Empirical Asset Management LLC Makes New $1.16 Million Investment in Bank of America Corporation $BAC

Key Points

• Empirical Asset Management purchased a new 20,396-share stake in Bank of America during the second quarter, valued at approximately $1.16 million. Institutional investors collectively own 70.71% of BAC.
• Analysts remain broadly positive, with 21 Buy ratings and six Hold ratings producing a consensus “Moderate Buy” rating and an average price target of $64.08.
• Bank of America exceeded quarterly earnings and revenue expectations, while raising its quarterly dividend from $0.28 to $0.32 per share, equal to a 2.1% annualized yield.

Empirical Asset Management LLC purchased a new stake in Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 20,396 shares of the financial services provider's stock, valued at approximately $1,162,000.

Other hedge funds have also recently made changes to their positions in the company. Total Clarity Wealth Management Inc. raised its position in shares of Bank of America by 3.6% in the second quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider's stock worth $279,000 after buying an additional 168 shares in the last quarter. Orca Wealth Management LLC boosted its stake in Bank of America by 0.5% during the second quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider's stock valued at $1,999,000 after buying an additional 179 shares during the period. Financial Consulate Inc. boosted its stake in Bank of America by 4.0% during the second quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider's stock valued at $270,000 after buying an additional 181 shares during the period. Money Concepts Capital Corp grew its position in Bank of America by 3.8% during the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock worth $273,000 after buying an additional 182 shares in the last quarter. Finally, Operose Advisors LLC grew its position in Bank of America by 0.9% during the fourth quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider's stock worth $1,123,000 after buying an additional 185 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research analyst reports. UBS Group upped their target price on Bank of America from $68.00 to $70.00 and gave the stock a "buy" rating in a research note on Monday, August 3rd. Truist Financial lifted their price target on Bank of America from $64.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, July 15th. Argus set a $70.00 price objective on Bank of America in a report on Wednesday, July 15th. Barclays upped their price objective on shares of Bank of America from $71.00 to $72.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Finally, Daiwa Securities Group raised their target price on shares of Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research note on Tuesday, April 28th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus target price of $64.08.

Bank of America News Summary

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

• Positive Sentiment: Bank of America’s active participation in the August bond market demonstrates continued access to wholesale funding and allows it to extend maturities through senior unsecured offerings. Its latest quarterly results also showed strong earnings and revenue growth, providing a fundamental counterweight to near-term concerns. Bank of America's Stock Market Signal Flashes Warning
• Neutral Sentiment: Bank of America increased its indirect stake in Turkish industrial technology company Hidropar to 5.386%. The disclosure indicates portfolio or client-related investment activity, but it is not expected to materially affect BAC’s earnings. Bank of America Lifts Indirect Stake in Hidropar to 5.386%
• Neutral Sentiment: Bank of America crossed a disclosure threshold in Smith & Nephew, reflecting an updated shareholding. The move is unlikely to have a meaningful direct impact on BAC’s common stock. Smith & Nephew Discloses Updated Bank of America Shareholding
• Neutral Sentiment: Bank of America’s analysts issued views on HP, Home Depot and Nvidia. These calls may generate research-related attention, but they do not materially change BAC’s own fundamentals. Bank of America Sends Warning on HP Stock
• Negative Sentiment: A market commentary warns that crowded positioning in Bank of America could make any broader-market pullback sharper. Separate analysis questions whether BAC is undervalued after its recent bond issuance, while noting recent short-term share-price weakness. These factors are weighing on sentiment despite the bank’s solid earnings profile. Bank of America's Stock Market Signal Flashes Warning Is Bank of America Undervalued?
• Negative Sentiment: Analysis of Bank of America preferred stock suggests that more attractive alternatives may exist than Series GG. While this primarily affects preferred securities, it can modestly temper sentiment toward BAC’s capital-raising instruments. Bank of America Preferreds: Better Propositions Available Than Series GG

Bank of America Stock Down 0.2%

BAC opened at $61.73 on Friday. The stock has a market cap of $431.66 billion, a PE ratio of 14.16, a P/E/G ratio of 0.98 and a beta of 1.17. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22. The business's fifty day simple moving average is $60.60 and its 200 day simple moving average is $54.67.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating 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 business had revenue of $31.56 billion for the quarter, compared to the consensus estimate of $30.78 billion. During the same quarter last year, the business posted $0.89 earnings per share. The company's revenue for the quarter was up 19.6% on a year-over-year basis. As a group, research analysts expect 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 disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be given a dividend of $0.32 per share. This is a boost from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.1%. Bank of America's dividend payout ratio is currently 25.69%.

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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