11,686 Shares in Bank of America Corporation $BAC Bought by Cullen Capital Management LLC

Cullen Capital Management LLC purchased a new position in Bank of America Corporation (NYSE:BAC) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 11,686 shares of the financial services provider’s stock, valued at approximately $2,785,000.

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

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America’s approximately $40 billion share-repurchase authorization could retire as much as 11% of outstanding shares, potentially supporting earnings per share and providing a valuation floor. The buyback is particularly notable following the company’s recent earnings beat and 19.6% year-over-year revenue growth. Bank of America stock information
• Positive Sentiment: Bank of America analysts continue to influence investor views on artificial intelligence, semiconductors and global markets. Positive calls on Nvidia and SK Hynix reinforce the bank’s research franchise and could support investment-banking and trading activity, although these reports do not directly change BAC’s fundamentals. BofA analyst Nvidia outlook
• Neutral Sentiment: The bank issued several senior unsecured medium-term notes in August, including bonds maturing from 2029 through 2046. The issuance adds funding and liquidity but also increases interest expense and leverage, making the net shareholder impact dependent on how the proceeds are used. Bank of America debt issuance and AI research
• Negative Sentiment: SEC subpoenas involving major prime brokers, including Bank of America, create a regulatory overhang. The investigation focuses on leverage and risk controls tied to a heavily leveraged hedge fund; while immediate solvency risk appears limited, tighter margin rules could reduce trading activity and raise compliance costs. SEC subpoena and banking-sector liquidity analysis
• Negative Sentiment: Bank of America expects to spend at least $250 million annually on GLP-1 weight-loss drugs for employees. Management views the benefit as worthwhile, but the expense could pressure operating costs and margins. Bank of America employee GLP-1 spending

Analysts Set New Price Targets

Several research analysts have weighed in on the company. JPMorgan Chase & Co. upped their price target on Bank of America from $62.50 to $68.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Jefferies Financial Group reiterated a “buy” rating and set a $75.00 price objective on shares of Bank of America in a research report on Tuesday, July 14th. Evercore set a $63.00 target price on shares of Bank of America and gave the stock an “outperform” rating in a report on Monday, July 6th. Wells Fargo & Company upped their target price on shares of Bank of America from $67.00 to $69.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Finally, UBS Group raised their target price on shares of Bank of America from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.08.

Bank of America Stock Performance

NYSE:BAC opened at $62.26 on Thursday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. Bank of America Corporation has a 1 year low of $46.12 and a 1 year high of $65.22. The stock’s 50 day simple moving average is $60.96 and its two-hundred day simple moving average is $54.83. The company has a market cap of $435.37 billion, a price-to-earnings ratio of 14.28, a PEG ratio of 1.00 and a beta of 1.17.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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 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 analysts’ expectations of $30.78 billion. During the same period in the prior year, the firm earned $0.89 EPS. The company’s revenue for the quarter was up 19.6% on a year-over-year basis. As a group, equities analysts anticipate 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 declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.1%. The ex-dividend date 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 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.