WINTON GROUP Ltd Acquires Shares of 20,575 Bank of America Corporation $BAC

WINTON GROUP Ltd acquired a new position in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 20,575 shares of the financial services provider’s stock, valued at approximately $1,172,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Cidel Asset Management Inc. increased its holdings in shares of Bank of America by 2.1% in the second quarter. Cidel Asset Management Inc. now owns 77,057 shares of the financial services provider’s stock valued at $4,391,000 after purchasing an additional 1,608 shares during the period. Plimoth Trust Co. LLC lifted its holdings in shares of Bank of America by 0.8% during the second quarter. Plimoth Trust Co. LLC now owns 88,169 shares of the financial services provider’s stock worth $5,024,000 after purchasing an additional 680 shares during the period. SVB Wealth LLC grew its position in Bank of America by 2.0% in the 2nd quarter. SVB Wealth LLC now owns 52,717 shares of the financial services provider’s stock valued at $3,004,000 after buying an additional 1,029 shares during the last quarter. NorthRock Partners LLC grew its position in Bank of America by 5.1% in the 2nd quarter. NorthRock Partners LLC now owns 78,359 shares of the financial services provider’s stock valued at $4,465,000 after buying an additional 3,771 shares during the last quarter. Finally, Community Bank N.A. increased its stake in Bank of America by 9.3% in the 2nd quarter. Community Bank N.A. now owns 24,448 shares of the financial services provider’s stock valued at $1,393,000 after buying an additional 2,085 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America News Summary

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

• Positive Sentiment: Bank of America CEO Brian Moynihan said consumer spending and credit quality remain healthy despite higher gasoline prices. He added that borrowing remains solid, although elevated interest rates are creating more pressure for small and midsize businesses. Bank of America CEO says the consumer remains resilient despite rising gas prices
• Positive Sentiment: Goldman Sachs maintained its Buy rating on BAC, reinforcing a favorable Wall Street view. The bank’s latest quarterly results also provide support: earnings and revenue exceeded consensus estimates, with revenue up 19.6% year over year. Goldman Sachs Sticks to Their Buy Rating for Bank of America
• Positive Sentiment: BofA’s market strategists said rising bond yields have not yet pushed artificial-intelligence valuations into bubble territory, while arguing that equity markets can withstand more severe bond-market shocks. This may support broader risk appetite and investment-banking activity, though it also highlights ongoing market risks. Bank of America says rising bond yields aren’t a threat to AI trade yet
• Neutral Sentiment: Bank of America disclosed reductions in indirect stakes in Turkish companies Hateks and Manas Enerji following share sales. The transactions appear routine and are unlikely to materially affect BAC’s earnings or valuation. Bank of America Trims Indirect Stake in Turkish Textile Producer Hateks
• Negative Sentiment: BofA warned that rising Treasury yields, slowing equity inflows, and a potential $163 billion wave of forced selling could increase market volatility. Such conditions could weigh on financial stocks and reduce near-term investor risk appetite. Bank of America Warns of Volatility Ahead

Analyst Upgrades and Downgrades

BAC has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on shares of Bank of America from $67.00 to $69.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Oppenheimer lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Truist Financial increased their price target on shares of 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 report on Tuesday, July 14th. Finally, Argus set a $70.00 target price on Bank of America in a research report on Wednesday, July 15th. Twenty-one 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 stock has an average rating of “Moderate Buy” and a consensus target price of $64.08.

Bank of America Price Performance

Shares of NYSE BAC opened at $62.66 on Monday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. Bank of America Corporation has a one year low of $46.12 and a one year high of $65.22. The firm has a market capitalization of $438.18 billion, a P/E ratio of 14.37, a PEG ratio of 1.00 and a beta of 1.15. The company’s fifty day moving average is $62.09 and its two-hundred day moving average is $55.58.

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 (EPS) 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 business had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same quarter last year, the firm posted $0.89 EPS. The business’s revenue was up 19.6% compared to the same quarter last year. Analysts forecast that Bank of America Corporation will post 4.68 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be issued 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 dividend payout ratio is 29.36%.

Bank of America Company Profile

Bank of America Corporation (NYSE:BAC) is a diversified financial services company serving individual consumers, businesses, institutional investors and governments. Its operations include consumer banking, credit and debit cards, mortgages, small-business banking, commercial banking, investment banking, securities trading and investment management.

The company provides consumer and wealth-management services through Bank of America and Merrill, including deposit accounts, lending, brokerage, retirement planning, financial advice and private banking.