3,232,335 Shares in Bank of America Corporation $BAC Bought by Great Lakes Advisors LLC

Great Lakes Advisors LLC acquired a new stake in Bank of America Corporation (NYSE:BAC) in the second quarter, Holdings Channel reports. The institutional investor acquired 3,232,335 shares of the financial services provider’s stock, valued at approximately $184,178,000. Bank of America accounts for about 1.4% of Great Lakes Advisors LLC’s portfolio, making the stock its 10th largest holding.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Handelsbanken Fonder AB grew its holdings in Bank of America by 53.0% during the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock valued at $254,625,000 after purchasing an additional 1,603,080 shares during the period. Legal & General Group Plc raised its holdings in Bank of America by 3.4% in the fourth quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider’s stock worth $2,497,655,000 after purchasing an additional 1,487,809 shares during the period. Mondrian Investment Partners LTD boosted its position in shares of Bank of America by 34.3% during the fourth quarter. Mondrian Investment Partners LTD now owns 2,175,401 shares of the financial services provider’s stock worth $119,647,000 after purchasing an additional 555,063 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Bank of America by 217.4% during the fourth quarter. International Assets Investment Management LLC now owns 327,949 shares of the financial services provider’s stock worth $18,037,000 after purchasing an additional 224,627 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Bank of America in the 1st quarter valued at $67,507,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BAC. Robert W. Baird raised their price objective on Bank of America from $58.00 to $62.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods boosted their target price on Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. Argus set a $70.00 price target on Bank of America in a report on Wednesday, July 15th. Citigroup raised their price target 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. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Tuesday, July 21st. Twenty-one equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently 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

Bank of America Price Performance

BAC stock opened at $61.73 on Friday. The stock has a 50-day moving average price of $60.60 and a two-hundred day moving average price of $54.67. Bank of America Corporation has a 1 year low of $46.12 and a 1 year high of $65.22. The stock has a market cap of $431.66 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 0.98 and a beta of 1.17. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.08. The company had revenue of $31.56 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 19.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.89 earnings per share. Equities analysts forecast that Bank of America Corporation will post 4.68 EPS for the current fiscal 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 given a $0.32 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a yield of 2.1%. This is a boost from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s payout ratio is 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.