Great Lakes Advisors LLC Invests $9.72 Million in Bank of America Corporation $BAC

Great Lakes Advisors LLC acquired a new position in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 170,660 shares of the financial services provider’s stock, valued at approximately $9,724,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Brighton Jones LLC grew its stake in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC raised its holdings in shares of Bank of America by 40.5% in the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock valued at $1,013,000 after purchasing an additional 6,174 shares during the last quarter. Jump Financial LLC lifted its position in shares of Bank of America by 38.4% in the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock worth $3,108,000 after purchasing an additional 18,227 shares in the last quarter. Nebula Research & Development LLC bought a new stake in shares of Bank of America in the second quarter worth $1,396,000. Finally, Vivaldi Capital Management LP boosted its holdings in Bank of America by 4.2% during the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock worth $417,000 after purchasing an additional 355 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC opened at $61.73 on Friday. The company has a market cap of $431.66 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 0.98 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’s fifty day simple moving average is $60.60 and its 200 day simple moving average is $54.67. 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 posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (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 firm had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. During the same period in the prior year, the firm posted $0.89 earnings per share. The company’s quarterly revenue was up 19.6% compared to the same quarter last year. On average, research analysts forecast that Bank of America Corporation will post 4.68 earnings per share 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. Stockholders of record on Friday, September 4th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s payout ratio is currently 25.69%.

Bank of America News Summary

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

Analyst Ratings Changes

A number of research analysts recently weighed in on BAC shares. Citigroup raised their target price on shares of Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Argus set a $70.00 price target on shares of Bank of America in a research report on Wednesday, July 15th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research note on Tuesday, July 21st. UBS Group raised their price objective on Bank of America from $68.00 to $70.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Finally, JPMorgan Chase & Co. lifted their target price on Bank of America from $62.50 to $68.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $64.08.

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.