Bank of America Corporation $BAC Holdings Raised by UNIVEST FINANCIAL Corp

Key Points

• UNIVEST FINANCIAL Corp increased its Bank of America stake by 6.9% in the first quarter, bringing its holdings to 159,624 shares valued at about $7.78 million.
• Bank of America reported strong quarterly results, posting $1.11 EPS versus the $1.00 consensus and revenue of $30.27 billion, which was up 10.7% year over year.
• The bank also declared a quarterly dividend of $0.28 per share, equal to an annualized yield of 1.9%, while analysts remain broadly positive with a consensus rating of Moderate Buy.

UNIVEST FINANCIAL Corp grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 6.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 159,624 shares of the financial services provider's stock after acquiring an additional 10,359 shares during the period. UNIVEST FINANCIAL Corp's holdings in Bank of America were worth $7,782,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of BAC. Handelsbanken Fonder AB grew its position in Bank of America by 53.0% in the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider's stock worth $254,625,000 after acquiring an additional 1,603,080 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of Bank of America by 3.4% in 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 purchasing an additional 1,487,809 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in Bank of America by 2.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 2,905,348 shares of the financial services provider's stock worth $159,794,000 after purchasing an additional 71,307 shares in the last quarter. International Assets Investment Management LLC increased its position in Bank of America by 217.4% during the fourth quarter. International Assets Investment Management LLC now owns 327,949 shares of the financial services provider's stock worth $18,037,000 after buying an additional 224,627 shares during the last quarter. Finally, Moore Capital Management LP raised its holdings in Bank of America by 2.2% during the third quarter. Moore Capital Management LP now owns 2,628,480 shares of the financial services provider's stock valued at $135,603,000 after buying an additional 55,840 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

BAC traded up $0.42 during midday trading on Friday, reaching $59.67. The company's stock had a trading volume of 21,908,911 shares, compared to its average volume of 32,415,350. The stock has a market cap of $423.49 billion, a P/E ratio of 14.77, a PEG ratio of 1.00 and a beta of 1.17. The company has a fifty day simple moving average of $54.50 and a 200 day simple moving average of $52.98. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America Corporation has a twelve month low of $44.75 and a twelve month high of $60.83.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. During the same period in the previous year, the company earned $0.90 earnings per share. The company's quarterly revenue was up 10.7% compared to the same quarter last year. Research analysts expect that Bank of America Corporation will post 4.51 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Bank of America's dividend payout ratio is 27.72%.

Key Bank of America News

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

• Positive Sentiment: Bank of America’s consumer team said its latest report showed spending up 6.3%, the fastest pace in four years, with wage growth broad-based across all income groups. That suggests the U.S. consumer remains resilient, which is supportive for BAC’s lending and fee income outlook. BofA Consumer Chief: Spending Jumps 6.3% With Wage Growth Across “All Income Groups”
• Positive Sentiment: Financial funds saw their biggest inflow since January, according to Bank of America, signaling improved investor appetite for the sector ahead of bank earnings season. That kind of rotation can lift BAC and other large-cap financials. Financial funds steal the spotlight with biggest inflow since January, Bofa says
• Positive Sentiment: Analysts and market coverage continue to frame Bank of America’s upcoming July 14 earnings report as potentially strong, with expectations for healthy net interest income, fee income, and double-digit EPS growth. Strong results could extend the recent move higher in BAC shares. Bank of America Reports Q2 Earnings Next Week. What Investors Should Expect.
• Neutral Sentiment: Bank of America also continues to generate headlines through its analyst research, including bullish views on names like Meta, Nvidia, Micron, Costco, and homebuilders. These reports help reinforce BAC’s influence on Wall Street, but they are only an indirect driver of BAC stock itself. Meta Stock’s AI Chip Ambitions Are Reaching a ‘Positive Inflection,’ Says Bank of America
• Neutral Sentiment: Bank of America, N.A. announced redemptions of $2.6 billion of senior notes due in August 2026. The move is routine balance-sheet management and is not likely to materially affect the stock on its own. Bank of America, N.A. Announces Redemptions of $2,000,000,000 5.526% Senior Bank Notes and $600,000,000 Floating Rate Senior Bank Notes, Due August 2026

Insiders Place Their Bets

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the sale, the insider directly owned 1,373,397 shares of the company's stock, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.27% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent analyst reports. The Goldman Sachs Group upped their price target on Bank of America from $58.00 to $63.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Argus boosted their target price on Bank of America from $59.00 to $62.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Wells Fargo & Company upped their target price on Bank of America from $65.00 to $67.00 and gave the stock an "overweight" rating in a research report on Monday, July 6th. Evercore set a $63.00 price target on shares of Bank of America and gave the company an "outperform" rating in a research report on Monday, July 6th. Finally, Oppenheimer cut shares of Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $62.19.

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.

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