3,166,564 Shares in Bank of America Corporation $BAC Acquired by GQG Partners LLC

GQG Partners LLC bought a new position in shares of Bank of America Corporation (NYSE:BAC) during the second quarter, HoldingsChannel.com reports. The firm bought 3,166,564 shares of the financial services provider’s stock, valued at approximately $180,432,000.

Other large investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Bank of America in the fourth quarter worth approximately $4,774,210,000. Capital International Investors purchased a new stake in shares of Bank of America in the fourth quarter worth $2,357,461,000. Deutsche Bank AG bought a new stake in shares of Bank of America during the 2nd quarter valued at $2,359,172,000. Bank of New York Mellon Corp bought a new stake in shares of Bank of America during the 2nd quarter valued at $2,313,953,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Bank of America by 640.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock valued at $2,399,798,000 after buying an additional 40,235,201 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

More Bank of America News

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

• Positive Sentiment: Bank of America’s analysts continue to favor value stocks, arguing they are well positioned in an environment of higher interest rates and inflation. This supports the broader investment case for BAC, which trades at a relatively moderate earnings multiple and could benefit from durable net interest income. Stick with value stocks until everyone is talking about them
• Positive Sentiment: BofA Global Research says Federal Reserve corporate-credit facilities remain available to limit downside risks in a debt-heavy artificial-intelligence investment cycle. A continued backstop could reduce systemic credit concerns that might otherwise pressure large banks. The debt-fueled AI build-out may already be too big to fail
• Neutral Sentiment: Strategist Michael Hartnett remains bullish on gold, citing concerns about U.S. government debt and currency debasement. The view may support trading and advisory activity at BAC, although it is not a direct change to the bank’s earnings outlook. Why Bank of America strategist Michael Hartnett says the trade is still long gold
• Neutral Sentiment: Bank of America disclosed several changes to indirect equity holdings through Merrill Lynch, including a stake above 10% in Lakefront Biotherapeutics and a reduced position in Hidropar. These appear to be portfolio or client-related transactions rather than a material strategic investment in BAC’s own business. Bank of America builds 10% stake in Lakefront Biotherapeutics
• Negative Sentiment: Bank of America reportedly spends at least $250 million annually on GLP-1 weight-loss drugs for employees. Management views the benefit as an investment in worker health, but the significant recurring expense could weigh on operating costs if it does not produce measurable savings in health-care claims or employee retention. Bank of America is spending $250 million a year on weight loss drugs for employees

Bank of America Trading Up 0.3%

Shares of BAC opened at $62.50 on Wednesday. The company’s fifty day moving average is $60.84 and its 200 day moving average is $54.78. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The stock has a market capitalization of $437.04 billion, a PE ratio of 14.33, a P/E/G ratio of 0.99 and a beta of 1.17. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83.

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 the consensus estimate of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The business had revenue of $31.56 billion during the quarter, compared to analyst estimates of $30.78 billion. During the same quarter last year, the business earned $0.89 earnings per share. Bank of America’s quarterly revenue was up 19.6% compared to the same quarter last year. Sell-side analysts expect that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be given a dividend of $0.32 per share. The ex-dividend date is Friday, September 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.0%. 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%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Barclays upped their target price on shares of Bank of America from $71.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Wells Fargo & Company boosted their price objective on Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Oppenheimer lowered Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. UBS Group increased their target price on Bank of America from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Finally, Jefferies Financial Group reissued a “buy” rating and set a $75.00 target price on shares of Bank of America in a research note on Tuesday, July 14th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.08.

About Bank of America

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.