Redwood Grove Capital LLC Has $12.12 Million Position in Bank of America Corporation $BAC

Redwood Grove Capital LLC cut its holdings in shares of Bank of America Corporation (NYSE:BAC) by 5.0% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 248,607 shares of the financial services provider’s stock after selling 13,000 shares during the period. Bank of America comprises approximately 3.9% of Redwood Grove Capital LLC’s holdings, making the stock its 13th largest holding. Redwood Grove Capital LLC’s holdings in Bank of America were worth $12,120,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of BAC. Abound Financial LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at about $26,000. Legacy Bridge LLC raised its holdings in Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 330 shares in the last quarter. Wiser Advisor Group LLC acquired a new position in Bank of America during the third quarter valued at approximately $27,000. CrossGen Wealth LLC acquired a new position in Bank of America during the fourth quarter valued at approximately $30,000. Finally, Joseph Group Capital Management bought a new position in Bank of America in the fourth quarter valued at approximately $32,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America News Roundup

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

• Positive Sentiment: Strong Q2 performance supports the shares. Bank of America reported second-quarter EPS of $1.21, exceeding the $1.13 consensus estimate, with EPS up 34.4% year over year. Record net interest income, strong trading activity and investment-banking results highlighted the benefits of its diversified business model. Should You Invest in Bank of America Following Impressive Q2 Results?
• Positive Sentiment: AI could improve profitability. Morgan Stanley strategists identified BAC as one of the U.S. companies most likely to achieve meaningful net-margin expansion through 2027 as artificial-intelligence investments improve productivity and operating efficiency. Bank of America Could Be One Of Wall Street’s Biggest AI Winners
• Positive Sentiment: New Travel Center may deepen customer engagement. BAC launched an expanded travel-booking platform powered by Rocket Travel by Agoda, offering nearly 1 million travel options and allowing customers to combine card rewards with payment cards. The initiative could encourage credit-card usage and strengthen customer loyalty, although its near-term earnings effect is likely limited. New Bank of America Travel Center
• Neutral Sentiment: Peer comparisons reinforce BAC’s diversified-bank positioning. A Q2 industry review and Zacks commentary place Bank of America among the major diversified banks being evaluated on earnings momentum, growth drivers and risks. The coverage is broadly supportive but does not introduce a new company-specific catalyst. Q2 Rundown: Bank of America vs. Other Diversified Banks Stocks
• Negative Sentiment: Fed policy uncertainty may increase volatility. Reports of a possible surprise interest-rate hike have unsettled bond markets ahead of the Federal Reserve decision. Rate expectations can affect BAC’s net interest income, bond portfolio values and broader financial-sector sentiment. Citadel Securities’ Fed Rate Hike Call Adds to Market Angst

Bank of America Price Performance

Shares of NYSE BAC opened at $62.61 on Wednesday. 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 $56.89 and its two-hundred day moving average price is $53.41. The company has a market cap of $444.32 billion, a PE ratio of 14.36, a price-to-earnings-growth ratio of 1.00 and a beta of 1.17. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $62.99.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping 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 $8.08 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same period in the previous year, the company posted $0.89 EPS. The firm’s revenue for the quarter was up 19.6% compared to the same quarter last year. On average, analysts predict that Bank of America Corporation will post 4.65 EPS for the current year.

Bank of America Increases Dividend

The business also recently disclosed 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 of this dividend is Friday, September 4th. This is a boost from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a dividend yield of 2.0%. Bank of America’s payout ratio is currently 25.69%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BAC shares. Morgan Stanley boosted 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. Oppenheimer downgraded Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. 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 note on Wednesday, July 15th. Robert W. Baird boosted their target price on shares of Bank of America from $58.00 to $62.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. Finally, Daiwa Securities Group upped their price target on shares of Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 28th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $63.77.

Insider Activity

In other news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.27% of the company’s stock.

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.