Maloon Powers Pitre Higgins & Dennehy LLC Makes New $1.44 Million Investment in Bank of America Corporation $BAC

Maloon Powers Pitre Higgins & Dennehy LLC acquired a new position in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 25,282 shares of the financial services provider’s stock, valued at approximately $1,441,000.

A number of other large investors have also modified their holdings of BAC. Norges Bank bought a new position in shares of Bank of America during the 4th quarter worth about $4,774,210,000. Bank of New York Mellon Corp lifted its holdings in shares of Bank of America by 5.4% during the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock valued at $3,169,062,000 after acquiring an additional 2,929,779 shares during the period. Fisher Asset Management LLC increased its holdings in shares of Bank of America by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock worth $2,958,110,000 after buying an additional 1,105,833 shares in the last quarter. Deutsche Bank AG boosted its stake in Bank of America by 5.9% in the fourth quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider’s stock worth $2,594,488,000 after purchasing an additional 2,611,776 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Bank of America by 640.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock worth $2,399,798,000 after acquiring an additional 40,235,201 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Down 0.6%

BAC opened at $62.64 on Friday. The firm’s fifty day moving average is $61.64 and its two-hundred day moving average is $55.21. The firm has a market cap of $438.03 billion, a PE ratio of 14.37, a price-to-earnings-growth ratio of 1.01 and a beta of 1.15. Bank of America Corporation has a twelve month low of $46.12 and a twelve month high of $65.22. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.08. The business had revenue of $31.56 billion during the quarter, compared to analysts’ expectations of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm’s quarterly revenue was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.89 EPS. Equities research analysts anticipate that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The firm also recently disclosed 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. This is a boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.0%. Bank of America’s dividend payout ratio (DPR) is presently 25.69%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BAC. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, July 21st. Robert W. Baird increased their price objective on shares of Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Barclays raised their price objective on shares of Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Wells Fargo & Company lifted their target price on shares of Bank of America from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Finally, Citigroup upped 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. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $64.08.

More Bank of America News

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

• Positive Sentiment: Bank of America joined 20 financial institutions forming a company that plans to issue a U.S.-dollar stablecoin in 2027. The initiative could strengthen BAC’s position in digital payments and blockchain-based financial services, although any revenue benefit is longer term. Bank of America (BAC), What Is Behind The Fresh Attention?
• Positive Sentiment: Unusual options activity showed investors purchasing 362,697 BAC call options, 172% above average daily volume. The activity signals heightened bullish speculation, though options positioning can increase volatility and does not guarantee fundamental upside.
• Positive Sentiment: Brokerage coverage continues to lean favorable, with analysts assigning BAC a consensus “Moderate Buy” rating. The constructive view supports the stock’s recent momentum. Bank of America Corporation Given Consensus Recommendation of Moderate Buy
• Neutral Sentiment: BAC announced plans to redeem $2 billion of U.S.-dollar senior notes and CAD1.425 billion of Canadian-dollar senior notes on September 15. The transactions represent routine liability management and may improve funding efficiency, but they are not expected to materially change near-term earnings. Bank of America Announces U.S. Note Redemptions
• Negative Sentiment: A technical-market warning noted that Wall Street positioning in BAC and broader equities has reached an extreme. That raises the risk of profit-taking or a pullback despite the bank’s recent outperformance. Bank of America’s New Warning Should Concern Stock Investors

About Bank of America

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.