Edmond DE Rothschild Holding S.A. Buys Shares of 3,093,041 Bank of America Corporation $BAC

Edmond DE Rothschild Holding S.A. purchased a new position in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,093,041 shares of the financial services provider’s stock, valued at approximately $176,241,000. Bank of America makes up 2.3% of Edmond DE Rothschild Holding S.A.’s holdings, making the stock its 7th largest holding.

Other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Bank of America during the fourth quarter valued at $4,774,210,000. Capital International Investors acquired a new position in Bank of America in the 4th quarter valued at about $2,357,461,000. Deutsche Bank AG purchased a new stake in shares of Bank of America during the second quarter worth about $2,359,172,000. Bank of New York Mellon Corp acquired a new position in shares of Bank of America in the second quarter valued at approximately $2,313,953,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Bank of America by 640.5% in the third 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 last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC stock opened at $61.73 on Monday. 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 company has a 50 day moving average price of $60.60 and a 200 day moving average price of $54.67. The firm has a market capitalization of $431.66 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 0.98 and a beta of 1.17.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates 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 business earned $0.89 EPS. Bank of America’s revenue for the quarter was up 19.6% on a year-over-year basis. Sell-side analysts anticipate that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be issued a $0.32 dividend. The ex-dividend date is Friday, September 4th. This is an increase 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%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on BAC shares. Barclays raised their target price on shares of Bank of America from $71.00 to $72.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Keefe, Bruyette & Woods boosted their price target on Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, July 15th. Truist Financial raised their price objective on Bank of America from $64.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Bank of America in a research report on Tuesday, July 14th. Finally, Evercore set a $63.00 target price on Bank of America and gave the company an “outperform” rating in a research note on Monday, July 6th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.08.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America’s active participation in the August bond market demonstrates continued access to wholesale funding and allows it to extend maturities through senior unsecured offerings. Its latest quarterly results also showed strong earnings and revenue growth, providing a fundamental counterweight to near-term concerns. Bank of America’s Stock Market Signal Flashes Warning
• Neutral Sentiment: Bank of America increased its indirect stake in Turkish industrial technology company Hidropar to 5.386%. The disclosure indicates portfolio or client-related investment activity, but it is not expected to materially affect BAC’s earnings. Bank of America Lifts Indirect Stake in Hidropar to 5.386%
• Neutral Sentiment: Bank of America crossed a disclosure threshold in Smith & Nephew, reflecting an updated shareholding. The move is unlikely to have a meaningful direct impact on BAC’s common stock. Smith & Nephew Discloses Updated Bank of America Shareholding
• Neutral Sentiment: Bank of America’s analysts issued views on HP, Home Depot and Nvidia. These calls may generate research-related attention, but they do not materially change BAC’s own fundamentals. Bank of America Sends Warning on HP Stock
• Negative Sentiment: A market commentary warns that crowded positioning in Bank of America could make any broader-market pullback sharper. Separate analysis questions whether BAC is undervalued after its recent bond issuance, while noting recent short-term share-price weakness. These factors are weighing on sentiment despite the bank’s solid earnings profile. Bank of America’s Stock Market Signal Flashes Warning Is Bank of America Undervalued?
• Negative Sentiment: Analysis of Bank of America preferred stock suggests that more attractive alternatives may exist than Series GG. While this primarily affects preferred securities, it can modestly temper sentiment toward BAC’s capital-raising instruments. Bank of America Preferreds: Better Propositions Available Than Series GG

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.