Saudi Central Bank Has $27.08 Million Stock Holdings in Bank of America Corporation $BAC

Saudi Central Bank grew its holdings in Bank of America Corporation (NYSE:BAC) by 87.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 475,191 shares of the financial services provider’s stock after purchasing an additional 222,282 shares during the period. Saudi Central Bank’s holdings in Bank of America were worth $27,076,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of BAC. Turim 21 Investimentos Ltda. acquired a new stake in Bank of America in the second quarter valued at about $25,000. Abound Financial LLC acquired a new position in Bank of America during the fourth quarter worth about $26,000. Wiser Advisor Group LLC bought a new position in shares of Bank of America in the third quarter worth about $27,000. CrossGen Wealth LLC bought a new position in shares of Bank of America in the fourth quarter worth about $30,000. Finally, Vermillion Wealth Management Inc. boosted its stake in shares of Bank of America by 199.1% in the 1st quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 438 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Bank of America stock opened at $62.64 on Friday. The business has a 50 day moving average of $61.64 and a 200-day moving average of $55.21. 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. The company has a market capitalization of $438.03 billion, a P/E ratio of 14.37, a P/E/G ratio of 1.00 and a beta of 1.15.

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 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 dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend 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 (DPR) is presently 25.69%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research analyst reports. UBS Group upped their price objective on shares of Bank of America from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Wells Fargo & Company raised their target price on shares of Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Argus set a $70.00 target price on shares of Bank of America in a research note on Wednesday, July 15th. Royal Bank Of Canada boosted their target price on shares of Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $75.00 price target on shares of Bank of America in a report on Tuesday, July 14th. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average 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 joined 20 financial institutions forming a company that plans to issue a U.S.-dollar stablecoin in 2027. The initiative could strengthen BAC’s position in digital payments and blockchain-based financial services, although any revenue benefit is longer term. Bank of America (BAC), What Is Behind The Fresh Attention?
• Positive Sentiment: Unusual options activity showed investors purchasing 362,697 BAC call options, 172% above average daily volume. The activity signals heightened bullish speculation, though options positioning can increase volatility and does not guarantee fundamental upside.
• Positive Sentiment: Brokerage coverage continues to lean favorable, with analysts assigning BAC a consensus “Moderate Buy” rating. The constructive view supports the stock’s recent momentum. Bank of America Corporation Given Consensus Recommendation of Moderate Buy
• Neutral Sentiment: BAC announced plans to redeem $2 billion of U.S.-dollar senior notes and CAD1.425 billion of Canadian-dollar senior notes on September 15. The transactions represent routine liability management and may improve funding efficiency, but they are not expected to materially change near-term earnings. Bank of America Announces U.S. Note Redemptions
• Negative Sentiment: A technical-market warning noted that Wall Street positioning in BAC and broader equities has reached an extreme. That raises the risk of profit-taking or a pullback despite the bank’s recent outperformance. Bank of America’s New Warning Should Concern Stock Investors

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.