CI Investments Inc. Cuts Stake in Bank of America Corporation $BAC

CI Investments Inc. cut its stake in Bank of America Corporation (NYSE:BAC) by 2.8% during the 1st quarter, Holdings Channel.com reports. The fund owned 4,272,260 shares of the financial services provider’s stock after selling 123,666 shares during the period. Bank of America accounts for approximately 1.0% of CI Investments Inc.’s portfolio, making the stock its 19th largest position. CI Investments Inc.’s holdings in Bank of America were worth $208,273,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. Norges Bank purchased a new position in Bank of America during the fourth quarter worth approximately $4,774,210,000. Capital International Investors purchased a new stake in shares of Bank of America during the 4th quarter valued at $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew 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 during the period. Vanguard Group Inc. increased its holdings in shares of Bank of America by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock worth $35,809,225,000 after buying an additional 23,351,183 shares during the last quarter. Finally, Cardano Risk Management B.V. increased its holdings in shares of Bank of America by 914.5% during the 4th quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock worth $1,380,239,000 after buying an additional 22,621,546 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BAC. Citigroup increased their target price on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Keefe, Bruyette & Woods upped their price target on Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. Barclays upped their price target on Bank of America from $71.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Daiwa Securities Group raised their price objective on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Finally, Argus set a $70.00 price objective on Bank of America in a research note on Wednesday, July 15th. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.77.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America’s new BofA Rewards program crossed 3 million enrollments in just seven weeks, with most sign-ups happening digitally. That rapid adoption suggests the bank is successfully deepening customer relationships and could support future deposit growth and cross-selling. 3 Million+ Clients Enroll in New BofA Rewards™ Program in First Seven Weeks
• Positive Sentiment: Bank of America also enhanced its EricaAssist tool with generative AI, giving more than 18,000 employees faster real-time guidance to resolve client needs. Investors may view this as an efficiency and service-quality improvement that can help lower costs over time. BofA enhances AI-powered tool to resolve client needs faster
• Positive Sentiment: Oppenheimer reportedly added Bank of America to its latest buy ideas list with a near-perfect quant rating, reinforcing the bullish case for BAC among analysts. Bank of America leads Oppenheimer’s latest buy additions with near-perfect quant rating
• Positive Sentiment: The bank promoted Thorsten Pauli to lead Asia Pacific capital markets, a move that underscores continued focus on investment banking and global markets opportunities. Bank of America (BAC) Names Thorsten Pauli To Lead Asia Pacific Capital Markets
• Positive Sentiment: Bank of America’s small business digital banking platform again ranked first in a Keynova Group scorecard, which may bolster the view that BAC is gaining share through better digital products. Small Business Digital Banking Advances with Payment Innovations and Upgraded Invoicing and Receivables Capabilities
• Neutral Sentiment: Several stories highlighted Bank of America research on other companies, including Micron, Meta, Apple, CoreWeave, and Citizens Financial. These items mainly reflect BAC’s analyst franchise rather than a direct change in Bank of America’s fundamentals.
• Neutral Sentiment: The bank also released workplace wellbeing and broader economic commentary, which add color to the macro backdrop but are less likely to move BAC shares by themselves. BofA Report: Financial Wellbeing of Employees at U.S. Companies Hits Four-Year High, Even as Cost-of-Living Pressures Persist

Bank of America Stock Up 1.2%

Shares of Bank of America stock opened at $61.12 on Wednesday. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $62.12. The company has a market capitalization of $433.71 billion, a PE ratio of 14.02, a P/E/G ratio of 0.97 and a beta of 1.17. 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 business has a 50-day moving average of $55.71 and a 200-day moving average of $53.21.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping the consensus estimate of $1.13 by $0.08. The business had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The company’s revenue was up 19.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.89 earnings per share. As a group, equities analysts forecast that Bank of America Corporation will post 4.66 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 1.8%. Bank of America’s dividend payout ratio (DPR) is presently 25.69%.

Insider Buying and Selling

In related news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.27% of the company’s stock.

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.