Sculptor Capital LP Purchases Shares of 2,034,655 Bank of America Corporation $BAC

Sculptor Capital LP purchased a new position in Bank of America Corporation (NYSE:BAC) in the second quarter, HoldingsChannel reports. The firm purchased 2,034,655 shares of the financial services provider’s stock, valued at approximately $115,935,000. Bank of America accounts for 0.9% of Sculptor Capital LP’s portfolio, making the stock its 21st largest position.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Turim 21 Investimentos Ltda. purchased a new position in shares of Bank of America during the 2nd quarter valued at $25,000. Abound Financial LLC purchased a new stake in Bank of America in the 4th quarter worth $26,000. Wiser Advisor Group LLC purchased a new stake in Bank of America in the 3rd quarter worth $27,000. CrossGen Wealth LLC bought a new stake in Bank of America during the fourth quarter valued at about $30,000. Finally, Frazier Financial Advisors LLC bought a new stake in Bank of America during the second quarter valued at about $34,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 2.0%

Shares of Bank of America stock opened at $62.38 on Friday. The firm has a market cap of $436.21 billion, a price-to-earnings ratio of 14.31, a PEG ratio of 0.98 and a beta of 1.17. The business has a 50-day moving average price of $61.18 and a 200-day moving average price of $54.92. 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 Corporation has a twelve month low of $46.12 and a twelve month high of $65.22.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $31.56 billion for the quarter, compared to the consensus estimate of $30.78 billion. During the same period in the previous year, the business earned $0.89 earnings per share. The firm’s revenue for the quarter was up 19.6% on a year-over-year basis. Equities research analysts anticipate 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. Stockholders of record on Friday, September 4th will be given a dividend of $0.32 per share. The ex-dividend date is Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.1%. This is an increase from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio is currently 25.69%.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America’s artificial-intelligence initiatives and branch expansion are expected to improve operating efficiency and customer service. The potential for productivity gains supports the long-term earnings case, although elevated expenses remain a risk. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: Strong inflows into gold and cryptocurrency funds reported by BofA suggest elevated client demand for investment products. That activity could benefit the bank’s wealth-management, brokerage and trading businesses, though the impact on BAC’s earnings is indirect.
• Neutral Sentiment: Bank of America disclosed holdings of approximately 4.69% and 5.87% in QIAGEN, reflecting regulatory notifications about its investment position. The disclosures may attract attention but do not materially change BAC’s core banking outlook. Bank of America Discloses 5.87% Stake in QIAGEN
• Neutral Sentiment: BofA strategists warned that global equities could face an autumn “reality check” tied to the U.S. midterm elections and geopolitical developments. A market pullback could weigh on BAC through lower investment-banking, asset-management and trading activity. Bank of America Warns of an Autumn Reality Check
• Negative Sentiment: JPMorgan is hiring senior technology dealmaker David Fishman from Bank of America. Losing an experienced M&A executive could weaken BAC’s technology investment-banking franchise and adds to competitive pressure. JPMorgan Hiring Bank of America’s David Fishman
• Negative Sentiment: The SEC is reportedly investigating margin lending to hedge fund Situational Awareness after a 67% drawdown, with Bank of America among the subpoenaed banks. Potential legal, credit and reputational risks could pressure sentiment. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: BAC is challenging proposed changes to the Federal Reserve’s global systemically important bank capital surcharge. Higher capital requirements could constrain lending, reduce balance-sheet flexibility and pressure returns on equity. Bank of America Joins Clash Over Fed GSIB Capital Rule

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Citigroup upped their price objective on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Argus set a $70.00 target price on Bank of America in a research note on Wednesday, July 15th. Oppenheimer cut Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. UBS Group upped their price target on Bank of America from $68.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. Finally, Wells Fargo & Company increased their price objective on shares of 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 analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.08.

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.