Benjamin Edwards Inc. Purchases 107,905 Shares of Bank of America Corporation $BAC

Benjamin Edwards Inc. lifted its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 37.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 398,893 shares of the financial services provider's stock after purchasing an additional 107,905 shares during the quarter. Benjamin Edwards Inc.'s holdings in Bank of America were worth $22,729,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Abound Financial LLC bought a new position in Bank of America in the 4th quarter valued at about $26,000. Wiser Advisor Group LLC bought a new stake in Bank of America during the 3rd quarter worth approximately $27,000. CrossGen Wealth LLC bought a new stake in Bank of America during the 4th quarter worth approximately $30,000. Joseph Group Capital Management purchased a new stake in shares of Bank of America in the fourth quarter worth approximately $32,000. Finally, HFM Investment Advisors LLC raised its stake in shares of Bank of America by 566.0% in the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock worth $34,000 after purchasing an additional 532 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America is investing $1.9 billion for as much as a 49.9% stake in Jio Credit, expanding its presence in India’s growing financial-services market. The partnership could provide long-term growth and diversification, although returns will depend on execution and regulatory conditions. Will Bank of America Benefit From the Jio Credit Partnership in India?
• Positive Sentiment: BofA’s analysts remain highly constructive on Micron, citing structurally stronger memory demand, potential earnings growth and substantial free cash flow from AI infrastructure. Stronger capital-markets and advisory activity around AI-related companies could indirectly benefit BAC, though the primary gains accrue to Micron investors. Bank of America Sees 50% Upside in Micron Stock
• Neutral Sentiment: BofA also sees substantial potential margin improvement for AI-cloud providers CoreWeave and Nebius, and has endorsed long positions in gold amid a weaker dollar and changing Federal Reserve expectations. These views highlight areas of client and markets activity but have no clear immediate effect on BAC’s profits. A Major Catalyst Could Boost CoreWeave and Nebius Margins by Up to 1,000 Basis Points
• Neutral Sentiment: Bank of America trimmed an indirect holding in Turkey’s Ozsu Balik Uretim, a portfolio-management update that appears too small and unrelated to materially affect BAC’s valuation. Bank of America Trims Indirect Stake in Ozsu Balik Uretim
• Neutral Sentiment: Coverage of CEO Brian Moynihan’s distinctive language during analyst calls is reputational rather than financial and provides no new earnings or capital-allocation information. The Secret Word Game Bank of America's CEO Plays With Wall Street

Bank of America Stock Performance

Shares of BAC opened at $63.98 on Tuesday. The stock has a 50 day moving average of $59.98 and a 200 day moving average of $54.40. The company has a market capitalization of $447.40 billion, a price-to-earnings ratio of 14.67, a PEG ratio of 1.03 and a beta of 1.17. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.23. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.08. The business had revenue of $31.56 billion for the quarter, compared to analysts' expectations of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The business's revenue was up 19.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.89 earnings per share. As a group, sell-side analysts forecast that Bank of America Corporation will post 4.68 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, September 4th. This is a positive change from Bank of America's previous quarterly dividend of $0.28. Bank of America's dividend payout ratio (DPR) is presently 25.69%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several analyst reports. Oppenheimer cut Bank of America from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Morgan Stanley increased their price target on Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a research report on Monday, June 29th. Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a research note on Tuesday, July 21st. Jefferies Financial Group reaffirmed a "buy" rating and set a $75.00 price objective on shares of Bank of America in a report on Tuesday, July 14th. Finally, Evercore set a $63.00 target price on shares of Bank of America and gave the stock an "outperform" rating in a research note on Monday, July 6th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $64.08.

About Bank of America

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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