Levin Capital Strategies L.P. Invests $14.53 Million in Bank of America Corporation $BAC

Levin Capital Strategies L.P. bought a new stake in Bank of America Corporation (NYSE:BAC) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 298,014 shares of the financial services provider’s stock, valued at approximately $14,528,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Bank of America by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock worth $35,809,225,000 after buying an additional 23,351,183 shares during the last quarter. Norges Bank bought a new stake in Bank of America during the fourth quarter worth about $4,774,210,000. Bank of New York Mellon Corp boosted its position in Bank of America by 5.4% during the fourth 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 last quarter. Fisher Asset Management LLC boosted its position in 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 valued at $2,958,110,000 after purchasing an additional 1,105,833 shares during the last quarter. Finally, Deutsche Bank AG grew its stake in Bank of America by 5.9% in the fourth 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 in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of BAC opened at $61.68 on Thursday. The company’s 50-day moving average is $55.94 and its 200-day moving average is $53.26. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. The firm has a market capitalization of $437.74 billion, a PE ratio of 14.15, a PEG ratio of 0.98 and a beta of 1.17. Bank of America Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $62.12.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.08. The business had revenue of $8.08 billion for 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%. Bank of America’s quarterly revenue was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.89 EPS. Equities analysts forecast that Bank of America Corporation will post 4.65 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on BAC. UBS Group boosted their price target on Bank of America from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. increased their price objective on Bank of America from $57.50 to $62.50 and gave the company an “overweight” rating in a report on Monday, July 6th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research note on Friday, April 24th. Truist Financial boosted their target price on shares of Bank of America from $64.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Finally, HSBC upped their price target on shares of Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $63.77.

More Bank of America News

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

• Positive Sentiment: Bank of America’s new BofA Rewards program is seeing strong early traction, with more than 3 million clients enrolled in the first seven weeks, suggesting improved customer engagement and potential deposit/relationship growth. 3 Million+ Clients Enroll in New BofA Rewards™ Program in First Seven Weeks
• Positive Sentiment: The bank also highlighted new generative AI upgrades to EricaAssist, which should help more than 18,000 customer service reps resolve client needs faster and improve service efficiency. Bank of America Enhances EricaAssist with Generative AI to Help Employees Resolve Client Needs Faster
• Positive Sentiment: Bank of America’s research desk remains active and influential, with bullish calls on sectors like semiconductors and chips reflecting continued market relevance and visibility for the franchise. 3 Semiconductor Stocks to Buy After the Selloff — Bank of America’s Picks
• Neutral Sentiment: Reports that Blackstone’s new private-markets funds will initially be available to Bank of America Merrill and private bank clients could modestly support the bank’s wealth-management relationship value, though the direct financial impact is still unclear. Blackstone Debuts Funds to Bring Private Markets to Main Street
• Neutral Sentiment: Several commentary pieces about inflation, Fed policy, and consumer health may affect expectations for Bank of America’s lending and trading businesses, but they are not direct company-specific catalysts. What Bank Earnings Just Revealed About the Health of the American Consumer
• Negative Sentiment: No major negative company-specific developments appeared in the latest batch of headlines, so today’s move looks more driven by positive operating updates and favorable business momentum than by any fresh downside catalyst.

Insider Buying and Selling at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.27% of the company’s stock.

Bank of America 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.