NEOS Investment Management LLC Boosts Position in Bank of America Corporation $BAC

NEOS Investment Management LLC boosted its stake in shares of Bank of America Corporation (NYSE:BAC) by 11.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,077,175 shares of the financial services provider’s stock after buying an additional 108,039 shares during the quarter. NEOS Investment Management LLC’s holdings in Bank of America were worth $61,377,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Handelsbanken Fonder AB increased its holdings in Bank of America by 53.0% during the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock valued at $254,625,000 after buying an additional 1,603,080 shares during the period. Bamco Inc. NY boosted its position in Bank of America by 45.4% during the 2nd quarter. Bamco Inc. NY now owns 40,994 shares of the financial services provider’s stock valued at $2,336,000 after acquiring an additional 12,794 shares in the last quarter. E Fund Management Co. Ltd. purchased a new position in shares of Bank of America in the 2nd quarter valued at $4,089,000. Bernicke Wealth Management Ltd. purchased a new position in shares of Bank of America in the 2nd quarter valued at $2,132,000. Finally, Legal & General Group Plc raised its position in shares of Bank of America by 3.4% in the 4th quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider’s stock worth $2,497,655,000 after acquiring an additional 1,487,809 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

More Bank of America News

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

• Positive Sentiment: Stablecoin initiative could create a new growth opportunity. Bank of America joined 20 other financial institutions planning a company to issue a U.S. dollar stablecoin in 2027. The project could expand the bank’s role in digital payments, blockchain-based liquidity and institutional settlement, although regulatory and execution details remain important. Bank of America and Citi Join 21-Firm USD Stablecoin Plan
• Positive Sentiment: Bank stocks are attracting capital. Investors are shifting toward major banks amid expectations of rising rates and concerns about elevated artificial-intelligence valuations. Higher rates can support net interest income, while BAC’s scale and diversified businesses may benefit from stronger financial-sector flows. Expectations of Rising Rates and Worries About AI Have Investors Piling Into Big Bank Stocks
• Positive Sentiment: Options activity and analyst sentiment are constructive. Call-option volume was reported at roughly 363,000 contracts, 172% above typical levels, while brokerages assigned BAC a consensus “Moderate Buy” rating. A valuation analysis also suggested the shares could be undervalued, supporting the bullish case. Bank of America Corporation Given Consensus Recommendation of Moderate Buy

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. upped their price objective on Bank of America from $62.50 to $68.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. UBS Group boosted their target price on shares of Bank of America from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Citigroup boosted their target price on shares of Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, July 21st. Finally, Barclays raised their price target on shares of Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $64.08.

Bank of America Stock Up 0.8%

Bank of America stock opened at $63.07 on Friday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. The stock has a market capitalization of $441.03 billion, a price-to-earnings ratio of 14.47, a PEG ratio of 1.00 and a beta of 1.15. Bank of America Corporation has a 1-year low of $46.12 and a 1-year high of $65.22. The business has a fifty day moving average price of $61.55 and a 200-day moving average price of $55.15.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) 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 in the prior year, the company posted $0.89 EPS. The firm’s quarterly revenue was up 19.6% compared to the same quarter last year. Equities research analysts forecast 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. Stockholders of record on Friday, September 4th will be paid a dividend of $0.32 per share. 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 2.0%. Bank of America’s payout ratio is presently 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.