Sculptor Capital LP Acquires New Shares in Bank of America Corporation $BAC

Sculptor Capital LP acquired a new position in Bank of America Corporation (NYSE:BAC - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 2,034,655 shares of the financial services provider's stock, valued at approximately $115,935,000. Bank of America makes up approximately 0.9% of Sculptor Capital LP's holdings, making the stock its 21st biggest position.

A number of other hedge funds have also bought and sold shares of BAC. Norges Bank purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $4,774,210,000. Bank of New York Mellon Corp boosted its holdings in Bank of America by 5.4% in the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider's stock worth $3,169,062,000 after purchasing an additional 2,929,779 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Bank of America by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider's stock worth $2,958,110,000 after purchasing an additional 1,105,833 shares during the last quarter. Deutsche Bank AG grew its position in Bank of America by 5.9% in the 4th quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider's stock worth $2,594,488,000 after purchasing an additional 2,611,776 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Bank of America by 640.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock valued at $2,399,798,000 after buying an additional 40,235,201 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Trading Up 2.0%

Shares of Bank of America stock opened at $62.38 on Friday. Bank of America Corporation has a 1-year low of $46.12 and a 1-year high of $65.22. The company's fifty day simple moving average is $61.18 and its 200-day simple moving average is $54.92. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. The stock has a market capitalization of $436.21 billion, a PE ratio of 14.31, a P/E/G ratio of 0.98 and a beta of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $30.78 billion. During the same period in the prior year, the business posted $0.89 EPS. Bank of America's revenue was up 19.6% on a year-over-year basis. As a group, equities analysts anticipate that Bank of America Corporation will post 4.68 earnings per share 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 issued a dividend of $0.32 per share. This is a boost from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, September 4th. Bank of America's dividend payout ratio is presently 25.69%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on BAC shares. Oppenheimer cut Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Wells Fargo & Company lifted their price objective on Bank of America from $67.00 to $69.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Robert W. Baird upped their price objective on Bank of America from $58.00 to $62.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Morgan Stanley increased their target price on Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a report on Monday, June 29th. Finally, Jefferies Financial Group restated a "buy" rating and set a $75.00 price target on shares of Bank of America in a research note on Tuesday, July 14th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and an average price target of $64.08.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America’s artificial-intelligence initiatives and branch expansion are expected to improve operating efficiency and customer service. The potential for productivity gains supports the long-term earnings case, although elevated expenses remain a risk. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: Strong inflows into gold and cryptocurrency funds reported by BofA suggest elevated client demand for investment products. That activity could benefit the bank’s wealth-management, brokerage and trading businesses, though the impact on BAC’s earnings is indirect.
• Neutral Sentiment: Bank of America disclosed holdings of approximately 4.69% and 5.87% in QIAGEN, reflecting regulatory notifications about its investment position. The disclosures may attract attention but do not materially change BAC’s core banking outlook. Bank of America Discloses 5.87% Stake in QIAGEN
• Neutral Sentiment: BofA strategists warned that global equities could face an autumn “reality check” tied to the U.S. midterm elections and geopolitical developments. A market pullback could weigh on BAC through lower investment-banking, asset-management and trading activity. Bank of America Warns of an Autumn Reality Check
• Negative Sentiment: JPMorgan is hiring senior technology dealmaker David Fishman from Bank of America. Losing an experienced M&A executive could weaken BAC’s technology investment-banking franchise and adds to competitive pressure. JPMorgan Hiring Bank of America’s David Fishman
• Negative Sentiment: The SEC is reportedly investigating margin lending to hedge fund Situational Awareness after a 67% drawdown, with Bank of America among the subpoenaed banks. Potential legal, credit and reputational risks could pressure sentiment. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: BAC is challenging proposed changes to the Federal Reserve’s global systemically important bank capital surcharge. Higher capital requirements could constrain lending, reduce balance-sheet flexibility and pressure returns on equity. Bank of America Joins Clash Over Fed GSIB Capital Rule

Bank of America Company 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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