4,335,818 Shares in Bank of America Corporation $BAC Purchased by Cullen Capital Management LLC

Cullen Capital Management LLC purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 4,335,818 shares of the financial services provider’s stock, valued at approximately $247,055,000. Bank of America comprises about 2.4% of Cullen Capital Management LLC’s investment portfolio, making the stock its 8th largest position.

Other large investors have also recently 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 valued at approximately $4,774,210,000. Bank of New York Mellon Corp grew its position 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 during the last quarter. Fisher Asset Management LLC grew its position in Bank of America by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock worth $2,958,110,000 after acquiring an additional 1,105,833 shares during the last quarter. Deutsche Bank AG increased its holdings in Bank of America by 5.9% during 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 in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in 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 during the last quarter. 70.71% of the stock is owned by institutional investors.

More Bank of America News

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

• Positive Sentiment: Bank of America’s approximately $40 billion share-repurchase authorization could retire as much as 11% of outstanding shares, potentially supporting earnings per share and providing a valuation floor. The buyback is particularly notable following the company’s recent earnings beat and 19.6% year-over-year revenue growth. Bank of America stock information
• Positive Sentiment: Bank of America analysts continue to influence investor views on artificial intelligence, semiconductors and global markets. Positive calls on Nvidia and SK Hynix reinforce the bank’s research franchise and could support investment-banking and trading activity, although these reports do not directly change BAC’s fundamentals. BofA analyst Nvidia outlook
• Neutral Sentiment: The bank issued several senior unsecured medium-term notes in August, including bonds maturing from 2029 through 2046. The issuance adds funding and liquidity but also increases interest expense and leverage, making the net shareholder impact dependent on how the proceeds are used. Bank of America debt issuance and AI research
• Negative Sentiment: SEC subpoenas involving major prime brokers, including Bank of America, create a regulatory overhang. The investigation focuses on leverage and risk controls tied to a heavily leveraged hedge fund; while immediate solvency risk appears limited, tighter margin rules could reduce trading activity and raise compliance costs. SEC subpoena and banking-sector liquidity analysis
• Negative Sentiment: Bank of America expects to spend at least $250 million annually on GLP-1 weight-loss drugs for employees. Management views the benefit as worthwhile, but the expense could pressure operating costs and margins. Bank of America employee GLP-1 spending

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a report on Tuesday, July 21st. Wells Fargo & Company increased their price objective on shares of Bank of America from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Morgan Stanley boosted their target price on shares of Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Barclays increased their price target on shares of Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Finally, Oppenheimer cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Twenty-one analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $64.08.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $62.26 on Thursday. 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 1-year low of $46.12 and a 1-year high of $65.22. The stock has a market capitalization of $435.37 billion, a P/E ratio of 14.28, a P/E/G ratio of 1.00 and a beta of 1.17. The business has a 50-day moving average price of $60.96 and a two-hundred day moving average price of $54.83.

Bank of America (NYSE:BAC) last issued 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 net margin of 17.56% and a return on equity of 12.20%. The company had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. During the same quarter last year, the firm earned $0.89 EPS. The company’s revenue for the quarter was up 19.6% on a year-over-year basis. Equities analysts predict that Bank of America Corporation will post 4.68 earnings per share for the current year.

Bank of America Increases Dividend

The firm 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 $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 dividend on an annualized basis and a yield of 2.1%. Bank of America’s payout ratio is 25.69%.

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.