Bank of America Corporation $BAC Position Raised by Cim Investment Management Inc.

Cim Investment Management Inc. lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 340.7% during the second quarter, Holdings Channel.com reports. The firm owned 51,780 shares of the financial services provider’s stock after acquiring an additional 40,030 shares during the period. Bank of America comprises 0.7% of Cim Investment Management Inc.’s investment portfolio, making the stock its 24th biggest holding. Cim Investment Management Inc.’s holdings in Bank of America were worth $2,950,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Legal & General Group Plc acquired a new stake in Bank of America during the second quarter valued at $2,571,060,000. Capital International Investors acquired a new stake in shares of Bank of America during the 4th quarter valued at about $2,357,461,000. Deutsche Bank AG acquired a new stake in shares of Bank of America during the 2nd quarter valued at about $2,359,172,000. Bank of New York Mellon Corp purchased a new position in shares of Bank of America in the 2nd quarter valued at about $2,313,953,000. Finally, Cardano Risk Management B.V. increased its stake in shares of Bank of America by 914.5% in the 4th quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock valued at $1,380,239,000 after purchasing an additional 22,621,546 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

More Bank of America News

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

• Positive Sentiment: Analyst support remains favorable: HSBC initiated coverage with a Buy rating and a $65 price target, while Morgan Stanley also maintained a Buy view. These calls suggest potential upside from current levels. Bank of America Stock Rated Buy in New Coverage at HSBC
• Positive Sentiment: Bank of America reported that corporate clients are accelerating use of its real-time payments network. Transaction volume rose 48%, while transactions above $1 million increased 351%, highlighting growing demand for treasury and liquidity-management services. BofA Clients Accelerate RTP Use
• Positive Sentiment: The bank launched AI-powered Payments Insights for CashPro clients and expanded its AskGPS Intelligence Hub. The tools could improve client retention, treasury-service revenue and operating efficiency over time. Bank of America Launches Payments Insights
• Positive Sentiment: Bradesco completed the first pilot transaction using BofA’s cross-border real-time payments solution, providing evidence that the bank’s payments technology is gaining international adoption. Bradesco Completes First Pilot Transaction
• Neutral Sentiment: Analysts expect Bank of America to report third-quarter results next month, with a projected double-digit earnings increase. Investors may remain cautious ahead of the release while evaluating whether investment-banking momentum and digital growth can continue. Bank of America Earnings Preview
• Negative Sentiment: Recent commentary acknowledges that rising expenses could limit near-term upside after BAC’s 17.4% six-month advance. Higher interest rates may benefit lending income, but they can also increase funding costs and pressure credit-sensitive areas.

Bank of America Price Performance

Shares of NYSE:BAC traded down $0.51 during midday trading on Tuesday, hitting $54.97. The company’s stock had a trading volume of 31,387,078 shares, compared to its average volume of 37,158,004. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22. The company has a market cap of $384.36 billion, a P/E ratio of 12.61, a price-to-earnings-growth ratio of 0.91 and a beta of 1.15. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. The business’s 50 day simple moving average is $61.48 and its 200 day simple moving average is $56.15.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.08. The business had revenue of $31.56 billion for the quarter, compared to analysts’ expectations of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The business’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.89 EPS. On average, analysts forecast that Bank of America Corporation will post 4.66 EPS for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.3%. The ex-dividend date was Friday, September 4th. This is an increase from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio (DPR) is currently 29.36%.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent analyst reports. HSBC initiated coverage on Bank of America in a research report on Monday. They set a “buy” rating and a $65.00 price target on the stock. Keefe, Bruyette & Woods upped their target price on Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. Argus set a $70.00 target price on Bank of America in a research report on Wednesday, July 15th. Robert W. Baird lifted their price target on shares of Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Finally, Jefferies Financial Group cut their price target on shares of Bank of America from $75.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, September 24th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $64.08.

About Bank of America

Bank of America Corporation (NYSE:BAC) is a diversified financial services company serving individual consumers, small businesses, middle-market companies and large corporations. Its principal businesses include consumer banking, wealth and investment management, commercial banking, corporate and investment banking, and sales and trading.

Through its banking and financial services businesses, the company offers deposit accounts, credit cards, mortgages, home equity products, consumer and business loans, payment services, treasury management, brokerage services and investment advice.