15,339 Shares in Bank of America Corporation $BAC Purchased by Pointe Capital Management LLC

Pointe Capital Management LLC purchased a new stake in Bank of America Corporation (NYSE:BAC) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 15,339 shares of the financial services provider’s stock, valued at approximately $874,000.

Other large investors have also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Bank of America during the fourth quarter worth approximately $4,774,210,000. Legal & General Group Plc bought a new stake in Bank of America in the 2nd quarter valued at $2,571,060,000. Capital International Investors bought a new stake in Bank of America in the 4th quarter valued at $2,357,461,000. Deutsche Bank AG acquired a new position in Bank of America in the 2nd quarter valued at $2,359,172,000. Finally, Bank of New York Mellon Corp acquired a new position in Bank of America in the 2nd quarter valued at $2,313,953,000. 70.71% of the stock is owned by institutional investors.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America’s artificial-intelligence initiatives and branch expansion are expected to improve operating efficiency and customer service. The potential for productivity gains supports the long-term earnings case, although elevated expenses remain a risk. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: Strong inflows into gold and cryptocurrency funds reported by BofA suggest elevated client demand for investment products. That activity could benefit the bank’s wealth-management, brokerage and trading businesses, though the impact on BAC’s earnings is indirect.
• Neutral Sentiment: Bank of America disclosed holdings of approximately 4.69% and 5.87% in QIAGEN, reflecting regulatory notifications about its investment position. The disclosures may attract attention but do not materially change BAC’s core banking outlook. Bank of America Discloses 5.87% Stake in QIAGEN
• Neutral Sentiment: BofA strategists warned that global equities could face an autumn “reality check” tied to the U.S. midterm elections and geopolitical developments. A market pullback could weigh on BAC through lower investment-banking, asset-management and trading activity. Bank of America Warns of an Autumn Reality Check
• Negative Sentiment: JPMorgan is hiring senior technology dealmaker David Fishman from Bank of America. Losing an experienced M&A executive could weaken BAC’s technology investment-banking franchise and adds to competitive pressure. JPMorgan Hiring Bank of America’s David Fishman
• Negative Sentiment: The SEC is reportedly investigating margin lending to hedge fund Situational Awareness after a 67% drawdown, with Bank of America among the subpoenaed banks. Potential legal, credit and reputational risks could pressure sentiment. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: BAC is challenging proposed changes to the Federal Reserve’s global systemically important bank capital surcharge. Higher capital requirements could constrain lending, reduce balance-sheet flexibility and pressure returns on equity. Bank of America Joins Clash Over Fed GSIB Capital Rule

Analyst Ratings Changes

A number of research firms have recently weighed in on BAC. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a report on Tuesday, July 21st. Truist Financial upped their price target on shares of Bank of America from $64.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Argus set a $70.00 price target on shares of Bank of America in a research report on Wednesday, July 15th. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Bank of America from $62.50 to $68.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $64.08.

Bank of America Price Performance

Shares of NYSE BAC opened at $62.38 on Friday. The business has a fifty day moving average price of $61.18 and a two-hundred day moving average price of $54.92. The stock has a market capitalization of $436.21 billion, a PE ratio of 14.31, a P/E/G ratio of 0.98 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. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. During the same period in the prior year, the firm posted $0.89 EPS. Bank of America’s quarterly revenue was up 19.6% on a year-over-year basis. As a group, equities analysts predict that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company 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 dividend of $0.32 per share. The ex-dividend date is Friday, September 4th. This is a positive change 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 dividend payout ratio is currently 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.