Pin Oak Investment Advisors Inc. Makes New $1.21 Million Investment in Bank of America Corporation $BAC

Pin Oak Investment Advisors Inc. acquired a new position in Bank of America Corporation (NYSE:BAC) in the second quarter, Holdings Channel.com reports. The firm acquired 24,729 shares of the financial services provider’s stock, valued at approximately $1,206,000.

Other institutional investors have also recently modified their holdings of the company. Handelsbanken Fonder AB lifted its stake in shares of Bank of America by 53.0% in the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock valued at $254,625,000 after acquiring an additional 1,603,080 shares during the last quarter. Bamco Inc. NY grew its position in Bank of America by 45.4% during the 2nd quarter. Bamco Inc. NY now owns 40,994 shares of the financial services provider’s stock worth $2,336,000 after acquiring an additional 12,794 shares during the last quarter. E Fund Management Co. Ltd. purchased a new position in Bank of America in the 2nd quarter worth approximately $4,089,000. Bernicke Wealth Management Ltd. purchased a new position in Bank of America in the 2nd quarter worth approximately $2,132,000. Finally, Legal & General Group Plc lifted its position in Bank of America by 3.4% in the fourth quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider’s stock valued at $2,497,655,000 after purchasing an additional 1,487,809 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Up 2.0%

BAC stock opened at $62.38 on Friday. The business has a 50 day moving average of $61.18 and a 200 day moving average of $54.92. The firm has a market cap of $436.21 billion, a PE ratio of 14.31, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a twelve month low of $46.12 and a twelve month high of $65.22. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC) last released 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 return on equity of 12.20% and a net margin of 17.56%.The business had revenue of $31.56 billion for the quarter, compared to the consensus estimate of $30.78 billion. During the same period in the previous year, the company posted $0.89 earnings per share. The company’s revenue for the quarter 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 EPS for the current fiscal year.

Bank of America Increases Dividend

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

Analyst Upgrades and Downgrades

BAC has been the subject of a number of analyst reports. Keefe, Bruyette & Woods increased their price objective on Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. UBS Group boosted their price target on Bank of America from $68.00 to $70.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Barclays upped their price target 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. Citigroup increased their price objective on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Finally, Robert W. Baird upped their target price on Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus 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’s artificial-intelligence initiatives and branch expansion are expected to improve operating efficiency and customer service. The potential for productivity gains supports the long-term earnings case, although elevated expenses remain a risk. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: Strong inflows into gold and cryptocurrency funds reported by BofA suggest elevated client demand for investment products. That activity could benefit the bank’s wealth-management, brokerage and trading businesses, though the impact on BAC’s earnings is indirect.
• Neutral Sentiment: Bank of America disclosed holdings of approximately 4.69% and 5.87% in QIAGEN, reflecting regulatory notifications about its investment position. The disclosures may attract attention but do not materially change BAC’s core banking outlook. Bank of America Discloses 5.87% Stake in QIAGEN
• Neutral Sentiment: BofA strategists warned that global equities could face an autumn “reality check” tied to the U.S. midterm elections and geopolitical developments. A market pullback could weigh on BAC through lower investment-banking, asset-management and trading activity. Bank of America Warns of an Autumn Reality Check
• Negative Sentiment: JPMorgan is hiring senior technology dealmaker David Fishman from Bank of America. Losing an experienced M&A executive could weaken BAC’s technology investment-banking franchise and adds to competitive pressure. JPMorgan Hiring Bank of America’s David Fishman
• Negative Sentiment: The SEC is reportedly investigating margin lending to hedge fund Situational Awareness after a 67% drawdown, with Bank of America among the subpoenaed banks. Potential legal, credit and reputational risks could pressure sentiment. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: BAC is challenging proposed changes to the Federal Reserve’s global systemically important bank capital surcharge. Higher capital requirements could constrain lending, reduce balance-sheet flexibility and pressure returns on equity. Bank of America Joins Clash Over Fed GSIB Capital Rule

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.