VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 880,569 Bank of America Corporation $BAC

Key Points

• Virginia Retirement Systems purchased 880,569 Bank of America shares worth approximately $50.2 million, while institutional investors collectively own 70.71% of BAC.
• Bank of America exceeded quarterly expectations with $1.21 in earnings per share and $31.56 billion in revenue, up 19.6% year over year.
• The bank raised its quarterly dividend from $0.28 to $0.32 per share, equivalent to an annualized $1.28 payout and a 2.0% yield; analysts maintain a consensus “Moderate Buy” rating.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 880,569 shares of the financial services provider's stock, valued at approximately $50,175,000.

A number of other large investors have also recently made changes to their positions in the stock. Total Clarity Wealth Management Inc. raised its stake in Bank of America by 3.6% during the 2nd quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider's stock valued at $279,000 after buying an additional 168 shares during the last quarter. Orca Wealth Management LLC boosted its stake in shares of Bank of America by 0.5% in the 2nd quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider's stock worth $1,999,000 after buying an additional 179 shares during the last quarter. Financial Consulate Inc. boosted its stake in shares of Bank of America by 4.0% in the 2nd quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider's stock worth $270,000 after buying an additional 181 shares during the last quarter. Money Concepts Capital Corp grew its holdings in shares of Bank of America by 3.8% in the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock worth $273,000 after acquiring an additional 182 shares during the period. Finally, Bedel Financial Consulting Inc. grew its holdings in shares of Bank of America by 1.1% in the second quarter. Bedel Financial Consulting Inc. now owns 16,456 shares of the financial services provider's stock worth $938,000 after acquiring an additional 184 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

Shares of NYSE:BAC opened at $62.64 on Monday. 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 1-year low of $46.12 and a 1-year high of $65.22. The company has a market capitalization of $438.03 billion, a P/E ratio of 14.37, a P/E/G ratio of 1.00 and a beta of 1.15. The firm's 50 day simple moving average is $61.64 and its two-hundred day simple moving average is $55.22.

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 earnings per share for the quarter, topping analysts' consensus estimates of $1.13 by $0.08. The business had revenue of $31.56 billion during the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The company's revenue 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. Research analysts expect that Bank of America Corporation will post 4.68 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently declared 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. This represents a $1.28 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date 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 currently 29.36%.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America joined 20 financial institutions forming a company that plans to issue a U.S.-dollar stablecoin in 2027. The initiative could strengthen BAC’s position in digital payments and blockchain-based financial services, although any revenue benefit is longer term. Bank of America (BAC), What Is Behind The Fresh Attention?
• Positive Sentiment: Unusual options activity showed investors purchasing 362,697 BAC call options, 172% above average daily volume. The activity signals heightened bullish speculation, though options positioning can increase volatility and does not guarantee fundamental upside.
• Positive Sentiment: Brokerage coverage continues to lean favorable, with analysts assigning BAC a consensus “Moderate Buy” rating. The constructive view supports the stock’s recent momentum. Bank of America Corporation Given Consensus Recommendation of Moderate Buy
• Neutral Sentiment: BAC announced plans to redeem $2 billion of U.S.-dollar senior notes and CAD1.425 billion of Canadian-dollar senior notes on September 15. The transactions represent routine liability management and may improve funding efficiency, but they are not expected to materially change near-term earnings. Bank of America Announces U.S. Note Redemptions
• Negative Sentiment: A technical-market warning noted that Wall Street positioning in BAC and broader equities has reached an extreme. That raises the risk of profit-taking or a pullback despite the bank’s recent outperformance. Bank of America's New Warning Should Concern Stock Investors

Wall Street Analyst Weigh In

A number of research analysts have weighed in on BAC shares. Truist Financial increased their target price on Bank of America from $64.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. Keefe, Bruyette & Woods boosted their price target on Bank of America from $67.00 to $70.00 and gave the company an "outperform" rating in a research note on Wednesday, July 15th. Morgan Stanley upped their price target on shares of Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a research report on Monday, June 29th. Barclays increased their price objective 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. Finally, Oppenheimer downgraded shares of Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $64.08.

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.

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