L2 Asset Management LLC Acquires New Position in Bank of America Corporation $BAC

L2 Asset Management LLC bought a new position in Bank of America Corporation (NYSE:BAC) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 37,808 shares of the financial services provider’s stock, valued at approximately $2,154,000.

A number of other institutional investors have also modified their holdings of BAC. Norges Bank purchased a new stake in shares of Bank of America in the fourth quarter valued at approximately $4,774,210,000. Capital International Investors bought a new position in Bank of America in the fourth quarter worth approximately $2,357,461,000. Deutsche Bank AG purchased a new position in Bank of America during the 2nd quarter worth $2,359,172,000. Bank of New York Mellon Corp bought a new stake in Bank of America during the 2nd quarter valued at $2,313,953,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Bank of America by 640.5% during 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 purchasing an additional 40,235,201 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent research reports. Morgan Stanley increased their price target on Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a report on Tuesday, July 21st. Jefferies Financial Group reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Bank of America in a research note on Tuesday, July 14th. JPMorgan Chase & Co. increased their target price on shares of Bank of America from $62.50 to $68.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Finally, Wells Fargo & Company raised their target price on shares of Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Twenty-one investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.08.

Bank of America Trading Down 1.7%

Shares of NYSE:BAC opened at $61.17 on Friday. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22. The business’s fifty day simple moving average is $61.06 and its 200-day simple moving average is $54.86. The company has a market capitalization of $427.73 billion, a PE ratio of 14.03, a P/E/G ratio of 0.99 and a beta of 1.17. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The firm had revenue of $31.56 billion during the quarter, compared to analysts’ expectations of $30.78 billion. During the same period in the prior year, the business posted $0.89 EPS. The firm’s quarterly revenue was up 19.6% on a year-over-year basis. As a group, equities research analysts predict 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 issued a $0.32 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, September 4th. Bank of America’s dividend payout ratio is presently 25.69%.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America’s AI initiatives, including branch expansion and automation, may improve operating efficiency and customer service over time. However, continued expense growth could limit the near-term benefit. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: BofA Securities continues to demonstrate a constructive view on major growth and technology markets, reiterating Buy ratings on Alibaba, Nvidia, Prudential and Elbit Systems. The activity supports the visibility of BAC’s investment-banking and research franchise, although it has limited direct impact on earnings. Alibaba Raises $10 Billion for AI — Why BofA Is Looking Past the Dilution
• Neutral Sentiment: Bank of America issued several senior unsecured notes in August, with maturities extending from 2029 to 2046. The issuance supports liquidity and funding flexibility, but adds to interest obligations and offers no immediate change to the company’s earnings outlook. What Bank of America (BAC)’s New Debt Issuance and AI Credit Research Push Means For Shareholders
• Negative Sentiment: The SEC reportedly subpoenaed Bank of America, Goldman Sachs, JPMorgan and Citigroup regarding margin lending to hedge fund Situational Awareness, which suffered a 67% drawdown during an AI-stock sell-off. The investigation raises potential legal, compliance and credit-loss risks, particularly if leveraged clients cannot meet obligations. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: Persistent operating-cost pressure remains a concern for BAC investors. While AI and branch expansion could boost productivity, elevated expenses may weigh on margins and reduce the benefit of the bank’s recent revenue growth.

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.