Citizens Financial Group Inc. RI Makes New Investment in Bank of America Corporation $BAC

Citizens Financial Group Inc. RI acquired a new position in shares of Bank of America Corporation (NYSE:BAC) during the second quarter, HoldingsChannel reports. The firm acquired 1,443,485 shares of the financial services provider’s stock, valued at approximately $82,250,000. Bank of America accounts for approximately 1.0% of Citizens Financial Group Inc. RI’s portfolio, making the stock its 20th biggest position.

Several other institutional investors and hedge funds have also recently modified their holdings of BAC. Texas Capital Bank Wealth Management Services Inc acquired a new stake in Bank of America during the second quarter worth approximately $2,576,000. Cornerstone Advisors LLC acquired a new position in Bank of America during the 2nd quarter worth approximately $31,624,000. Tortoise Investment Management LLC bought a new position in shares of Bank of America in the 2nd quarter valued at $236,000. Pavion Blue Capital LLC bought a new stake in shares of Bank of America during the second quarter worth about $10,486,000. Finally, UNIVEST FINANCIAL Corp acquired a new position in shares of Bank of America during the second quarter worth $8,856,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Down 0.2%

BAC opened at $61.73 on Friday. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22. The stock has a market cap of $431.66 billion, a PE ratio of 14.16, a PEG ratio of 0.99 and a beta of 1.17. The business has a 50 day moving average of $60.60 and a 200-day moving average of $54.67. 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 (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating 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 company had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same quarter last year, the firm earned $0.89 earnings per share. The firm’s quarterly revenue was up 19.6% compared to the same quarter last year. Equities research 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 declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.32 per share. This is a boost 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%. The ex-dividend date of this dividend is Friday, September 4th. Bank of America’s payout ratio is 25.69%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Jefferies Financial Group restated a “buy” rating and set a $75.00 price target on shares of Bank of America in a report on Tuesday, July 14th. Oppenheimer lowered Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Morgan Stanley boosted their target price on shares of Bank of America from $61.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Argus set a $70.00 price objective on shares of Bank of America in a report on Wednesday, July 15th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a report on Tuesday, July 21st. 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.com, Bank of America has an average rating of “Moderate Buy” and an average price target 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’s active participation in the August bond market demonstrates continued access to wholesale funding and allows it to extend maturities through senior unsecured offerings. Its latest quarterly results also showed strong earnings and revenue growth, providing a fundamental counterweight to near-term concerns. Bank of America’s Stock Market Signal Flashes Warning
• Neutral Sentiment: Bank of America increased its indirect stake in Turkish industrial technology company Hidropar to 5.386%. The disclosure indicates portfolio or client-related investment activity, but it is not expected to materially affect BAC’s earnings. Bank of America Lifts Indirect Stake in Hidropar to 5.386%
• Neutral Sentiment: Bank of America crossed a disclosure threshold in Smith & Nephew, reflecting an updated shareholding. The move is unlikely to have a meaningful direct impact on BAC’s common stock. Smith & Nephew Discloses Updated Bank of America Shareholding
• Neutral Sentiment: Bank of America’s analysts issued views on HP, Home Depot and Nvidia. These calls may generate research-related attention, but they do not materially change BAC’s own fundamentals. Bank of America Sends Warning on HP Stock
• Negative Sentiment: A market commentary warns that crowded positioning in Bank of America could make any broader-market pullback sharper. Separate analysis questions whether BAC is undervalued after its recent bond issuance, while noting recent short-term share-price weakness. These factors are weighing on sentiment despite the bank’s solid earnings profile. Bank of America’s Stock Market Signal Flashes Warning Is Bank of America Undervalued?
• Negative Sentiment: Analysis of Bank of America preferred stock suggests that more attractive alternatives may exist than Series GG. While this primarily affects preferred securities, it can modestly temper sentiment toward BAC’s capital-raising instruments. Bank of America Preferreds: Better Propositions Available Than Series GG

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.