Opal Capital LLC Acquires 18,924 Shares of Bank of America Corporation $BAC

Opal Capital LLC grew its holdings in Bank of America Corporation (NYSE:BAC) by 238.8% during the first quarter, Holdings Channel reports. The firm owned 26,848 shares of the financial services provider’s stock after acquiring an additional 18,924 shares during the quarter. Opal Capital LLC’s holdings in Bank of America were worth $1,309,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Money Concepts Capital Corp lifted its stake in Bank of America by 3.8% in the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock valued at $273,000 after buying an additional 182 shares during the period. Operose Advisors LLC grew its position in shares of Bank of America by 0.9% during the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock worth $1,123,000 after buying an additional 185 shares during the period. Asahi Life Asset Management CO. LTD. grew its position in shares of Bank of America by 1.0% during the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock worth $1,092,000 after buying an additional 187 shares during the period. GatePass Capital LLC increased its stake in shares of Bank of America by 3.6% in the 1st quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider’s stock valued at $266,000 after acquiring an additional 190 shares in the last quarter. Finally, GeoWealth Management LLC lifted its position in shares of Bank of America by 0.3% during the 4th quarter. GeoWealth Management LLC now owns 61,597 shares of the financial services provider’s stock valued at $3,388,000 after acquiring an additional 191 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction dated 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 transaction, the insider owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.27% of the stock is owned by corporate insiders.

Bank of America Stock Performance

Shares of BAC stock opened at $62.61 on Wednesday. The firm has a market capitalization of $444.32 billion, a PE ratio of 14.36, a price-to-earnings-growth ratio of 1.00 and a beta of 1.17. The firm has a fifty day simple moving average of $56.89 and a two-hundred day simple moving average of $53.41. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a 12 month low of $44.75 and a 12 month high of $62.99.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $30.78 billion. During the same quarter in the prior year, the company posted $0.89 earnings per share. The business’s revenue was up 19.6% on a year-over-year basis. Analysts forecast that Bank of America Corporation will post 4.65 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced 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. The ex-dividend date is Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio (DPR) is currently 25.69%.

Bank of America News Roundup

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

• Positive Sentiment: Strong Q2 performance supports the shares. Bank of America reported second-quarter EPS of $1.21, exceeding the $1.13 consensus estimate, with EPS up 34.4% year over year. Record net interest income, strong trading activity and investment-banking results highlighted the benefits of its diversified business model. Should You Invest in Bank of America Following Impressive Q2 Results?
• Positive Sentiment: AI could improve profitability. Morgan Stanley strategists identified BAC as one of the U.S. companies most likely to achieve meaningful net-margin expansion through 2027 as artificial-intelligence investments improve productivity and operating efficiency. Bank of America Could Be One Of Wall Street’s Biggest AI Winners
• Positive Sentiment: New Travel Center may deepen customer engagement. BAC launched an expanded travel-booking platform powered by Rocket Travel by Agoda, offering nearly 1 million travel options and allowing customers to combine card rewards with payment cards. The initiative could encourage credit-card usage and strengthen customer loyalty, although its near-term earnings effect is likely limited. New Bank of America Travel Center
• Neutral Sentiment: Peer comparisons reinforce BAC’s diversified-bank positioning. A Q2 industry review and Zacks commentary place Bank of America among the major diversified banks being evaluated on earnings momentum, growth drivers and risks. The coverage is broadly supportive but does not introduce a new company-specific catalyst. Q2 Rundown: Bank of America vs. Other Diversified Banks Stocks
• Negative Sentiment: Fed policy uncertainty may increase volatility. Reports of a possible surprise interest-rate hike have unsettled bond markets ahead of the Federal Reserve decision. Rate expectations can affect BAC’s net interest income, bond portfolio values and broader financial-sector sentiment. Citadel Securities’ Fed Rate Hike Call Adds to Market Angst

Analysts Set New Price Targets

Several brokerages recently issued reports on BAC. Oppenheimer lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Citigroup upped their price objective on shares of Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. HSBC increased their price objective on shares of Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research note on Tuesday, July 21st. Finally, Autonomous Res decreased their target price on Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Monday, April 6th. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $63.77.

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.