Renaissance Technologies LLC Buys Shares of 1,384,787 Bank of America Corporation $BAC

Renaissance Technologies LLC bought a new stake in shares of Bank of America Corporation (NYSE:BAC) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,384,787 shares of the financial services provider’s stock, valued at approximately $67,507,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Money Concepts Capital Corp boosted its position in Bank of America by 3.8% during the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock valued at $273,000 after purchasing an additional 182 shares during the period. Operose Advisors LLC increased its position in Bank of America by 0.9% in the fourth quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock worth $1,123,000 after buying an additional 185 shares during the period. Asahi Life Asset Management CO. LTD. lifted its stake in Bank of America by 1.0% in the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock valued at $1,092,000 after buying an additional 187 shares during the last quarter. GatePass Capital LLC lifted its stake in Bank of America by 3.6% in the first quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider’s stock valued at $266,000 after buying an additional 190 shares during the last quarter. Finally, GeoWealth Management LLC boosted its holdings in shares of Bank of America by 0.3% during the fourth quarter. GeoWealth Management LLC now owns 61,597 shares of the financial services provider’s stock valued at $3,388,000 after acquiring an additional 191 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the sale, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.27% of the company’s stock.

Bank of America Stock Performance

BAC stock opened at $62.00 on Monday. The company has a 50-day simple moving average of $56.42 and a 200 day simple moving average of $53.33. The company has a market capitalization of $439.96 billion, a P/E ratio of 14.22, a PEG ratio of 0.99 and a beta of 1.17. 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 Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $62.28.

Bank of America (NYSE:BAC) last issued 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. The firm had revenue of $8.08 billion during 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 firm’s quarterly revenue was up 19.6% on a year-over-year basis. During the same period last year, the company posted $0.89 EPS. Sell-side analysts predict that Bank of America Corporation will post 4.65 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, September 4th. This is a boost from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio is presently 29.36%.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent research reports. Truist Financial upped their price target on shares of Bank of America from $64.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Morgan Stanley boosted their target price on shares of Bank of America from $61.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Evercore set a $63.00 target price on shares of Bank of America and gave the stock an “outperform” rating in a research report on Monday, July 6th. HSBC raised their price target on shares of Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Finally, JPMorgan Chase & Co. lifted their price target on Bank of America from $57.50 to $62.50 and gave the company an “overweight” rating in a report on Monday, July 6th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.77.

Bank of America News Summary

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

• Positive Sentiment: Bank of America raised its quarterly dividend by 14% to $0.32 per share, a clear signal of strong capital generation and management’s commitment to shareholder returns. Bank of America hikes common stock dividend by 14%
• Positive Sentiment: The dividend boost was also highlighted in company announcements and market coverage, likely supporting sentiment that BAC’s balance sheet and earnings power remain solid. Bank of America Increases Common Stock Dividend 14% to 0.32 Per Share
• Positive Sentiment: Bank of America also continued to get attention for its investment research, including bullish calls on AI beneficiaries like Micron and Alphabet, which can reinforce the firm’s reputation and market visibility. Why BofA Thinks Micron Stock Could Be One of AI’s Biggest Long-Term Winners
• Neutral Sentiment: One report noted Bank of America’s well-known stock-market “sell signal” indicator is at its highest level since 2021, which may be seen as a cautionary macro signal rather than a direct BAC-specific issue. BofA’s famed sell signal for stocks is at its highest level since 2021
• Neutral Sentiment: Additional coverage on federal debt, inflation, and global bond weakness reflects the broader macro backdrop BAC operates in, but these items do not directly change the bank’s near-term fundamentals. Trump Called Himself the ‘King of Debt.’ Now Bank of America Says the U.S. Will Spend $2 Trillion More Than It Brings In This Year

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.