First National Bank of Omaha Makes New $4.93 Million Investment in Bank of America Corporation $BAC

First National Bank of Omaha purchased a new stake in Bank of America Corporation (NYSE:BAC) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 85,572 shares of the financial services provider’s stock, valued at approximately $4,926,000.

Other hedge funds have also modified their holdings of the company. Handelsbanken Fonder AB raised its position in shares of Bank of America by 53.0% during the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock worth $254,625,000 after purchasing an additional 1,603,080 shares during the period. Legal & General Group Plc lifted its stake in shares of 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 worth $2,497,655,000 after buying an additional 1,487,809 shares during the last quarter. Mondrian Investment Partners LTD grew its position in Bank of America by 34.3% in the 4th quarter. Mondrian Investment Partners LTD now owns 2,175,401 shares of the financial services provider’s stock worth $119,647,000 after purchasing an additional 555,063 shares during the last quarter. International Assets Investment Management LLC raised its stake in shares of Bank of America by 217.4% in the 4th quarter. International Assets Investment Management LLC now owns 327,949 shares of the financial services provider’s stock valued at $18,037,000 after buying an additional 224,627 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Bank of America during the first quarter valued at $67,507,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC opened at $61.73 on Friday. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22. The business’s 50 day moving average price is $60.60 and its 200-day moving average price is $54.67. The stock has a market cap of $431.66 billion, a P/E ratio of 14.16, a P/E/G ratio of 0.99 and a beta of 1.17. 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 announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.08. The company had revenue of $31.56 billion during 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 firm’s revenue was up 19.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.89 EPS. Equities research 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 business 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 $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, September 4th. This is a boost from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s payout ratio is presently 25.69%.

Analyst Ratings Changes

BAC has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research note on Tuesday, July 21st. Jefferies Financial Group reissued a “buy” rating and set a $75.00 target price on shares of Bank of America in a report on Tuesday, July 14th. Daiwa Securities Group lifted their target price on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Robert W. Baird boosted their price objective on shares of Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Finally, Wells Fargo & Company increased their price objective on Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $64.08.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America’s active participation in the August bond market demonstrates continued access to wholesale funding and allows it to extend maturities through senior unsecured offerings. Its latest quarterly results also showed strong earnings and revenue growth, providing a fundamental counterweight to near-term concerns. Bank of America’s Stock Market Signal Flashes Warning
• Neutral Sentiment: Bank of America increased its indirect stake in Turkish industrial technology company Hidropar to 5.386%. The disclosure indicates portfolio or client-related investment activity, but it is not expected to materially affect BAC’s earnings. Bank of America Lifts Indirect Stake in Hidropar to 5.386%
• Neutral Sentiment: Bank of America crossed a disclosure threshold in Smith & Nephew, reflecting an updated shareholding. The move is unlikely to have a meaningful direct impact on BAC’s common stock. Smith & Nephew Discloses Updated Bank of America Shareholding
• Neutral Sentiment: Bank of America’s analysts issued views on HP, Home Depot and Nvidia. These calls may generate research-related attention, but they do not materially change BAC’s own fundamentals. Bank of America Sends Warning on HP Stock
• Negative Sentiment: A market commentary warns that crowded positioning in Bank of America could make any broader-market pullback sharper. Separate analysis questions whether BAC is undervalued after its recent bond issuance, while noting recent short-term share-price weakness. These factors are weighing on sentiment despite the bank’s solid earnings profile. Bank of America’s Stock Market Signal Flashes Warning Is Bank of America Undervalued?
• Negative Sentiment: Analysis of Bank of America preferred stock suggests that more attractive alternatives may exist than Series GG. While this primarily affects preferred securities, it can modestly temper sentiment toward BAC’s capital-raising instruments. Bank of America Preferreds: Better Propositions Available Than Series GG

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.