EFG International AG Invests $104.31 Million in Bank of America Corporation $BAC

EFG International AG acquired a new position in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 1,830,050 shares of the financial services provider’s stock, valued at approximately $104,315,000. Bank of America makes up 1.9% of EFG International AG’s portfolio, making the stock its 11th biggest position.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Turim 21 Investimentos Ltda. purchased a new position in Bank of America in the second quarter worth $25,000. Abound Financial LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at $26,000. Wiser Advisor Group LLC purchased a new stake in shares of Bank of America during the 3rd quarter valued at $27,000. CrossGen Wealth LLC acquired a new stake in shares of Bank of America in the 4th quarter worth $30,000. Finally, Joseph Group Capital Management acquired a new stake in shares of Bank of America in the 4th quarter worth $32,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $61.17 on Friday. The business has a fifty day moving average of $61.06 and a 200 day moving average of $54.86. 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 firm has a market capitalization of $427.73 billion, a price-to-earnings ratio of 14.03, a price-to-earnings-growth 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 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.08. The business had revenue of $31.56 billion for the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The company’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.89 EPS. As a group, research analysts expect that Bank of America Corporation will post 4.68 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be given a $0.32 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, September 4th. Bank of America’s payout ratio is currently 25.69%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Barclays upped their target price on Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Robert W. Baird raised their price target on Bank of America from $58.00 to $62.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. Truist Financial boosted their price target on Bank of America from $64.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. Jefferies Financial Group restated a “buy” rating and set a $75.00 price objective on shares of Bank of America in a report on Tuesday, July 14th. Finally, JPMorgan Chase & Co. increased their price objective on shares of 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 research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $64.08.

Key Stories Impacting Bank of America

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.