Envestnet Portfolio Solutions Inc. Acquires 168,194 Shares of Bank of America Corporation $BAC

Key Points

• Envestnet Portfolio Solutions increased its Bank of America position by 89.2%, purchasing 168,194 additional shares to hold 356,717 shares worth approximately $20.3 million. Institutional investors collectively own 70.71% of BAC.
• Bank of America reported quarterly earnings of $1.21 per share and revenue of $31.56 billion, exceeding analyst expectations, while revenue rose 19.6% year over year. The company also raised its quarterly dividend from $0.28 to $0.32 per share, providing a 2.3% annualized yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $64.08 price target. Potential headwinds include weaker third-quarter markets activity, rising consumer credit delinquencies and risks from persistent inflation or higher oil prices.

Envestnet Portfolio Solutions Inc. increased its position in Bank of America Corporation (NYSE:BAC - Free Report) by 89.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 356,717 shares of the financial services provider's stock after purchasing an additional 168,194 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Bank of America were worth $20,326,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Turim 21 Investimentos Ltda. bought a new position in shares of Bank of America during the 2nd quarter worth approximately $25,000. Abound Financial LLC purchased a new position in Bank of America during the 4th quarter worth approximately $26,000. Cherry Tree Wealth Management LLC boosted its holdings in Bank of America by 167.6% in the second quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 300 shares during the last quarter. Principia Wealth Advisory LLC grew its holdings in Bank of America by 69.9% during the second quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider's stock worth $30,000 after acquiring an additional 218 shares during the period. Finally, Frazier Financial Advisors LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at approximately $34,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Down 0.3%

Bank of America stock opened at $56.01 on Thursday. The company has a market capitalization of $391.68 billion, a P/E ratio of 12.85, a PEG ratio of 0.90 and a beta of 1.15. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The stock has a 50-day simple moving average of $61.78 and a 200-day simple moving average of $55.99. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The company's revenue for the quarter was up 19.6% on a year-over-year basis. During the same period last year, the company earned $0.89 earnings per share. Equities research analysts expect that Bank of America Corporation will post 4.67 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be issued a dividend of $0.32 per share. This is an increase from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, September 4th. Bank of America's dividend payout ratio is currently 29.36%.

Bank of America News Summary

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

• Positive Sentiment: A hawkish Federal Reserve could provide Bank of America with a mechanical earnings tailwind by supporting net interest income. However, the benefit may be partly offset by higher deposit costs and weaker loan demand. A Hawkish Fed Is Bad News for Borrowers. It’s Good News for This Bank.
• Positive Sentiment: At its financials conference, management highlighted growth opportunities across Bank of America’s businesses, including opportunities tied to technology and artificial intelligence. The company also continues to benefit from solid capital markets and diversified operations. Bank of America Corporation Presents at Bank of America 31st Annual Financials CEO Conference Transcript
• Neutral Sentiment: CEO Brian Moynihan said inflation must be brought under control while discussing interest rates, consumers and AI. The comments reinforce that persistent inflation remains a key risk to economic growth and the banking sector. Bank of America CEO Brian Moynihan: Inflation has got to get under control
• Neutral Sentiment: Bank of America reported that third-quarter markets activity is likely to be less robust, although management sees opportunities for growth in other businesses. Softer trading and investment-banking conditions could limit near-term revenue momentum. Bank of America sees less-robust markets in Q3
• Negative Sentiment: Bank of America warned that Brent crude could exceed $150 per barrel if Middle East supply disruptions persist into 2027. Such a spike could worsen inflation, keep interest rates elevated and pressure consumers and borrowers. Oil could top $150 a barrel if supplies further tighten
• Negative Sentiment: Industry data showed U.S. credit-card delinquencies and charge-offs rose sequentially in August. Although levels remain below the prior year, the increase raises concerns about consumer credit quality and potential future provisions for losses. U.S. Card Issuers Delinquencies and Net Charge-Offs Rise

Analysts Set New Price Targets

A number of equities analysts have issued reports on BAC shares. JPMorgan Chase & Co. increased their price target on Bank of America from $62.50 to $68.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Oppenheimer lowered Bank of America from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Royal Bank Of Canada boosted their target price on shares of Bank of America from $59.00 to $65.00 and gave the company an "outperform" rating in a report on Wednesday, July 15th. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of America in a report on Tuesday, July 21st. Finally, Truist Financial boosted their target price 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. 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, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $64.08.

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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