35,645 Shares in Bank of America Corporation $BAC Purchased by Mill Capital Management LLC

Mill Capital Management LLC bought a new stake in Bank of America Corporation (NYSE:BAC) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 35,645 shares of the financial services provider’s stock, valued at approximately $2,031,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Abound Financial LLC acquired a new stake in Bank of America during the 4th quarter valued at approximately $26,000. Wiser Advisor Group LLC purchased a new stake in shares of Bank of America in the 3rd quarter valued at $27,000. CrossGen Wealth LLC acquired a new stake in shares of Bank of America in the fourth quarter worth $30,000. Joseph Group Capital Management acquired a new stake in shares of Bank of America in the fourth quarter worth $32,000. Finally, Vermillion Wealth Management Inc. raised its holdings in shares of Bank of America by 199.1% during the first quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 438 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BAC. Citigroup boosted their target price on shares of Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. UBS Group lifted their price objective on Bank of America from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Truist Financial lifted their price objective on Bank of America from $64.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Evercore set a $63.00 price objective on Bank of America and gave the company an “outperform” rating in a report on Monday, July 6th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $75.00 target price on shares of Bank of America in a research note on Tuesday, July 14th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $64.08.

Bank of America News Summary

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

• Positive Sentiment: Bank of America is investing $1.9 billion for up to a 49.9% stake in Jio Credit, expanding its presence in India’s fast-growing financial-services market and creating potential long-term revenue growth. Will Bank of America Benefit From the Jio Credit Partnership in India?
• Positive Sentiment: BofA’s global fund-manager survey showed unusually strong optimism toward equities, with investors relatively unconcerned about higher rates, economic weakness, political instability and AI capital spending. This supports a constructive backdrop for large financial stocks. Fund managers have rarely been this bullish about stocks
• Positive Sentiment: Bank of America’s bullish calls on cybersecurity, AI infrastructure and memory-chip companies highlight its investment-banking and research exposure to areas attracting strong investor demand. The bank also sees gold reaching $5,000, reflecting active market opportunities for its clients. AI Agents Are Creating a New Cybersecurity Boom
• Neutral Sentiment: Strategists Michael Hartnett and other BofA analysts warned that record U.S. deficits, rising long-term yields and potential global stagflation make bonds less attractive. The outlook could support trading activity and net interest income, but it also raises risks for bond portfolios and the broader economy. With the national debt nearing $40 trillion
• Negative Sentiment: Bank of America cautioned that the AI boom’s heavy capital spending could create a less visible market vulnerability if expected returns fail to justify investments. That warning may weigh on sentiment toward banks exposed to technology financing and capital markets. Bank of America Has a Stark Warning on AI Spending
• Negative Sentiment: BAC is among six banks agreeing to an $86.4 million settlement over alleged Mexican bond-market manipulation. Although the cost is shared and appears manageable relative to BAC’s size, the matter adds regulatory and litigation overhang. Major US Banks Agree to $86.4M Settlement in Mexican Bond-Rigging Case

Bank of America Price Performance

Shares of Bank of America stock opened at $64.24 on Wednesday. The firm has a market cap of $449.19 billion, a PE ratio of 14.73, a P/E/G ratio of 1.03 and a beta of 1.17. Bank of America Corporation has a twelve month low of $46.12 and a twelve month high of $65.22. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The business has a 50-day moving average price of $60.18 and a 200 day moving average price of $54.49.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (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 quarter in the prior year, the business posted $0.89 earnings per share. Bank of America’s revenue for the quarter was up 19.6% on a year-over-year basis. Sell-side analysts predict that Bank of America Corporation will post 4.68 earnings per share 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. Stockholders of record on Friday, September 4th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.0%. 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. Bank of America’s dividend payout ratio is currently 25.69%.

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.