Polymer Capital Management HK LTD Acquires Shares of 126,344 Bank of America Corporation $BAC

Polymer Capital Management HK LTD acquired a new position in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, HoldingsChannel.com reports. The fund acquired 126,344 shares of the financial services provider’s stock, valued at approximately $7,199,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Turim 21 Investimentos Ltda. purchased a new position in Bank of America during the second quarter worth about $25,000. Abound Financial LLC purchased a new stake in Bank of America in the 4th quarter valued at approximately $26,000. Wiser Advisor Group LLC purchased a new stake in Bank of America in the 3rd quarter valued at approximately $27,000. CrossGen Wealth LLC acquired a new position in Bank of America during the 4th quarter worth approximately $30,000. Finally, Joseph Group Capital Management purchased a new position in shares of Bank of America during the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on BAC shares. Jefferies Financial Group reissued a “buy” rating and issued a $75.00 price target on shares of Bank of America in a report on Tuesday, July 14th. Royal Bank Of Canada upped their price objective on Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, July 15th. JPMorgan Chase & Co. increased their price objective on Bank of America from $62.50 to $68.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Oppenheimer lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research note on Tuesday, July 21st. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $64.08.

Bank of America Stock Performance

Shares of BAC stock opened at $62.26 on Thursday. The stock has a fifty day moving average price of $60.96 and a 200 day moving average price of $54.83. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. The stock has a market cap of $435.37 billion, a PE ratio of 14.28, a P/E/G ratio of 1.00 and a beta of 1.17. Bank of America Corporation has a 1 year low of $46.12 and a 1 year 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 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $30.78 billion. During the same quarter in the prior year, the company earned $0.89 earnings per share. Bank of America’s revenue was up 19.6% compared to the same quarter last year. Sell-side analysts forecast 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 disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be paid a $0.32 dividend. 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. 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%.

Key Stories 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 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.