Manatuck Hill Partners LLC Purchases New Position in Bank of America Corporation $BAC

Manatuck Hill Partners LLC acquired a new position in Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 121,198 shares of the financial services provider’s stock, valued at approximately $6,906,000. Bank of America makes up about 2.3% of Manatuck Hill Partners LLC’s investment portfolio, making the stock its 10th biggest holding.

Several other institutional investors also recently bought and sold shares of BAC. Norges Bank purchased a new position in shares of Bank of America during the fourth quarter valued at $4,774,210,000. Bank of New York Mellon Corp lifted its stake in Bank of America by 5.4% in 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 acquiring an additional 2,929,779 shares during the period. Fisher Asset Management LLC grew its holdings 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 worth $2,958,110,000 after acquiring an additional 1,105,833 shares in the last quarter. Deutsche Bank AG grew its holdings 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 worth $2,594,488,000 after acquiring an additional 2,611,776 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position 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 valued at $2,399,798,000 after purchasing an additional 40,235,201 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America’s AI initiatives, including branch expansion and automation, may improve operating efficiency and customer service over time. However, continued expense growth could limit the near-term benefit. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: BofA Securities continues to demonstrate a constructive view on major growth and technology markets, reiterating Buy ratings on Alibaba, Nvidia, Prudential and Elbit Systems. The activity supports the visibility of BAC’s investment-banking and research franchise, although it has limited direct impact on earnings. Alibaba Raises $10 Billion for AI — Why BofA Is Looking Past the Dilution
• Neutral Sentiment: Bank of America issued several senior unsecured notes in August, with maturities extending from 2029 to 2046. The issuance supports liquidity and funding flexibility, but adds to interest obligations and offers no immediate change to the company’s earnings outlook. What Bank of America (BAC)’s New Debt Issuance and AI Credit Research Push Means For Shareholders
• Negative Sentiment: The SEC reportedly subpoenaed Bank of America, Goldman Sachs, JPMorgan and Citigroup regarding margin lending to hedge fund Situational Awareness, which suffered a 67% drawdown during an AI-stock sell-off. The investigation raises potential legal, compliance and credit-loss risks, particularly if leveraged clients cannot meet obligations. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: Persistent operating-cost pressure remains a concern for BAC investors. While AI and branch expansion could boost productivity, elevated expenses may weigh on margins and reduce the benefit of the bank’s recent revenue growth.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BAC. UBS Group boosted their price target on shares of Bank of America from $68.00 to $70.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Argus set a $70.00 price objective on shares of Bank of America in a research note on Wednesday, July 15th. Oppenheimer lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Jefferies Financial Group reissued a “buy” rating and issued a $75.00 price objective on shares of Bank of America in a research note on Tuesday, July 14th. Finally, Robert W. Baird upped their target price on Bank of America from $58.00 to $62.00 and gave the stock 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 assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $64.08.

Bank of America Stock Performance

Shares of Bank of America stock opened at $61.17 on Friday. The company has a market capitalization of $427.73 billion, a PE ratio of 14.03, a P/E/G ratio of 0.99 and a beta of 1.17. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. The company has a 50-day simple moving average of $61.06 and a two-hundred day simple moving average of $54.86. Bank of America Corporation has a one year low of $46.12 and a one year high of $65.22.

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

Bank of America Increases Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a yield of 2.1%. Bank of America’s dividend payout ratio is currently 25.69%.

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.