Dunhill Financial LLC acquired a new stake in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 76,896 shares of the financial services provider’s stock, valued at approximately $4,382,000. Bank of America comprises about 0.9% of Dunhill Financial LLC’s portfolio, making the stock its 17th largest holding.
Several other large investors have also modified their holdings of the stock. Norges Bank acquired a new stake in Bank of America during the 4th quarter worth about $4,774,210,000. Capital International Investors purchased a new position in shares of Bank of America in the fourth quarter worth approximately $2,357,461,000. Deutsche Bank AG acquired a new stake in shares of Bank of America during the second quarter valued at approximately $2,359,172,000. Bank of New York Mellon Corp acquired a new stake in shares of Bank of America during the second quarter valued at approximately $2,313,953,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Bank of America by 640.5% in 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 acquiring an additional 40,235,201 shares in the last quarter. 70.71% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the stock. Jefferies Financial Group reissued a “buy” rating and set a $75.00 target price on shares of Bank of America in a research note on Tuesday, July 14th. Argus set a $70.00 target price on Bank of America in a research report on Wednesday, July 15th. Wells Fargo & Company lifted their price target on Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Keefe, Bruyette & Woods upped their price target on Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, July 15th. Finally, Evercore set a $63.00 price objective on Bank of America and gave the stock an “outperform” rating in a research note on Monday, July 6th. Twenty-one analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $64.08.
Key Headlines Impacting Bank of America
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: Bank of America’s active participation in the August bond market demonstrates continued access to wholesale funding and allows it to extend maturities through senior unsecured offerings. Its latest quarterly results also showed strong earnings and revenue growth, providing a fundamental counterweight to near-term concerns. Bank of America’s Stock Market Signal Flashes Warning
- Neutral Sentiment: Bank of America increased its indirect stake in Turkish industrial technology company Hidropar to 5.386%. The disclosure indicates portfolio or client-related investment activity, but it is not expected to materially affect BAC’s earnings. Bank of America Lifts Indirect Stake in Hidropar to 5.386%
- Neutral Sentiment: Bank of America crossed a disclosure threshold in Smith & Nephew, reflecting an updated shareholding. The move is unlikely to have a meaningful direct impact on BAC’s common stock. Smith & Nephew Discloses Updated Bank of America Shareholding
- Neutral Sentiment: Bank of America’s analysts issued views on HP, Home Depot and Nvidia. These calls may generate research-related attention, but they do not materially change BAC’s own fundamentals. Bank of America Sends Warning on HP Stock
- Negative Sentiment: A market commentary warns that crowded positioning in Bank of America could make any broader-market pullback sharper. Separate analysis questions whether BAC is undervalued after its recent bond issuance, while noting recent short-term share-price weakness. These factors are weighing on sentiment despite the bank’s solid earnings profile. Bank of America’s Stock Market Signal Flashes Warning Is Bank of America Undervalued?
- Negative Sentiment: Analysis of Bank of America preferred stock suggests that more attractive alternatives may exist than Series GG. While this primarily affects preferred securities, it can modestly temper sentiment toward BAC’s capital-raising instruments. Bank of America Preferreds: Better Propositions Available Than Series GG
Bank of America Stock Down 0.2%
BAC stock opened at $61.73 on Friday. The company has a 50 day moving average of $60.60 and a two-hundred day moving average of $54.67. The company has a market cap of $431.66 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23.
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, beating the consensus estimate of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The business had revenue of $31.56 billion for the quarter, compared to analysts’ expectations of $30.78 billion. During the same period in the previous year, the company posted $0.89 EPS. Bank of America’s revenue was up 19.6% on a year-over-year basis. On average, equities analysts anticipate that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.
Bank of America Increases Dividend
The company 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. This represents a $1.28 dividend on an annualized basis and a yield of 2.1%. This is an increase from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. Bank of America’s dividend payout ratio is presently 25.69%.
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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