72,095 Shares in Bank of America Corporation $BAC Purchased by Nitor Capital Management LLC

Nitor Capital Management LLC acquired a new position in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 72,095 shares of the financial services provider’s stock, valued at approximately $3,755,000. Bank of America comprises about 2.5% of Nitor Capital Management LLC’s portfolio, making the stock its 12th biggest position.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Bank of America during the 4th quarter valued at approximately $4,774,210,000. Bank of New York Mellon Corp lifted its position in Bank of America by 5.4% in the fourth 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 buying an additional 2,929,779 shares during the last quarter. Fisher Asset Management LLC boosted its stake in Bank of America by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock worth $2,958,110,000 after buying an additional 1,105,833 shares during the period. Deutsche Bank AG increased its position in Bank of America by 5.9% during the fourth quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider’s stock valued at $2,594,488,000 after acquiring an additional 2,611,776 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Bank of America by 640.5% during 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 acquiring an additional 40,235,201 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Up 0.3%

BAC opened at $62.50 on Wednesday. The stock’s fifty day moving average is $60.84 and its two-hundred day moving average is $54.78. The company has a market capitalization of $437.04 billion, a P/E ratio of 14.33, a PEG ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC) last issued its 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 return on equity of 12.20% and a net margin of 17.56%.The business had revenue of $31.56 billion during the quarter, compared to analyst estimates of $30.78 billion. During the same period in the previous year, the company posted $0.89 EPS. Bank of America’s revenue was up 19.6% on a year-over-year basis. Analysts forecast 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. Investors of record on Friday, September 4th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.0%. This is a boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. Bank of America’s payout ratio is currently 25.69%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Jefferies Financial Group restated a “buy” rating and issued a $75.00 target price on shares of Bank of America in a report on Tuesday, July 14th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Tuesday, July 21st. Barclays increased their price objective 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. Morgan Stanley raised their price objective 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. Finally, Truist Financial boosted their target price on Bank of America from $64.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $64.08.

Key Bank of America News

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

• Positive Sentiment: Bank of America’s analysts continue to favor value stocks, arguing they are well positioned in an environment of higher interest rates and inflation. This supports the broader investment case for BAC, which trades at a relatively moderate earnings multiple and could benefit from durable net interest income. Stick with value stocks until everyone is talking about them
• Positive Sentiment: BofA Global Research says Federal Reserve corporate-credit facilities remain available to limit downside risks in a debt-heavy artificial-intelligence investment cycle. A continued backstop could reduce systemic credit concerns that might otherwise pressure large banks. The debt-fueled AI build-out may already be too big to fail
• Neutral Sentiment: Strategist Michael Hartnett remains bullish on gold, citing concerns about U.S. government debt and currency debasement. The view may support trading and advisory activity at BAC, although it is not a direct change to the bank’s earnings outlook. Why Bank of America strategist Michael Hartnett says the trade is still long gold
• Neutral Sentiment: Bank of America disclosed several changes to indirect equity holdings through Merrill Lynch, including a stake above 10% in Lakefront Biotherapeutics and a reduced position in Hidropar. These appear to be portfolio or client-related transactions rather than a material strategic investment in BAC’s own business. Bank of America builds 10% stake in Lakefront Biotherapeutics
• Negative Sentiment: Bank of America reportedly spends at least $250 million annually on GLP-1 weight-loss drugs for employees. Management views the benefit as an investment in worker health, but the significant recurring expense could weigh on operating costs if it does not produce measurable savings in health-care claims or employee retention. Bank of America is spending $250 million a year on weight loss drugs for employees

Bank of America 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.