Bank of America Corporation $BAC Stock Holdings Boosted by Sequoia Financial Advisors LLC

Key Points

• Sequoia Financial Advisors increased its Bank of America stake by 7.9% in the second quarter, bringing its holdings to 1.06 million shares valued at approximately $60.7 million. Institutional investors collectively own 70.71% of BAC.
• Bank of America reported quarterly EPS of $1.21, exceeding estimates of $1.13, while revenue rose 19.6% year over year to $31.56 billion. The company also raised its quarterly dividend from $0.28 to $0.32 per share, providing a 2.0% annualized yield.
• Analysts maintain a favorable outlook, with 21 Buy ratings and six Holds, producing a “Moderate Buy” consensus and an average price target of $64.08 versus the stock’s reported $62.77 price.

Sequoia Financial Advisors LLC boosted its holdings in Bank of America Corporation (NYSE:BAC) by 7.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,064,968 shares of the financial services provider's stock after acquiring an additional 78,282 shares during the quarter. Sequoia Financial Advisors LLC's holdings in Bank of America were worth $60,682,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. Brighton Jones LLC raised its position in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC boosted its holdings in Bank of America by 40.5% during the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock worth $1,013,000 after buying an additional 6,174 shares in the last quarter. Jump Financial LLC grew its position in Bank of America by 38.4% in the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock worth $3,108,000 after buying an additional 18,227 shares during the last quarter. Nebula Research & Development LLC bought a new position in shares of Bank of America in the second quarter valued at $1,396,000. Finally, Vivaldi Capital Management LP increased its holdings in shares of Bank of America by 4.2% in the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock valued at $417,000 after buying an additional 355 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

BAC opened at $62.77 on Thursday. 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 company has a market cap of $438.97 billion, a PE ratio of 14.40, a price-to-earnings-growth ratio of 1.00 and a beta of 1.15. The stock has a 50-day moving average of $61.93 and a 200-day moving average of $55.43. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22.

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, topping 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 firm had revenue of $31.56 billion during the quarter, compared to analysts' expectations of $30.78 billion. During the same quarter in the prior year, the business earned $0.89 earnings per share. The company's revenue was up 19.6% on a year-over-year basis. As a group, equities research analysts forecast that Bank of America Corporation will post 4.68 earnings per share 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. Shareholders 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 2.0%. This is a positive change 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 currently 29.36%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on BAC shares. Evercore set a $63.00 price objective on Bank of America and gave the stock an "outperform" rating in a research note on Monday, July 6th. Robert W. Baird increased their price target on Bank of America from $58.00 to $62.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Royal Bank Of Canada boosted their price objective on Bank of America from $59.00 to $65.00 and gave the stock an "outperform" rating in a report on Wednesday, July 15th. Argus set a $70.00 price objective on shares of Bank of America in a research note on Wednesday, July 15th. Finally, Wells Fargo & Company raised their target price on shares of Bank of America from $67.00 to $69.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $64.08.

Key Stories Impacting Bank of America

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

• Positive Sentiment: An analysis argues that Bank of America’s valuation remains attractive, potentially supporting the shares if earnings and profitability continue to improve. Bank of America: The Valuation Still Works
• Positive Sentiment: Bank of America’s research team remains constructive on technology and artificial-intelligence beneficiaries, including SK hynix and Meta Platforms. This highlights the strength of BofA’s investment-banking and research franchise, although the calls do not directly change BAC’s earnings outlook. Bank of America Is Bullish on SK hynix Stock
• Neutral Sentiment: Regulatory filings show Bank of America or controlled entities holding more than 5% of QIAGEN and Hateks. These disclosures appear to reflect investment or client-related positions and are not evidence of a material change to BAC’s core business. Bank of America Reveals Indirect Stake in QIAGEN Bank of America Lifts Stake in Hateks
• Negative Sentiment: Weakness in preferred shares issued by BAC and other major banks suggests investors are pricing in interest rates remaining elevated. Higher-for-longer rates can raise funding costs and weigh on bond portfolios and valuation multiples. Bank Preferred Stocks Are Sending a Warning About Interest Rates

About Bank of America

Bank of America Corporation NYSE: BAC is a diversified financial services company serving individual consumers, businesses, institutional investors and governments. Its operations include consumer banking, credit and debit cards, mortgages, small-business banking, commercial banking, investment banking, securities trading and investment management.

The company provides consumer and wealth-management services through Bank of America and Merrill, including deposit accounts, lending, brokerage, retirement planning, financial advice and private banking.

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