12,101 Shares in Bank of America Corporation $BAC Acquired by Pacific Sun Financial Corp

Key Points

• Pacific Sun Financial Corp acquired 12,101 Bank of America shares worth approximately $690,000 in the second quarter. Institutional investors collectively own 70.71% of BAC.
• Analysts maintain a positive outlook, with 21 Buy ratings and six Holds; the stock has a consensus “Moderate Buy” rating and an average price target of $64.08.
• Bank of America exceeded quarterly earnings and revenue expectations, while raising its quarterly dividend from $0.28 to $0.32 per share, equivalent to a 2.1% annual yield.

Pacific Sun Financial Corp acquired a new stake in Bank of America Corporation (NYSE:BAC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 12,101 shares of the financial services provider's stock, valued at approximately $690,000.

A number of other large investors also recently modified their holdings of the company. Abound Financial LLC bought a new stake in Bank of America during the 4th quarter valued at $26,000. Wiser Advisor Group LLC acquired a new position in Bank of America during the third quarter worth $27,000. CrossGen Wealth LLC bought a new position in shares of Bank of America in the fourth quarter valued at $30,000. Joseph Group Capital Management bought a new position in shares of Bank of America in the fourth quarter valued at $32,000. Finally, HFM Investment Advisors LLC grew its holdings in shares of Bank of America by 566.0% during the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock valued at $34,000 after buying an additional 532 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on BAC shares. Daiwa Securities Group upped their target price on shares of Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a report on Tuesday, April 28th. Robert W. Baird increased their price objective on Bank of America from $58.00 to $62.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 15th. Citigroup raised their target price on Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a report on Tuesday, June 23rd. Argus set a $70.00 target price on Bank of America in a research report on Wednesday, July 15th. Finally, Royal Bank Of Canada upped their price target on Bank of America from $59.00 to $65.00 and gave the stock an "outperform" rating in a report on Wednesday, July 15th. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average 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’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 Trading Down 0.2%

NYSE:BAC opened at $61.73 on Friday. 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 firm has a market cap of $431.66 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 0.98 and a beta of 1.17. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22. The firm has a 50-day moving average price of $60.60 and a two-hundred day moving average price of $54.67.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping the consensus estimate of $1.13 by $0.08. The firm had revenue of $31.56 billion for the quarter, compared to analysts' expectations of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The company's quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.89 EPS. On average, equities analysts expect 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. Investors of record on Friday, September 4th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.1%. This is an increase from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. Bank of America's dividend payout ratio is 25.69%.

Bank of America 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.

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