Convergence Investment Partners LLC Has $5.38 Million Stock Position in Bank of America Corporation $BAC

Convergence Investment Partners LLC grew its holdings in shares of Bank of America Corporation (NYSE:BAC) by 26.1% in the 1st quarter, Holdings Channel.com reports. The fund owned 110,451 shares of the financial services provider’s stock after purchasing an additional 22,846 shares during the period. Bank of America makes up about 0.9% of Convergence Investment Partners LLC’s holdings, making the stock its 25th biggest holding. Convergence Investment Partners LLC’s holdings in Bank of America were worth $5,384,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of BAC. Norges Bank acquired a new stake in Bank of America in the fourth quarter valued at $4,774,210,000. Capital International Investors acquired a new position in Bank of America during the 4th quarter worth about $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of 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 valued at $2,399,798,000 after buying an additional 40,235,201 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Bank of America by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock valued at $35,809,225,000 after buying an additional 23,351,183 shares during the period. Finally, Cardano Risk Management B.V. increased its stake in shares of Bank of America by 914.5% in the fourth quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock valued at $1,380,239,000 after buying an additional 22,621,546 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on BAC. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research note on Friday, April 24th. Piper Sandler increased their target price on shares of Bank of America from $53.00 to $59.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. Autonomous Res lowered their price target on shares of Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Monday, April 6th. Citigroup boosted their price target on shares of Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Finally, Daiwa Securities Group upped their price objective on shares of Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, April 28th. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $63.77.

Key Bank of America News

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

• Positive Sentiment: Bank of America’s analysts are still finding opportunities across financials and related sectors, with recent notes highlighting attractive valuations, net interest margin upside at regional banks, and other potential buying opportunities. That reinforces a constructive view on BAC and the broader bank group. Article: Citizens Financial Group: Buy Rating Backed by Attractive Valuation, Above-Peer Growth and Net Interest Margin Upside
• Positive Sentiment: Bank of America is also leaning into growth areas like AI and digital assets, promoting executives to lead its AI transformation and crypto efforts. Investors may see that as evidence the bank is investing for long-term efficiency and new revenue streams. Article: Bank of America Promotes Execs to Champion AI and Crypto
• Neutral Sentiment: Several headlines reflect broad market and macro themes, including inflation expectations, Fed policy debates, and bank earnings commentary. These are more relevant to sector sentiment than to a direct BAC-specific catalyst. Article: Bond Traders Take Warsh at Word, See Inflation Fight Continuing
• Neutral Sentiment: Bank of America’s own recent dividend declarations on preferred shares are routine capital-return updates and are unlikely to move the common stock meaningfully on their own. Article: Bank of America Corporation 5.375 DEP PFD KK declares $0.3359 dividend
• Negative Sentiment: Macro uncertainty around Fed policy and inflation could keep pressure on bank valuation multiples if rate-cut expectations fade or markets price in a more restrictive policy path. That is a risk for BAC even if its fundamentals remain solid. Article: Could Warsh Break a 56-Year Fed Rate-Hike Streak?

Bank of America Trading Down 1.4%

Shares of BAC stock opened at $60.41 on Tuesday. The company has a market cap of $428.70 billion, a P/E ratio of 13.86, a PEG ratio of 0.98 and a beta of 1.17. The stock has a 50 day simple moving average of $55.50 and a two-hundred day simple moving average of $53.17. 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 Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $62.12.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. The firm had revenue of $8.08 billion for the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 19.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.89 EPS. Research analysts forecast that Bank of America Corporation will post 4.64 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Friday, June 5th. Bank of America’s payout ratio is presently 25.69%.

Insider Transactions at Bank of America

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.27% of the stock is currently owned by corporate insiders.

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.