Nilsine Partners LLC Acquires 43,369 Shares of Bank of America Corporation $BAC

Key Points

• Nilsine Partners increased its Bank of America holdings by 115%, purchasing 43,369 additional shares to reach 81,096 shares valued at approximately $4.62 million. Institutional investors own 70.71% of BAC.
• Analysts maintain a positive outlook, with 21 Buy ratings and six Holds producing a consensus “Moderate Buy” rating and an average price target of $64.08; recent targets range as high as $75.
• Bank of America exceeded quarterly earnings and revenue expectations, while revenue rose 19.6% year over year. The company also raised its quarterly dividend from $0.28 to $0.32 per share, implying a 2.0% yield.

Nilsine Partners LLC increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 115.0% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 81,096 shares of the financial services provider's stock after purchasing an additional 43,369 shares during the period. Nilsine Partners LLC's holdings in Bank of America were worth $4,621,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. Abound Financial LLC acquired a new position in Bank of America during the 4th quarter valued at $26,000. Wiser Advisor Group LLC acquired a new stake in Bank of America in the 3rd quarter worth $27,000. CrossGen Wealth LLC acquired a new stake in Bank of America in the 4th quarter worth $30,000. Joseph Group Capital Management bought a new position in shares of Bank of America during the 4th quarter worth about $32,000. Finally, Vermillion Wealth Management Inc. lifted its stake in shares of Bank of America by 199.1% in the first quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider's stock valued at $32,000 after buying an additional 438 shares during the period. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BAC has been the subject of several recent research reports. Jefferies Financial Group reaffirmed a "buy" rating and issued a $75.00 price target on shares of Bank of America in a report on Tuesday, July 14th. Robert W. Baird upped their target price on Bank of America from $58.00 to $62.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Daiwa Securities Group lifted their price target on shares of Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 28th. Citigroup increased their price objective on shares of Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a research note on Tuesday, June 23rd. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $67.00 to $70.00 and gave the company an "outperform" rating 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's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $64.08.

Bank of America Stock Down 0.8%

Shares of NYSE BAC opened at $63.98 on Tuesday. The stock has a market cap of $447.40 billion, a PE ratio of 14.67, a PEG ratio of 1.03 and a beta of 1.17. The business has a fifty day moving average of $59.98 and a two-hundred day moving average of $54.40. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.23. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating the consensus estimate of $1.13 by $0.08. The company had revenue of $31.56 billion for the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm's revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.89 EPS. As a group, equities research analysts expect that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.32 per share. This is a positive change from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, September 4th. Bank of America's payout ratio is currently 25.69%.

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 as much as a 49.9% stake in Jio Credit, expanding its presence in India’s growing financial-services market. The partnership could provide long-term growth and diversification, although returns will depend on execution and regulatory conditions. Will Bank of America Benefit From the Jio Credit Partnership in India?
• Positive Sentiment: BofA’s analysts remain highly constructive on Micron, citing structurally stronger memory demand, potential earnings growth and substantial free cash flow from AI infrastructure. Stronger capital-markets and advisory activity around AI-related companies could indirectly benefit BAC, though the primary gains accrue to Micron investors. Bank of America Sees 50% Upside in Micron Stock
• Neutral Sentiment: BofA also sees substantial potential margin improvement for AI-cloud providers CoreWeave and Nebius, and has endorsed long positions in gold amid a weaker dollar and changing Federal Reserve expectations. These views highlight areas of client and markets activity but have no clear immediate effect on BAC’s profits. A Major Catalyst Could Boost CoreWeave and Nebius Margins by Up to 1,000 Basis Points
• Neutral Sentiment: Bank of America trimmed an indirect holding in Turkey’s Ozsu Balik Uretim, a portfolio-management update that appears too small and unrelated to materially affect BAC’s valuation. Bank of America Trims Indirect Stake in Ozsu Balik Uretim
• Neutral Sentiment: Coverage of CEO Brian Moynihan’s distinctive language during analyst calls is reputational rather than financial and provides no new earnings or capital-allocation information. The Secret Word Game Bank of America's CEO Plays With Wall Street

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source