Weiss Asset Management LP Has $1.33 Million Holdings in Bank of America Corporation $BAC

Weiss Asset Management LP cut its holdings in Bank of America Corporation (NYSE:BAC) by 54.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 27,240 shares of the financial services provider’s stock after selling 32,574 shares during the quarter. Weiss Asset Management LP’s holdings in Bank of America were worth $1,328,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of BAC. Brighton Jones LLC raised its holdings in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying an additional 25,143 shares during the period. Sivia Capital Partners LLC boosted its holdings in shares of Bank of America by 40.5% in the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock valued at $1,013,000 after buying an additional 6,174 shares during the period. Jump Financial LLC boosted its holdings in shares of Bank of America by 38.4% in the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock valued at $3,108,000 after buying an additional 18,227 shares during the period. Nebula Research & Development LLC bought a new stake in shares of Bank of America during the second quarter worth $1,396,000. Finally, Vivaldi Capital Management LP increased its position in shares of Bank of America by 4.2% during the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock worth $417,000 after acquiring an additional 355 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Key Stories Impacting Bank of America

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

• Positive Sentiment: AI could expand profit margins: Morgan Stanley strategists identified Bank of America as one of the major U.S. companies best positioned to benefit from AI investment, potentially driving net-margin expansion through 2027. The opportunity could improve operating efficiency and long-term earnings growth. Bank of America (BAC) Could Be One Of Wall Street’s Biggest AI Winners
• Positive Sentiment: Strong second-quarter performance: Bank of America’s second-quarter earnings per share increased 34.4% year over year and exceeded analyst expectations. Record net interest income, strong trading activity and resilient investment-banking results underscored the benefits of its diversified business model. Should You Invest in Bank of America Following Impressive Q2 Results?
• Positive Sentiment: Dividend and capital-return support: Recent coverage indicates BAC reached a new 12-month high following a dividend announcement, reinforcing investor interest in shareholder returns. Bank of America Sets New 12-Month High Following Dividend Announcement
• Neutral Sentiment: Healthy consumer backdrop: Broader big-bank earnings suggest U.S. consumers remain relatively resilient despite economic pressures, which is supportive for BAC’s credit quality and consumer-banking operations. What Big Bank Earnings Just Revealed About the Health of the U.S. Consumer
• Neutral Sentiment: Research visibility: BofA’s calls favoring semiconductor and cybersecurity stocks highlight its research franchise, but these recommendations have limited direct impact on BAC’s earnings. BofA Names Top Semiconductor Stocks to Buy After Sector Selloff

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. UBS Group upped their target price on shares of Bank of America from $63.00 to $68.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Argus set a $70.00 price target on Bank of America in a research note on Wednesday, July 15th. HSBC boosted their price target on Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Robert W. Baird increased their price objective on Bank of America from $58.00 to $62.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. Finally, Piper Sandler lifted their target price on Bank of America from $53.00 to $59.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $63.77.

Insider Buying and Selling at Bank of America

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 stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the transaction, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.27% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $62.15 on Tuesday. The firm has a 50-day moving average of $56.65 and a 200-day moving average of $53.37. Bank of America Corporation has a one year low of $44.75 and a one year high of $62.99. The company has a market cap of $441.02 billion, a PE ratio of 14.25, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82.

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, topping 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 return on equity of 12.20% and a net margin of 17.56%.The firm’s revenue was up 19.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.89 EPS. As a group, equities analysts forecast that Bank of America Corporation will post 4.65 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be given a $0.32 dividend. The ex-dividend date is Friday, September 4th. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is presently 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.