OMERS ADMINISTRATION Corp Raises Stake in Bank of America Corporation $BAC

OMERS ADMINISTRATION Corp grew its position in shares of Bank of America Corporation (NYSE:BAC) by 2.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,974,157 shares of the financial services provider’s stock after buying an additional 117,037 shares during the period. Bank of America accounts for 1.6% of OMERS ADMINISTRATION Corp’s investment portfolio, making the stock its 9th largest position. OMERS ADMINISTRATION Corp’s holdings in Bank of America were worth $242,490,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Themes Management Co LLC increased its holdings in Bank of America by 17.0% in the 1st quarter. Themes Management Co LLC now owns 20,297 shares of the financial services provider’s stock worth $989,000 after acquiring an additional 2,954 shares during the last quarter. Van Diest Capital LLC raised its stake in Bank of America by 66.3% in the 1st quarter. Van Diest Capital LLC now owns 7,300 shares of the financial services provider’s stock valued at $356,000 after acquiring an additional 2,910 shares during the period. Lombard Odier Asset Management Switzerland SA lifted its holdings in Bank of America by 7.7% during the first quarter. Lombard Odier Asset Management Switzerland SA now owns 312,658 shares of the financial services provider’s stock valued at $15,242,000 after purchasing an additional 22,485 shares during the last quarter. Matrix Private Capital Group LLC purchased a new stake in Bank of America during the first quarter valued at about $224,000. Finally, Waverly Advisors LLC boosted its position in Bank of America by 3.0% during the first quarter. Waverly Advisors LLC now owns 582,978 shares of the financial services provider’s stock worth $28,420,000 after purchasing an additional 17,046 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research note on Tuesday. Citigroup upped their price target on shares of Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Oppenheimer downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Piper Sandler lifted their price objective on shares of Bank of America from $53.00 to $59.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Finally, The Goldman Sachs Group boosted their target price on shares of Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $63.77.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. This trade represents a 8.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.27% of the stock is currently owned by insiders.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America raised its quarterly dividend by 14% to $0.32 per share, a clear signal of strong capital generation and management’s commitment to shareholder returns. Bank of America hikes common stock dividend by 14%
• Positive Sentiment: The dividend boost was also highlighted in company announcements and market coverage, likely supporting sentiment that BAC’s balance sheet and earnings power remain solid. Bank of America Increases Common Stock Dividend 14% to 0.32 Per Share
• Positive Sentiment: Bank of America also continued to get attention for its investment research, including bullish calls on AI beneficiaries like Micron and Alphabet, which can reinforce the firm’s reputation and market visibility. Why BofA Thinks Micron Stock Could Be One of AI’s Biggest Long-Term Winners
• Neutral Sentiment: One report noted Bank of America’s well-known stock-market “sell signal” indicator is at its highest level since 2021, which may be seen as a cautionary macro signal rather than a direct BAC-specific issue. BofA’s famed sell signal for stocks is at its highest level since 2021
• Neutral Sentiment: Additional coverage on federal debt, inflation, and global bond weakness reflects the broader macro backdrop BAC operates in, but these items do not directly change the bank’s near-term fundamentals. Trump Called Himself the ‘King of Debt.’ Now Bank of America Says the U.S. Will Spend $2 Trillion More Than It Brings In This Year

Bank of America Trading Up 1.2%

Shares of BAC opened at $62.00 on Friday. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $62.28. The stock has a market cap of $439.96 billion, a PE ratio of 14.22, a P/E/G ratio of 0.99 and a beta of 1.17. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The business’s 50-day moving average price is $56.42 and its 200-day moving average price is $53.36.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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 company had revenue of $8.08 billion during 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 revenue was up 19.6% compared to the same quarter last year. During the same period last year, the business earned $0.89 earnings per share. On average, equities analysts forecast that Bank of America Corporation will post 4.65 EPS 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 paid a $0.32 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.28 annualized dividend and a yield of 2.1%. This is a boost 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 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.