8,017 Shares in Bank of America Corporation $BAC Purchased by WealthShield Partners LLC

Key Points

• WealthShield Partners LLC acquired 8,017 Bank of America shares worth approximately $457,000 during the second quarter. Institutional investors collectively own 70.71% of BAC, with several other major funds also increasing their positions.
• Analysts remain broadly positive, with 21 Buy ratings and six Holds, producing 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. BAC opened at $62.50, near its 52-week high of $65.22.

WealthShield Partners LLC acquired a new position in Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 8,017 shares of the financial services provider's stock, valued at approximately $457,000.

Other large investors also recently bought and sold shares of the company. Handelsbanken Fonder AB boosted its stake in Bank of America by 53.0% during the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider's stock worth $254,625,000 after purchasing an additional 1,603,080 shares during the last quarter. E Fund Management Co. Ltd. purchased a new position in shares of Bank of America in the second quarter worth about $4,089,000. Bernicke Wealth Management Ltd. acquired a new position in Bank of America during the second quarter worth about $2,132,000. Legal & General Group Plc grew its stake in Bank of America by 3.4% during the 4th 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 in the last quarter. Finally, Mondrian Investment Partners LTD grew its stake in Bank of America by 34.3% during the 4th quarter. Mondrian Investment Partners LTD now owns 2,175,401 shares of the financial services provider's stock valued at $119,647,000 after acquiring an additional 555,063 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on BAC shares. Evercore set a $63.00 target price on Bank of America and gave the stock an "outperform" rating in a report on Monday, July 6th. JPMorgan Chase & Co. lifted 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. Barclays boosted their price objective on Bank of America from $71.00 to $72.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Argus set a $70.00 target price on Bank of America in a research note on Wednesday, July 15th. Finally, Morgan Stanley lifted their price target on Bank of America from $61.00 to $67.00 and gave the stock an "overweight" rating in a report on Monday, June 29th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $64.08.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America’s analysts continue to favor value stocks, arguing they are well positioned in an environment of higher interest rates and inflation. This supports the broader investment case for BAC, which trades at a relatively moderate earnings multiple and could benefit from durable net interest income. Stick with value stocks until everyone is talking about them
• Positive Sentiment: BofA Global Research says Federal Reserve corporate-credit facilities remain available to limit downside risks in a debt-heavy artificial-intelligence investment cycle. A continued backstop could reduce systemic credit concerns that might otherwise pressure large banks. The debt-fueled AI build-out may already be too big to fail
• Neutral Sentiment: Strategist Michael Hartnett remains bullish on gold, citing concerns about U.S. government debt and currency debasement. The view may support trading and advisory activity at BAC, although it is not a direct change to the bank’s earnings outlook. Why Bank of America strategist Michael Hartnett says the trade is still long gold
• Neutral Sentiment: Bank of America disclosed several changes to indirect equity holdings through Merrill Lynch, including a stake above 10% in Lakefront Biotherapeutics and a reduced position in Hidropar. These appear to be portfolio or client-related transactions rather than a material strategic investment in BAC’s own business. Bank of America builds 10% stake in Lakefront Biotherapeutics
• Negative Sentiment: Bank of America reportedly spends at least $250 million annually on GLP-1 weight-loss drugs for employees. Management views the benefit as an investment in worker health, but the significant recurring expense could weigh on operating costs if it does not produce measurable savings in health-care claims or employee retention. Bank of America is spending $250 million a year on weight loss drugs for employees

Bank of America Stock Up 0.3%

BAC stock opened at $62.50 on Wednesday. Bank of America Corporation has a one year low of $46.12 and a one year high of $65.22. The firm has a market cap of $437.04 billion, a PE ratio of 14.33, a PEG ratio of 0.99 and a beta of 1.17. The firm's 50 day moving average price is $60.84 and its 200-day moving average price is $54.78. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts' expectations 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. On average, equities research analysts anticipate that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be issued a $0.32 dividend. This is an increase from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. This represents a $1.28 annualized dividend and a yield of 2.0%. Bank of America's payout ratio is presently 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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source