Blue Edge Capital LLC Trims Stake in Bank of America Corporation $BAC

Key Points

• Blue Edge Capital cut its Bank of America stake by 75.2% in the second quarter, selling 16,300 shares and retaining 5,380 shares valued at approximately $307,000. Other institutional investors increased their positions, with institutions collectively owning 70.71% of BAC.
• Bank of America exceeded quarterly expectations, reporting $1.21 EPS and $31.56 billion in revenue, up 19.6% year over year. The company also raised its quarterly dividend from $0.28 to $0.32 per share, producing a 2.0% annualized yield.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $64.08. BAC shares recently traded at $62.77, near their 52-week high of $65.22.

Blue Edge Capital LLC decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 75.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,380 shares of the financial services provider's stock after selling 16,300 shares during the period. Blue Edge Capital LLC's holdings in Bank of America were worth $307,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC grew 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 lifted its stake 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 purchasing an additional 6,174 shares during the last quarter. Jump Financial LLC boosted its holdings in shares of Bank of America by 38.4% in the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock worth $3,108,000 after purchasing an additional 18,227 shares in the last quarter. Nebula Research & Development LLC bought a new position in shares of Bank of America during the 2nd quarter valued at about $1,396,000. Finally, Vivaldi Capital Management LP increased its position in shares of Bank of America by 4.2% during the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock valued at $417,000 after purchasing an additional 355 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.6%

Shares of NYSE BAC opened at $62.77 on Thursday. The firm's fifty day moving average is $61.93 and its 200 day moving average is $55.43. Bank of America Corporation has a 52 week low of $46.12 and a 52 week 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 company has a market cap of $438.97 billion, a price-to-earnings ratio of 14.40, a PEG ratio of 1.00 and a beta of 1.15.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly 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 net margin of 17.56% and a return on equity of 12.20%. The business had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. During the same quarter last year, the firm earned $0.89 EPS. The company's revenue was up 19.6% on a year-over-year basis. On average, equities research analysts expect 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. Investors of record on Friday, September 4th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Friday, September 4th. This is a boost from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a dividend yield of 2.0%. Bank of America's payout ratio is 29.36%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BAC. Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a research report on Tuesday, July 21st. Citigroup lifted their price target on shares of Bank of America from $62.00 to $66.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. Jefferies Financial Group restated a "buy" rating and issued a $75.00 price objective on shares of Bank of America in a report on Tuesday, July 14th. Robert W. Baird increased their target price on shares of Bank of America from $58.00 to $62.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. Finally, UBS Group increased their target price on shares of Bank of America from $68.00 to $70.00 and gave the company a "buy" rating in a report on Monday, August 3rd. Twenty-one equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Bank of America currently has a consensus 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

Bank of America Profile

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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