Bank of America Corporation $BAC Shares Bought by Bank OZK

by · The Markets Daily

Bank OZK grew its position in Bank of America Corporation (NYSE:BAC) by 10.2% during the 2nd quarter, Holdings Channel reports. The fund owned 120,468 shares of the financial services provider’s stock after buying an additional 11,161 shares during the quarter. Bank of America comprises about 2.1% of Bank OZK’s holdings, making the stock its 9th biggest position. Bank OZK’s holdings in Bank of America were worth $6,864,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Handelsbanken Fonder AB boosted its stake in shares of Bank of America by 53.0% in the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock valued at $254,625,000 after buying an additional 1,603,080 shares in the last quarter. Bamco Inc. NY lifted its holdings in Bank of America by 45.4% in the second quarter. Bamco Inc. NY now owns 40,994 shares of the financial services provider’s stock valued at $2,336,000 after acquiring an additional 12,794 shares during the period. E Fund Management Co. Ltd. acquired a new stake in Bank of America in the second quarter valued at $4,089,000. Bernicke Wealth Management Ltd. purchased a new stake in shares of Bank of America during the 2nd quarter worth $2,132,000. Finally, Legal & General Group Plc grew its stake in shares of Bank of America by 3.4% during the 4th quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider’s stock worth $2,497,655,000 after purchasing an additional 1,487,809 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BAC. Jefferies Financial Group reiterated a “buy” rating and issued a $75.00 price target on shares of Bank of America in a report on Tuesday, July 14th. Royal Bank Of Canada upped their target price on shares of Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Wells Fargo & Company increased their target price on shares of Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Truist Financial lifted their price target on shares of Bank of America from $64.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Finally, Oppenheimer lowered Bank of America from an “outperform” rating to a “market perform” rating in a research note 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 company. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $64.08.

View Our Latest Report on BAC

Key Bank of America News

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

  • Positive Sentiment: Bank of America’s strong earnings momentum, capital cushion and buyback capacity support expectations for continued shareholder returns, providing a potential catalyst for BAC. What’s Powering Bank of America’s Strong Capital Return Strategy?
  • Positive Sentiment: An analyst argues that Bank of America’s valuation remains attractive, which may limit downside and support the stock if earnings continue to meet expectations. Bank of America: The Valuation Still Works
  • Positive Sentiment: BofA’s broader research remains constructive on AI-related trends, including tight memory-chip supply and Meta’s custom AI-chip strategy. This highlights the firm’s advisory and research activity in attractive growth markets, although the developments do not directly change BAC’s earnings outlook. Bank of America Is Bullish on SK hynix Stock
  • Neutral Sentiment: Bank of America raised its indirect stake in Turkey’s Manas Enerji to 6.01%, a disclosure with limited near-term significance for BAC’s consolidated financial results. Bank of America Raises Indirect Stake in Manas Enerji to 6.01%
  • Negative Sentiment: Weakness in preferred shares issued by major banks, including BAC, suggests investors are positioning for interest rates to stay higher for longer. That could pressure bond values, borrowing demand and bank valuations. Bank Preferred Stocks Are Sending a Warning About Interest Rates
  • Negative Sentiment: Fading capital-markets momentum in the third quarter raises the risk of uneven investment-banking and trading results for BAC and other large banks. Capital Markets Momentum Fades

Bank of America Price Performance

Shares of Bank of America stock traded down $0.34 on Tuesday, hitting $62.34. The company’s stock had a trading volume of 28,336,206 shares, compared to its average volume of 36,940,820. The company has a market capitalization of $435.96 billion, a P/E ratio of 14.30, a price-to-earnings-growth ratio of 1.00 and a beta of 1.15. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. The firm has a fifty day moving average price of $61.74 and a 200-day moving average price of $55.29. 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 announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (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 company had revenue of $31.56 billion for the quarter, compared to the consensus estimate of $30.78 billion. During the same quarter in the prior year, the firm earned $0.89 earnings per share. The company’s revenue for the quarter was up 19.6% compared to the same quarter last year. On average, equities research analysts expect that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors 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%. 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. Bank of America’s dividend payout ratio is currently 29.36%.

Bank of America Profile

(Free Report)

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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