PDT Partners LLC Takes $1.67 Million Position in Bank of America Corporation $BAC

PDT Partners LLC purchased a new position in shares of Bank of America Corporation (NYSE:BAC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 29,300 shares of the financial services provider's stock, valued at approximately $1,670,000.

Other hedge funds have also recently bought and sold shares of the company. Handelsbanken Fonder AB increased its position in Bank of America by 53.0% in the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider's stock valued at $254,625,000 after acquiring an additional 1,603,080 shares during the period. E Fund Management Co. Ltd. acquired a new position in Bank of America during the 2nd quarter worth $4,089,000. Bernicke Wealth Management Ltd. acquired a new position in Bank of America during the 2nd quarter worth $2,132,000. Legal & General Group Plc grew its stake in shares of 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 worth $2,497,655,000 after purchasing an additional 1,487,809 shares in the last quarter. Finally, Mondrian Investment Partners LTD grew its stake in shares of Bank of America by 34.3% in the fourth quarter. Mondrian Investment Partners LTD now owns 2,175,401 shares of the financial services provider's stock worth $119,647,000 after purchasing an additional 555,063 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on BAC shares. Royal Bank Of Canada lifted their price objective on shares of Bank of America from $59.00 to $65.00 and gave the company an "outperform" rating in a research note on Wednesday, July 15th. UBS Group increased their target price on shares of Bank of America from $68.00 to $70.00 and gave the company a "buy" rating in a research report on Monday, August 3rd. Morgan Stanley raised their target price on shares of Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a research note on Monday, June 29th. Argus set a $70.00 price target on shares of Bank of America in a research report on Wednesday, July 15th. Finally, Barclays upped their price target on shares of Bank of America from $71.00 to $72.00 and gave the stock an "overweight" rating in a research note 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.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $64.08.

Key Bank of America News

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 Trading Down 1.7%

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 firm has a market cap of $427.73 billion, a price-to-earnings ratio of 14.03, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17. The business has a fifty day simple moving average of $61.06 and a 200-day simple moving average of $54.86. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.13 by $0.08. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The firm had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. During the same period in the previous year, the company earned $0.89 earnings per share. Bank of America's revenue was up 19.6% compared to the same quarter last year. On average, equities analysts forecast that Bank of America Corporation will post 4.68 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be given a dividend of $0.32 per share. This is a positive change from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.1%. Bank of America's payout ratio is 25.69%.

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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