Family Legacy Inc. Takes $3.46 Million Position in Bank of America Corporation $BAC

Family Legacy Inc. bought a new stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 60,758 shares of the financial services provider's stock, valued at approximately $3,462,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Abound Financial LLC purchased a new stake in shares of Bank of America in the 4th quarter worth about $26,000. Wiser Advisor Group LLC purchased a new stake in Bank of America in the third quarter worth about $27,000. CrossGen Wealth LLC bought a new stake in Bank of America during the 4th quarter valued at approximately $30,000. Joseph Group Capital Management purchased a new position in shares of Bank of America during the 4th quarter worth approximately $32,000. Finally, Vermillion Wealth Management Inc. grew its holdings in shares of Bank of America by 199.1% during the 1st quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider's stock worth $32,000 after acquiring an additional 438 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Key Bank of America News

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

• Positive Sentiment: Bank of America is investing $1.9 billion for up to a 49.9% stake in Jio Credit, expanding its presence in India’s fast-growing financial-services market and creating potential long-term revenue growth. Will Bank of America Benefit From the Jio Credit Partnership in India?
• Positive Sentiment: BofA’s global fund-manager survey showed unusually strong optimism toward equities, with investors relatively unconcerned about higher rates, economic weakness, political instability and AI capital spending. This supports a constructive backdrop for large financial stocks. Fund managers have rarely been this bullish about stocks
• Positive Sentiment: Bank of America’s bullish calls on cybersecurity, AI infrastructure and memory-chip companies highlight its investment-banking and research exposure to areas attracting strong investor demand. The bank also sees gold reaching $5,000, reflecting active market opportunities for its clients. AI Agents Are Creating a New Cybersecurity Boom
• Neutral Sentiment: Strategists Michael Hartnett and other BofA analysts warned that record U.S. deficits, rising long-term yields and potential global stagflation make bonds less attractive. The outlook could support trading activity and net interest income, but it also raises risks for bond portfolios and the broader economy. With the national debt nearing $40 trillion
• Negative Sentiment: Bank of America cautioned that the AI boom’s heavy capital spending could create a less visible market vulnerability if expected returns fail to justify investments. That warning may weigh on sentiment toward banks exposed to technology financing and capital markets. Bank of America Has a Stark Warning on AI Spending
• Negative Sentiment: BAC is among six banks agreeing to an $86.4 million settlement over alleged Mexican bond-market manipulation. Although the cost is shared and appears manageable relative to BAC’s size, the matter adds regulatory and litigation overhang. Major US Banks Agree to $86.4M Settlement in Mexican Bond-Rigging Case

Analysts Set New Price Targets

BAC has been the subject of a number of research analyst reports. Evercore set a $63.00 target price on Bank of America and gave the company an "outperform" rating in a research note on Monday, July 6th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of America in a research note on Tuesday, July 21st. Royal Bank Of Canada increased 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. Daiwa Securities Group lifted their price target on shares of Bank of America from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Tuesday, April 28th. Finally, Truist Financial upped their price objective on shares of Bank of America from $64.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $64.08.

Bank of America Trading Up 0.5%

Bank of America stock opened at $64.24 on Wednesday. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22. The company has a market capitalization of $449.19 billion, a price-to-earnings ratio of 14.73, a price-to-earnings-growth ratio of 1.03 and a beta of 1.17. The business's fifty day simple moving average is $60.18 and its two-hundred day simple moving average is $54.49. 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 issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating 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 was up 19.6% on a year-over-year basis. During the same period last year, the company earned $0.89 earnings per share. As a group, equities analysts predict 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. Investors of record on Friday, September 4th will be given a dividend of $0.32 per share. This is a positive change from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 annualized dividend and a yield of 2.0%. Bank of America's 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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