Connor Clark & Lunn Investment Management Ltd. Invests $2.89 Million in Bank of America Corporation $BAC

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 55,483 shares of the financial services provider’s stock, valued at approximately $2,890,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Bank of America in the fourth quarter worth $4,774,210,000. Bank of New York Mellon Corp raised 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 buying an additional 2,929,779 shares during the period. Fisher Asset Management LLC lifted its stake in Bank of America by 2.1% in the 4th 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 in the last quarter. Deutsche Bank AG boosted its position in Bank of America by 5.9% during the 4th 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. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted 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 worth $2,399,798,000 after acquiring an additional 40,235,201 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Evercore set a $63.00 target price on Bank of America and gave the company an “outperform” rating in a report on Monday, July 6th. Royal Bank Of Canada raised their price target on shares of Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, July 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research note on Tuesday, July 21st. UBS Group increased their target price on shares of Bank of America from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Finally, Truist Financial increased their target price on shares of Bank of America from $64.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. 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 MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.08.

Bank of America Stock Up 2.0%

BAC stock opened at $62.38 on Friday. The firm has a market cap of $436.21 billion, a PE ratio of 14.31, a PEG ratio of 0.98 and a beta of 1.17. Bank of America Corporation has a 1 year low of $46.12 and a 1 year high of $65.22. The company has a fifty day simple moving average of $61.18 and a 200 day simple moving average of $54.92. 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 posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. During the same period last year, the company earned $0.89 earnings per share. The business’s revenue was up 19.6% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Corporation will post 4.68 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed 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 dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio (DPR) is 25.69%.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America’s artificial-intelligence initiatives and branch expansion are expected to improve operating efficiency and customer service. The potential for productivity gains supports the long-term earnings case, although elevated expenses remain a risk. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: Strong inflows into gold and cryptocurrency funds reported by BofA suggest elevated client demand for investment products. That activity could benefit the bank’s wealth-management, brokerage and trading businesses, though the impact on BAC’s earnings is indirect.
• Neutral Sentiment: Bank of America disclosed holdings of approximately 4.69% and 5.87% in QIAGEN, reflecting regulatory notifications about its investment position. The disclosures may attract attention but do not materially change BAC’s core banking outlook. Bank of America Discloses 5.87% Stake in QIAGEN
• Neutral Sentiment: BofA strategists warned that global equities could face an autumn “reality check” tied to the U.S. midterm elections and geopolitical developments. A market pullback could weigh on BAC through lower investment-banking, asset-management and trading activity. Bank of America Warns of an Autumn Reality Check
• Negative Sentiment: JPMorgan is hiring senior technology dealmaker David Fishman from Bank of America. Losing an experienced M&A executive could weaken BAC’s technology investment-banking franchise and adds to competitive pressure. JPMorgan Hiring Bank of America’s David Fishman
• Negative Sentiment: The SEC is reportedly investigating margin lending to hedge fund Situational Awareness after a 67% drawdown, with Bank of America among the subpoenaed banks. Potential legal, credit and reputational risks could pressure sentiment. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: BAC is challenging proposed changes to the Federal Reserve’s global systemically important bank capital surcharge. Higher capital requirements could constrain lending, reduce balance-sheet flexibility and pressure returns on equity. Bank of America Joins Clash Over Fed GSIB Capital Rule

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.