PDT Partners LLC Purchases Shares of 29,300 Bank of America Corporation $BAC

PDT Partners LLC acquired a new stake in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, Holdings Channel.com reports. The fund acquired 29,300 shares of the financial services provider’s stock, valued at approximately $1,670,000.

Several other large investors have also modified their holdings of the stock. Total Clarity Wealth Management Inc. raised its position in shares of Bank of America by 3.6% during the second quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 168 shares during the period. Orca Wealth Management LLC boosted its position in shares of Bank of America by 0.5% in the 2nd quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider’s stock valued at $1,999,000 after purchasing an additional 179 shares during the period. Financial Consulate Inc. increased its stake in Bank of America by 4.0% in the 2nd quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider’s stock worth $270,000 after purchasing an additional 181 shares in the last quarter. Money Concepts Capital Corp increased its stake in 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 worth $273,000 after purchasing an additional 182 shares in the last quarter. Finally, Operose Advisors LLC raised its holdings in Bank of America by 0.9% during the 4th 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. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

BAC has been the subject of a number of analyst reports. Evercore set a $63.00 price objective on shares of Bank of America and gave the company an “outperform” rating in a research note on Monday, July 6th. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Morgan Stanley boosted their price target on shares of Bank of America from $61.00 to $67.00 and gave the company an “overweight” rating in a report on Monday, June 29th. Oppenheimer downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Finally, Citigroup raised their price objective on shares of Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.08.

Bank of America Trading Down 1.7%

Shares of NYSE BAC opened at $61.17 on Friday. 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 Corporation has a one year low of $46.12 and a one year high of $65.22. The business has a 50-day moving average price of $61.06 and a two-hundred day moving average price of $54.86. The firm has a market capitalization of $427.73 billion, a PE ratio of 14.03, a PEG ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC) last posted its quarterly 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 during the quarter, compared to analysts’ expectations of $30.78 billion. During the same period last year, the company posted $0.89 earnings per share. The firm’s quarterly revenue was up 19.6% compared to the same quarter last year. As a group, analysts predict that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business 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. The ex-dividend date is Friday, September 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.1%. This is an increase from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio is presently 25.69%.

Key Bank of America News

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 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.