Connor Clark & Lunn Investment Management Ltd. Invests $180.60 Million in Bank of America Corporation $BAC

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,169,459 shares of the financial services provider’s stock, valued at approximately $180,596,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Meiji Yasuda Asset Management Co Ltd. purchased a new stake in shares of Bank of America in the second quarter valued at $2,108,000. Mission Financial Group LLC purchased a new stake in Bank of America during the 2nd quarter worth about $328,000. Burk Holdings LLC purchased a new stake in Bank of America during the 2nd quarter worth about $249,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Bank of America in the 2nd quarter valued at about $579,692,000. Finally, Nitor Capital Management LLC acquired a new position in Bank of America in the 2nd quarter valued at about $3,755,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Wells Fargo & Company raised their price target on shares of Bank of America from $67.00 to $69.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Evercore set a $63.00 price objective on shares of Bank of America and gave the company an “outperform” rating in a research report on Monday, July 6th. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. Jefferies Financial Group restated a “buy” rating and set a $75.00 target price on shares of Bank of America in a research report on Tuesday, July 14th. Finally, Citigroup lifted their target price on shares of Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $64.08.

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

Bank of America Stock Down 0.3%

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. The stock has a market capitalization of $435.37 billion, a price-to-earnings ratio of 14.28, a price-to-earnings-growth ratio of 1.00 and a beta of 1.17. The business has a 50-day moving average of $60.96 and a two-hundred day moving average of $54.83. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 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 net margin of 17.56% and a return on equity of 12.20%. The company’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.89 EPS. On average, research analysts expect that Bank of America Corporation will post 4.68 earnings per share for the current 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 given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.1%. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. Bank of America’s dividend payout ratio (DPR) 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.