Quantbot Technologies LP Takes $10.95 Million Position in Bank of America Corporation $BAC

Quantbot Technologies LP purchased a new position in Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 210,162 shares of the financial services provider's stock, valued at approximately $10,947,000. Bank of America makes up 0.4% of Quantbot Technologies LP's portfolio, making the stock its 20th largest position.

Other institutional investors have also modified their holdings of the company. Turim 21 Investimentos Ltda. bought a new position in shares of Bank of America during the 2nd quarter valued at approximately $25,000. Abound Financial LLC purchased a new stake in Bank of America during the 4th quarter valued at $26,000. Wiser Advisor Group LLC bought a new stake in Bank of America in the third quarter worth $27,000. CrossGen Wealth LLC bought a new stake in Bank of America in the fourth quarter worth $30,000. Finally, Joseph Group Capital Management purchased a new position in Bank of America during the fourth quarter worth $32,000. 70.71% of the stock is owned by institutional investors.

Bank of America News Summary

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

• Positive Sentiment: Bank of America’s analysts continue to favor value stocks, arguing they are well positioned in an environment of higher interest rates and inflation. This supports the broader investment case for BAC, which trades at a relatively moderate earnings multiple and could benefit from durable net interest income. Stick with value stocks until everyone is talking about them
• Positive Sentiment: BofA Global Research says Federal Reserve corporate-credit facilities remain available to limit downside risks in a debt-heavy artificial-intelligence investment cycle. A continued backstop could reduce systemic credit concerns that might otherwise pressure large banks. The debt-fueled AI build-out may already be too big to fail
• Neutral Sentiment: Strategist Michael Hartnett remains bullish on gold, citing concerns about U.S. government debt and currency debasement. The view may support trading and advisory activity at BAC, although it is not a direct change to the bank’s earnings outlook. Why Bank of America strategist Michael Hartnett says the trade is still long gold
• Neutral Sentiment: Bank of America disclosed several changes to indirect equity holdings through Merrill Lynch, including a stake above 10% in Lakefront Biotherapeutics and a reduced position in Hidropar. These appear to be portfolio or client-related transactions rather than a material strategic investment in BAC’s own business. Bank of America builds 10% stake in Lakefront Biotherapeutics
• Negative Sentiment: Bank of America reportedly spends at least $250 million annually on GLP-1 weight-loss drugs for employees. Management views the benefit as an investment in worker health, but the significant recurring expense could weigh on operating costs if it does not produce measurable savings in health-care claims or employee retention. Bank of America is spending $250 million a year on weight loss drugs for employees

Bank of America Stock Up 0.3%

NYSE:BAC opened at $62.50 on Wednesday. The company has a market cap of $437.04 billion, a price-to-earnings ratio of 14.33, a price-to-earnings-growth ratio of 0.99 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 stock has a fifty day simple moving average of $60.84 and a 200-day simple moving average of $54.78.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping 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 net margin of 17.56% and a return on equity of 12.20%. The business's revenue for the quarter was up 19.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.89 earnings per share. Analysts anticipate that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The business also recently announced 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. The ex-dividend date is Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a yield of 2.0%. This is an increase from Bank of America's previous quarterly dividend of $0.28. Bank of America's payout ratio is currently 25.69%.

Analysts Set New Price Targets

A number of research firms have weighed in on BAC. JPMorgan Chase & Co. boosted their price objective on shares of Bank of America from $62.50 to $68.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a report on Tuesday, July 21st. Robert W. Baird lifted their price target on shares of Bank of America from $58.00 to $62.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 15th. Argus set a $70.00 price target on shares of Bank of America in a report on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $67.00 to $70.00 and gave the stock 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 currently has an average rating of "Moderate Buy" and an average 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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