Argyle Capital Partners LLC bought a new stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 9,375 shares of the financial services provider's stock, valued at approximately $534,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Total Clarity Wealth Management Inc. increased its stake in Bank of America by 3.6% during the 2nd quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider's stock worth $279,000 after buying an additional 168 shares during the period. Orca Wealth Management LLC grew its stake in Bank of America by 0.5% during the 2nd quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider's stock valued at $1,999,000 after purchasing an additional 179 shares in the last quarter. Financial Consulate Inc. increased its holdings in Bank of America by 4.0% during the 2nd quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider's stock worth $270,000 after purchasing an additional 181 shares during the last quarter. Money Concepts Capital Corp increased its position in shares of Bank of America by 3.8% in the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock worth $273,000 after purchasing an additional 182 shares during the last quarter. Finally, Operose Advisors LLC increased its position in shares of Bank of America by 0.9% in the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider's stock worth $1,123,000 after purchasing an additional 185 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
BAC has been the topic of several research analyst reports. Truist Financial increased their price target on shares of Bank of America from $64.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of America in a research report on Tuesday, July 21st. Daiwa Securities Group boosted their price target on Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a report on Tuesday, April 28th. Royal Bank Of Canada upped their price target on Bank of America from $59.00 to $65.00 and gave the company an "outperform" rating in a research report on Wednesday, July 15th. Finally, Wells Fargo & Company raised their price objective on Bank of America from $67.00 to $69.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. 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 MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $64.08.
Read Our Latest Research Report on BAC
Bank of America Stock Performance
Shares of Bank of America stock opened at $61.73 on Friday. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The stock has a market cap of $431.66 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17. The business has a fifty day simple moving average of $60.60 and a 200-day simple moving average of $54.67.
Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $31.56 billion for the quarter, compared to the consensus estimate of $30.78 billion. During the same period last year, the business earned $0.89 EPS. The firm's revenue was up 19.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Corporation will post 4.68 EPS for the current fiscal year.
Bank of America Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be given a $0.32 dividend. This is a positive change from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, September 4th. Bank of America's payout ratio is 25.69%.
Key Headlines Impacting Bank of America
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
About Bank of America
(
Free Report)
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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