Polar Asset Management Partners Inc. Takes Position in Bank of America Corporation $BAC

Polar Asset Management Partners Inc. purchased a new position in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 300,532 shares of the financial services provider’s stock, valued at approximately $17,124,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Total Clarity Wealth Management Inc. grew its position in Bank of America by 3.6% in the second quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider’s stock valued at $279,000 after acquiring an additional 168 shares during the last quarter. Orca Wealth Management LLC lifted its holdings in shares of Bank of America by 0.5% in the second quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider’s stock worth $1,999,000 after acquiring an additional 179 shares during the last quarter. Financial Consulate Inc. lifted its holdings in shares of Bank of America by 4.0% in the second quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider’s stock worth $270,000 after acquiring an additional 181 shares during the last quarter. Money Concepts Capital Corp boosted its stake in shares of Bank of America by 3.8% in 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 in the last quarter. Finally, Operose Advisors LLC boosted its stake in shares of Bank of America by 0.9% in the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock valued at $1,123,000 after purchasing an additional 185 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BAC. Truist Financial upped their price objective 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. Evercore set a $63.00 target price on shares of Bank of America and gave the company an “outperform” rating in a research report on Monday, July 6th. Barclays boosted their target price on shares of Bank of America from $71.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Wells Fargo & Company upped their price target on shares of Bank of America from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Finally, Morgan Stanley increased their price target on Bank of America from $61.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $64.08.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America’s AI initiatives, including branch expansion and automation, may improve operating efficiency and customer service over time. However, continued expense growth could limit the near-term benefit. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: BofA Securities continues to demonstrate a constructive view on major growth and technology markets, reiterating Buy ratings on Alibaba, Nvidia, Prudential and Elbit Systems. The activity supports the visibility of BAC’s investment-banking and research franchise, although it has limited direct impact on earnings. Alibaba Raises $10 Billion for AI — Why BofA Is Looking Past the Dilution
• Neutral Sentiment: Bank of America issued several senior unsecured notes in August, with maturities extending from 2029 to 2046. The issuance supports liquidity and funding flexibility, but adds to interest obligations and offers no immediate change to the company’s earnings outlook. What Bank of America (BAC)’s New Debt Issuance and AI Credit Research Push Means For Shareholders
• Negative Sentiment: The SEC reportedly subpoenaed Bank of America, Goldman Sachs, JPMorgan and Citigroup regarding margin lending to hedge fund Situational Awareness, which suffered a 67% drawdown during an AI-stock sell-off. The investigation raises potential legal, compliance and credit-loss risks, particularly if leveraged clients cannot meet obligations. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: Persistent operating-cost pressure remains a concern for BAC investors. While AI and branch expansion could boost productivity, elevated expenses may weigh on margins and reduce the benefit of the bank’s recent revenue growth.

Bank of America Stock Performance

Bank of America stock opened at $61.17 on Friday. The business has a 50 day moving average of $61.06 and a 200-day moving average of $54.86. The company has a market capitalization of $427.73 billion, a P/E ratio of 14.03, a P/E/G ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a 1 year low of $46.12 and a 1 year high of $65.22. 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 (NYSE:BAC) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $30.78 billion. During the same period last year, the company earned $0.89 EPS. The firm’s revenue was up 19.6% compared to the same quarter last year. On average, equities research analysts predict 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 declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. Bank of America’s dividend payout ratio (DPR) is presently 25.69%.

Bank of America Company 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.