda. purchased a new stake in shares of Bank of America in the 2nd quarter valued at about $25,000. Abound Financial LLC purchased a new position in shares of Bank of America during the fourth quarter worth about $26,000. Wiser Advisor Group LLC purchased a new position in shares of Bank of America during the third quarter worth about $27,000. Principia Wealth Advisory LLC increased its position in shares of Bank of America by 69.9% in the second quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider's stock worth $30,000 after purchasing an additional 218 shares during the last quarter. Finally, CrossGen Wealth LLC purchased a new stake in Bank of America in the fourth quarter valued at approximately $30,000. Institutional investors own 70.71% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BAC. Argus set a $70.00 price target on shares of Bank of America in a report on Wednesday, July 15th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of America in a report on Tuesday, July 21st. Truist Financial upped their target price on shares of Bank of America from $64.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. UBS Group increased their target price on Bank of America from $68.00 to $70.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. Finally, Oppenheimer downgraded Bank of America from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. 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. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $64.08.

Bank of America Stock Performance

Bank of America stock opened at $62.77 on Thursday. The firm has a fifty day simple moving average of $61.93 and a two-hundred day simple moving average of $55.43. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a twelve month low of $46.12 and a twelve month high of $65.22. The company has a market capitalization of $438.97 billion, a PE ratio of 14.40, a P/E/G ratio of 1.00 and a beta of 1.15.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $31.56 billion for 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%.The company's revenue for the quarter was up 19.6% compared to the same quarter last year. During the same period last year, the firm earned $0.89 earnings per share. Research analysts expect that Bank of America Corporation will post 4.68 EPS 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. Shareholders of record on Friday, September 4th will be paid a $0.32 dividend. This is an increase from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a yield of 2.0%. Bank of America's payout ratio is presently 29.36%.

Bank of America News Roundup

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

• Positive Sentiment: An analysis argues that Bank of America’s valuation remains attractive, potentially supporting the shares if earnings and profitability continue to improve. Bank of America: The Valuation Still Works
• Positive Sentiment: Bank of America’s research team remains constructive on technology and artificial-intelligence beneficiaries, including SK hynix and Meta Platforms. This highlights the strength of BofA’s investment-banking and research franchise, although the calls do not directly change BAC’s earnings outlook. Bank of America Is Bullish on SK hynix Stock
• Neutral Sentiment: Regulatory filings show Bank of America or controlled entities holding more than 5% of QIAGEN and Hateks. These disclosures appear to reflect investment or client-related positions and are not evidence of a material change to BAC’s core business. Bank of America Reveals Indirect Stake in QIAGEN Bank of America Lifts Stake in Hateks
• Negative Sentiment: Weakness in preferred shares issued by BAC and other major banks suggests investors are pricing in interest rates remaining elevated. Higher-for-longer rates can raise funding costs and weigh on bond portfolios and valuation multiples. Bank Preferred Stocks Are Sending a Warning About Interest Rates

Bank of America Profile

Bank of America Corporation NYSE: BAC is a diversified financial services company serving individual consumers, businesses, institutional investors and governments. Its operations include consumer banking, credit and debit cards, mortgages, small-business banking, commercial banking, investment banking, securities trading and investment management.

The company provides consumer and wealth-management services through Bank of America and Merrill, including deposit accounts, lending, brokerage, retirement planning, financial advice and private banking.

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