Bank of America Corporation $BAC Stake Lifted by Concurrent Investment Advisors LLC

Key Points

• Concurrent Investment Advisors increased its Bank of America stake by 6.8% in the second quarter, bringing its holdings to 892,594 shares valued at approximately $50.86 million. Institutional investors collectively own 70.71% of BAC.
• Analysts remain broadly positive, with 21 Buy ratings and six Holds; the consensus rating is Moderate Buy with an average price target of $64.08.
• Bank of America reported quarterly EPS of $1.21, surpassing the $1.13 consensus estimate, while revenue rose 19.6% year over year to $31.56 billion. The bank also raised its quarterly dividend to $0.32 per share, equivalent to a 2.0% yield.

Concurrent Investment Advisors LLC lifted its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 6.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 892,594 shares of the financial services provider's stock after acquiring an additional 56,623 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Bank of America were worth $50,860,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. NEOS Investment Management LLC boosted its stake in Bank of America by 11.1% during the second quarter. NEOS Investment Management LLC now owns 1,077,175 shares of the financial services provider's stock valued at $61,377,000 after buying an additional 108,039 shares in the last quarter. Greenspring Advisors LLC raised its position in Bank of America by 4.3% in the second quarter. Greenspring Advisors LLC now owns 14,236 shares of the financial services provider's stock worth $811,000 after acquiring an additional 593 shares in the last quarter. Aletheian Wealth Advisors LLC lifted its holdings in Bank of America by 11.1% in the 2nd quarter. Aletheian Wealth Advisors LLC now owns 5,422 shares of the financial services provider's stock valued at $309,000 after acquiring an additional 542 shares during the last quarter. Paragon Private Wealth Management LLC lifted its holdings in Bank of America by 9.3% in the 2nd quarter. Paragon Private Wealth Management LLC now owns 12,028 shares of the financial services provider's stock valued at $685,000 after acquiring an additional 1,020 shares during the last quarter. Finally, Nykredit A S bought a new position in shares of Bank of America during the 2nd quarter valued at about $94,447,000. Institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their target price on shares of Bank of America from $62.50 to $68.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Truist Financial upped their price target on Bank of America from $64.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. Royal Bank Of Canada increased their price objective 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. Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a report on Tuesday, July 21st. Finally, Barclays boosted their target price on Bank of America from $71.00 to $72.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Twenty-one analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $64.08.

Bank of America Trading Up 0.8%

Bank of America stock opened at $63.07 on Friday. The company has a 50 day moving average price of $61.55 and a 200 day moving average price of $55.15. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22. 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 capitalization of $441.03 billion, a price-to-earnings ratio of 14.47, a P/E/G ratio of 1.00 and a beta of 1.15.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.08. The company had revenue of $31.56 billion for the quarter, compared to the consensus estimate 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 revenue was up 19.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.89 EPS. Research analysts forecast that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be given a $0.32 dividend. This is an increase 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 2.0%. The ex-dividend date of this dividend is Friday, September 4th. Bank of America's payout ratio is presently 25.69%.

Key Bank of America News

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

• Positive Sentiment: Stablecoin initiative could create a new growth opportunity. Bank of America joined 20 other financial institutions planning a company to issue a U.S. dollar stablecoin in 2027. The project could expand the bank’s role in digital payments, blockchain-based liquidity and institutional settlement, although regulatory and execution details remain important. Bank of America and Citi Join 21-Firm USD Stablecoin Plan
• Positive Sentiment: Bank stocks are attracting capital. Investors are shifting toward major banks amid expectations of rising rates and concerns about elevated artificial-intelligence valuations. Higher rates can support net interest income, while BAC’s scale and diversified businesses may benefit from stronger financial-sector flows. Expectations of Rising Rates and Worries About AI Have Investors Piling Into Big Bank Stocks
• Positive Sentiment: Options activity and analyst sentiment are constructive. Call-option volume was reported at roughly 363,000 contracts, 172% above typical levels, while brokerages assigned BAC a consensus “Moderate Buy” rating. A valuation analysis also suggested the shares could be undervalued, supporting the bullish case. Bank of America Corporation Given Consensus Recommendation of Moderate Buy

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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