Opal Capital LLC Has $1.31 Million Stock Holdings in Bank of America Corporation $BAC

Opal Capital LLC raised its stake in Bank of America Corporation (NYSE:BAC) by 238.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,848 shares of the financial services provider’s stock after buying an additional 18,924 shares during the period. Opal Capital LLC’s holdings in Bank of America were worth $1,309,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Money Concepts Capital Corp lifted its stake in shares of Bank of America by 3.8% in the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock valued at $273,000 after acquiring an additional 182 shares during the last quarter. Operose Advisors LLC grew its position in Bank of America by 0.9% during the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock worth $1,123,000 after acquiring an additional 185 shares during the last quarter. Asahi Life Asset Management CO. LTD. increased its holdings in Bank of America by 1.0% in the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock worth $1,092,000 after purchasing an additional 187 shares in the last quarter. GatePass Capital LLC increased its holdings in Bank of America by 3.6% in the 1st quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider’s stock worth $266,000 after purchasing an additional 190 shares in the last quarter. Finally, GeoWealth Management LLC raised its position in Bank of America by 0.3% in the fourth quarter. GeoWealth Management LLC now owns 61,597 shares of the financial services provider’s stock valued at $3,388,000 after purchasing an additional 191 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on BAC shares. Daiwa Securities Group lifted their price target on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, April 28th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, July 15th. Piper Sandler lifted their target price on shares of Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. UBS Group boosted their target price on shares of Bank of America from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $75.00 price target on shares of Bank of America in a research report on Tuesday, July 14th. Twenty-one analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $63.77.

Bank of America Trading Up 0.8%

NYSE BAC opened at $62.61 on Wednesday. The firm has a market capitalization 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. 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 current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a 12 month low of $44.75 and a 12 month high of $62.99.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. The company had revenue of $8.08 billion during the quarter, compared to the consensus estimate 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 last year, the company earned $0.89 earnings per share. On average, analysts expect that Bank of America Corporation will post 4.65 EPS for the current year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, September 4th. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio (DPR) is 25.69%.

Insider Transactions at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the transaction, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.27% of the company’s stock.

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 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.