Councilmark Asset Management LLC Takes $1.14 Million Position in Bank of America Corporation $BAC

Councilmark Asset Management LLC bought a new stake in Bank of America Corporation (NYSE:BAC) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 20,014 shares of the financial services provider’s stock, valued at approximately $1,140,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in Bank of America in the fourth quarter worth approximately $4,774,210,000. Bank of New York Mellon Corp grew its holdings in Bank of America by 5.4% during the 4th quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock worth $3,169,062,000 after acquiring an additional 2,929,779 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Bank of America by 2.1% in the 4th quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock valued at $2,958,110,000 after purchasing an additional 1,105,833 shares during the last quarter. Deutsche Bank AG increased its position in shares of Bank of America by 5.9% in the 4th quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider’s stock valued at $2,594,488,000 after purchasing an additional 2,611,776 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Bank of America by 640.5% in 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 purchasing an additional 40,235,201 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BAC. Argus set a $70.00 price objective on shares of Bank of America in a research report on Wednesday, July 15th. Royal Bank Of Canada increased their target price on Bank of America from $59.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, July 15th. Oppenheimer downgraded Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Morgan Stanley upped their price objective 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. Finally, Citigroup increased their price objective on Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $64.08.

Bank of America Trading Up 2.0%

NYSE BAC opened at $62.38 on Friday. The firm’s fifty day moving average is $61.18 and its two-hundred day moving average is $54.92. Bank of America Corporation has a one year low of $46.12 and a one year high of $65.22. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. The firm has a market cap of $436.21 billion, a PE ratio of 14.31, a P/E/G ratio of 0.98 and a beta of 1.17.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping 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 the consensus estimate of $30.78 billion. During the same quarter in the prior year, the firm earned $0.89 earnings per share. The business’s quarterly revenue was up 19.6% compared to the same quarter last year. Analysts expect that Bank of America Corporation will post 4.68 earnings per share 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. Shareholders of record on Friday, September 4th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend 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 (DPR) is currently 25.69%.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America’s artificial-intelligence initiatives and branch expansion are expected to improve operating efficiency and customer service. The potential for productivity gains supports the long-term earnings case, although elevated expenses remain a risk. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: Strong inflows into gold and cryptocurrency funds reported by BofA suggest elevated client demand for investment products. That activity could benefit the bank’s wealth-management, brokerage and trading businesses, though the impact on BAC’s earnings is indirect.
• Neutral Sentiment: Bank of America disclosed holdings of approximately 4.69% and 5.87% in QIAGEN, reflecting regulatory notifications about its investment position. The disclosures may attract attention but do not materially change BAC’s core banking outlook. Bank of America Discloses 5.87% Stake in QIAGEN
• Neutral Sentiment: BofA strategists warned that global equities could face an autumn “reality check” tied to the U.S. midterm elections and geopolitical developments. A market pullback could weigh on BAC through lower investment-banking, asset-management and trading activity. Bank of America Warns of an Autumn Reality Check
• Negative Sentiment: JPMorgan is hiring senior technology dealmaker David Fishman from Bank of America. Losing an experienced M&A executive could weaken BAC’s technology investment-banking franchise and adds to competitive pressure. JPMorgan Hiring Bank of America’s David Fishman
• Negative Sentiment: The SEC is reportedly investigating margin lending to hedge fund Situational Awareness after a 67% drawdown, with Bank of America among the subpoenaed banks. Potential legal, credit and reputational risks could pressure sentiment. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: BAC is challenging proposed changes to the Federal Reserve’s global systemically important bank capital surcharge. Higher capital requirements could constrain lending, reduce balance-sheet flexibility and pressure returns on equity. Bank of America Joins Clash Over Fed GSIB Capital Rule

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.