Caisse de depot et placement du Quebec Invests $241.97 Million in Bank of America Corporation $BAC

Caisse de depot et placement du Quebec acquired a new position in Bank of America Corporation (NYSE:BAC) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 4,246,623 shares of the financial services provider’s stock, valued at approximately $241,973,000. Caisse de depot et placement du Quebec owned 0.06% of Bank of America as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Norges Bank acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $4,774,210,000. Legal & General Group Plc bought a new position in Bank of America in the 2nd quarter worth approximately $2,571,060,000. Capital International Investors bought a new position in Bank of America in the 4th quarter worth approximately $2,357,461,000. Deutsche Bank AG acquired a new stake in Bank of America in the 2nd quarter valued at approximately $2,359,172,000. Finally, Bank of New York Mellon Corp acquired a new stake in Bank of America in the 2nd quarter valued at approximately $2,313,953,000. 70.71% of the stock is owned by institutional investors and hedge funds.

More Bank of America News

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

Analyst Ratings Changes

A number of brokerages have issued reports on BAC. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, July 21st. Robert W. Baird lifted their price objective on shares of Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Truist Financial upped their price objective 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. Keefe, Bruyette & Woods increased their target price on shares of 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, JPMorgan Chase & Co. boosted their price target on shares of Bank of America from $62.50 to $68.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. 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 data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $64.08.

Bank of America Stock Up 2.0%

BAC opened at $62.38 on Friday. Bank of America Corporation has a one year low of $46.12 and a one year high of $65.22. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. The stock’s fifty day moving average is $61.18 and its 200-day moving average is $54.92. The company has a market capitalization of $436.21 billion, a PE ratio of 14.31, a P/E/G ratio of 0.98 and a beta of 1.17.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 business had revenue of $31.56 billion during the quarter, compared to analyst estimates of $30.78 billion. During the same quarter in the prior year, the firm posted $0.89 earnings per share. The company’s revenue was up 19.6% on a year-over-year basis. On average, equities analysts predict that Bank of America Corporation will post 4.68 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently declared 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 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 a positive change from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio is currently 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.