UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 2,972,076 Shares of Bank of America Corporation $BAC

Key Points

• UBS AM reduced its Bank of America stake by 6.4%, selling 2.97 million shares and retaining 43.73 million shares valued at approximately $2.49 billion. Institutional investors collectively own 70.71% of BAC.
• Bank of America reported quarterly EPS of $1.21, beating estimates of $1.13, while revenue rose 19.6% year over year to $31.56 billion. The company also increased its quarterly dividend from $0.28 to $0.32 per share.
• Analysts maintain a generally positive outlook, with 21 Buy ratings and six Holds, producing a “Moderate Buy” consensus and an average price target of $64.08 versus the reported share price of $62.38.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its position in Bank of America Corporation (NYSE:BAC) by 6.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 43,727,148 shares of the financial services provider's stock after selling 2,972,076 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.63% of Bank of America worth $2,491,573,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Norges Bank acquired a new stake in Bank of America in the fourth quarter worth about $4,774,210,000. Bank of New York Mellon Corp lifted its position in Bank of America by 5.4% during the 4th quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider's stock valued at $3,169,062,000 after purchasing an additional 2,929,779 shares during the period. Fisher Asset Management LLC lifted its position in Bank of America by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider's stock valued at $2,958,110,000 after purchasing an additional 1,105,833 shares during the period. Deutsche Bank AG boosted its stake in shares of 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 valued at $2,594,488,000 after purchasing an additional 2,611,776 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Bank of America by 3.4% in the 4th quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider's stock valued at $2,497,655,000 after purchasing an additional 1,487,809 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Up 0.1%

Bank of America stock opened at $62.38 on Monday. The firm has a market capitalization of $436.21 billion, a price-to-earnings ratio of 14.31, a PEG ratio of 0.99 and a beta of 1.17. The company's 50 day simple moving average is $61.18 and its 200 day simple moving average is $54.90. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. 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 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 firm had revenue of $31.56 billion during 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 business's quarterly revenue was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.89 earnings per share. As a group, sell-side analysts anticipate that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

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

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of recent research reports. Royal Bank Of Canada boosted their price target on shares of Bank of America from $59.00 to $65.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 15th. Argus set a $70.00 price objective on shares of Bank of America in a research note on Wednesday, July 15th. Barclays lifted their target price on shares of Bank of America from $71.00 to $72.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Robert W. Baird increased their price target 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. Finally, JPMorgan Chase & Co. raised their price target on Bank of America from $62.50 to $68.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and an average target price of $64.08.

More Bank of America News

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

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.

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