WINTON GROUP Ltd Invests $1.17 Million in Bank of America Corporation $BAC

Key Points

• WINTON GROUP Ltd. acquired 20,575 Bank of America shares during the second quarter, valued at approximately $1.17 million. Institutional investors collectively own 70.71% of BAC.
• Bank of America reported quarterly EPS of $1.21 and revenue of $31.56 billion, exceeding analyst estimates; revenue increased 19.6% year over year. The company also raised its quarterly dividend from $0.28 to $0.32 per share.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $64.08, though BofA warned that rising Treasury yields and potential forced selling could increase market volatility.

WINTON GROUP Ltd acquired a new stake in Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 20,575 shares of the financial services provider's stock, valued at approximately $1,172,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. California State Teachers Retirement System boosted its stake in shares of Bank of America by 5,515.7% in the second quarter. California State Teachers Retirement System now owns 586,149,556 shares of the financial services provider's stock valued at $33,398,802,000 after purchasing an additional 575,711,933 shares during the period. Norges Bank purchased a new position in Bank of America in the 4th quarter valued at approximately $4,774,210,000. Bank of New York Mellon Corp grew its stake in shares of 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 acquiring an additional 2,929,779 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Bank of America by 2.1% during 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 acquiring an additional 1,105,833 shares during the period. Finally, Deutsche Bank AG increased its position in shares of Bank of America by 5.9% during the fourth quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider's stock worth $2,594,488,000 after acquiring an additional 2,611,776 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America CEO Brian Moynihan said consumer spending and credit quality remain healthy despite higher gasoline prices. He added that borrowing remains solid, although elevated interest rates are creating more pressure for small and midsize businesses. Bank of America CEO says the consumer remains resilient despite rising gas prices
• Positive Sentiment: Goldman Sachs maintained its Buy rating on BAC, reinforcing a favorable Wall Street view. The bank’s latest quarterly results also provide support: earnings and revenue exceeded consensus estimates, with revenue up 19.6% year over year. Goldman Sachs Sticks to Their Buy Rating for Bank of America
• Positive Sentiment: BofA’s market strategists said rising bond yields have not yet pushed artificial-intelligence valuations into bubble territory, while arguing that equity markets can withstand more severe bond-market shocks. This may support broader risk appetite and investment-banking activity, though it also highlights ongoing market risks. Bank of America says rising bond yields aren't a threat to AI trade yet
• Neutral Sentiment: Bank of America disclosed reductions in indirect stakes in Turkish companies Hateks and Manas Enerji following share sales. The transactions appear routine and are unlikely to materially affect BAC’s earnings or valuation. Bank of America Trims Indirect Stake in Turkish Textile Producer Hateks
• Negative Sentiment: BofA warned that rising Treasury yields, slowing equity inflows, and a potential $163 billion wave of forced selling could increase market volatility. Such conditions could weigh on financial stocks and reduce near-term investor risk appetite. Bank of America Warns of Volatility Ahead

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent research reports. Argus set a $70.00 target price on Bank of America in a report on Wednesday, July 15th. Barclays increased their price target on Bank of America from $71.00 to $72.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Truist Financial boosted their price objective on Bank of America from $64.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Royal Bank Of Canada lifted 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. Finally, Citigroup increased their price objective on shares of Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a research report on Tuesday, June 23rd. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $64.08.

Bank of America Stock Performance

NYSE BAC opened at $62.66 on Monday. The company has a fifty day moving average of $62.09 and a two-hundred day moving average of $55.58. The company has a market capitalization of $438.18 billion, a PE ratio of 14.37, a P/E/G ratio of 1.00 and a beta of 1.15. Bank of America Corporation has a 1 year low of $46.12 and a 1 year high of $65.22. 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 (NYSE:BAC - Get Free Report) last posted its 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 business had revenue of $31.56 billion for the quarter, compared to analysts' expectations of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The business's revenue was up 19.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.89 earnings per share. As a group, analysts expect that Bank of America Corporation will post 4.68 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Friday, September 4th. This is an increase from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a dividend yield of 2.0%. Bank of America's dividend payout ratio is currently 29.36%.

Bank of America Company Profile

Bank of America Corporation NYSE: BAC is a diversified financial services company serving individual consumers, businesses, institutional investors and governments. Its operations include consumer banking, credit and debit cards, mortgages, small-business banking, commercial banking, investment banking, securities trading and investment management.

The company provides consumer and wealth-management services through Bank of America and Merrill, including deposit accounts, lending, brokerage, retirement planning, financial advice and private banking.

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