Oslo Pensjonsforsikring AS Buys New Shares in Bank of America Corporation $BAC

Oslo Pensjonsforsikring AS purchased a new position in Bank of America Corporation (NYSE:BAC) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 31,718 shares of the financial services provider’s stock, valued at approximately $1,546,000. Bank of America comprises approximately 0.2% of Oslo Pensjonsforsikring AS’s holdings, making the stock its 29th largest position.

Other institutional investors and hedge funds also recently modified their holdings of the company. Handelsbanken Fonder AB boosted its holdings in shares of Bank of America by 53.0% in the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock valued at $254,625,000 after purchasing an additional 1,603,080 shares during the last quarter. Legal & General Group Plc boosted its holdings in Bank of America by 3.4% in the fourth quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider’s stock valued at $2,497,655,000 after acquiring an additional 1,487,809 shares during the last quarter. Nisa Investment Advisors LLC grew its position in Bank of America by 2.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,905,348 shares of the financial services provider’s stock valued at $159,794,000 after acquiring an additional 71,307 shares during the period. Mondrian Investment Partners LTD increased its stake in Bank of America by 34.3% during the fourth quarter. Mondrian Investment Partners LTD now owns 2,175,401 shares of the financial services provider’s stock worth $119,647,000 after acquiring an additional 555,063 shares during the last quarter. Finally, Ritholtz Wealth Management raised its holdings in shares of Bank of America by 9.9% in the 4th quarter. Ritholtz Wealth Management now owns 231,018 shares of the financial services provider’s stock worth $12,706,000 after purchasing an additional 20,819 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $61.12 on Wednesday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $62.12. The company has a market capitalization of $433.71 billion, a price-to-earnings ratio of 14.02, a PEG ratio of 0.97 and a beta of 1.17. The business has a 50-day moving average of $55.71 and a 200-day moving average of $53.21.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating the consensus estimate of $1.13 by $0.08. The business had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The company’s revenue was up 19.6% on a year-over-year basis. During the same period last year, the business posted $0.89 EPS. On average, equities analysts anticipate that Bank of America Corporation will post 4.66 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were given a $0.28 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 annualized dividend and a yield of 1.8%. Bank of America’s dividend payout ratio (DPR) is 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 new BofA Rewards program crossed 3 million enrollments in just seven weeks, with most sign-ups happening digitally. That rapid adoption suggests the bank is successfully deepening customer relationships and could support future deposit growth and cross-selling. 3 Million+ Clients Enroll in New BofA Rewards™ Program in First Seven Weeks
• Positive Sentiment: Bank of America also enhanced its EricaAssist tool with generative AI, giving more than 18,000 employees faster real-time guidance to resolve client needs. Investors may view this as an efficiency and service-quality improvement that can help lower costs over time. BofA enhances AI-powered tool to resolve client needs faster
• Positive Sentiment: Oppenheimer reportedly added Bank of America to its latest buy ideas list with a near-perfect quant rating, reinforcing the bullish case for BAC among analysts. Bank of America leads Oppenheimer’s latest buy additions with near-perfect quant rating
• Positive Sentiment: The bank promoted Thorsten Pauli to lead Asia Pacific capital markets, a move that underscores continued focus on investment banking and global markets opportunities. Bank of America (BAC) Names Thorsten Pauli To Lead Asia Pacific Capital Markets
• Positive Sentiment: Bank of America’s small business digital banking platform again ranked first in a Keynova Group scorecard, which may bolster the view that BAC is gaining share through better digital products. Small Business Digital Banking Advances with Payment Innovations and Upgraded Invoicing and Receivables Capabilities
• Neutral Sentiment: Several stories highlighted Bank of America research on other companies, including Micron, Meta, Apple, CoreWeave, and Citizens Financial. These items mainly reflect BAC’s analyst franchise rather than a direct change in Bank of America’s fundamentals.
• Neutral Sentiment: The bank also released workplace wellbeing and broader economic commentary, which add color to the macro backdrop but are less likely to move BAC shares by themselves. BofA Report: Financial Wellbeing of Employees at U.S. Companies Hits Four-Year High, Even as Cost-of-Living Pressures Persist

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Oppenheimer cut Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Robert W. Baird raised their price target on shares of Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Barclays lifted their price target on shares of Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Evercore set a $63.00 price objective on shares of Bank of America and gave the stock an “outperform” rating in a research note on Monday, July 6th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Bank of America from $57.50 to $62.50 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $63.77.

Insider Activity

In other news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the sale, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.27% of the stock is owned by corporate insiders.

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.