Legacy Advisors LLC Buys 10,385 Shares of Bank of America Corporation $BAC

Key Points

• Legacy Advisors increased its Bank of America stake by 29.9% in the second quarter, buying 10,385 shares to reach 45,115 shares valued at approximately $2.57 million. Institutional investors collectively own 70.71% of BAC.
• Bank of America exceeded quarterly expectations with $1.21 in EPS and $31.56 billion in revenue, while revenue rose 19.6% year over year. The company also raised its quarterly dividend from $0.28 to $0.32 per share, implying a 2.0% yield.
• Wall Street remains positive on BAC, with a consensus rating of “Moderate Buy” and a $64.08 average price target; several analysts recently raised their targets to between $68 and $70.

Legacy Advisors LLC lifted its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 29.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 45,115 shares of the financial services provider's stock after buying an additional 10,385 shares during the period. Legacy Advisors LLC's holdings in Bank of America were worth $2,571,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Greenwood Gearhart LLC boosted its holdings in Bank of America by 24.0% during the 2nd quarter. Greenwood Gearhart LLC now owns 9,739 shares of the financial services provider's stock valued at $555,000 after acquiring an additional 1,888 shares during the period. Pine Valley Investments Ltd Liability Co lifted its position in Bank of America by 4.6% in the second quarter. Pine Valley Investments Ltd Liability Co now owns 18,813 shares of the financial services provider's stock valued at $1,072,000 after purchasing an additional 833 shares during the last quarter. Optima Capital LLC bought a new stake in Bank of America in the second quarter valued at approximately $216,000. Barrett & Company Inc. boosted its stake in shares of Bank of America by 5.0% during the second quarter. Barrett & Company Inc. now owns 21,916 shares of the financial services provider's stock valued at $1,249,000 after purchasing an additional 1,041 shares during the period. Finally, CPC Advisors LLC grew its holdings in shares of Bank of America by 32.6% in the second quarter. CPC Advisors LLC now owns 9,785 shares of the financial services provider's stock worth $558,000 after purchasing an additional 2,404 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America News Roundup

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

NYSE:BAC opened at $63.98 on Tuesday. 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 firm's fifty day simple moving average is $59.98 and its 200 day simple moving average is $54.40. The stock has a market cap of $447.40 billion, a P/E ratio of 14.67, a price-to-earnings-growth ratio of 1.03 and a beta of 1.17. Bank of America Corporation has a twelve month low of $46.12 and a twelve month high of $65.23.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $30.78 billion. During the same period in the prior year, the business earned $0.89 EPS. The company's revenue for the quarter was up 19.6% on a year-over-year basis. As a group, research analysts predict that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The business also recently declared 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 an increase 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%. The ex-dividend date is Friday, September 4th. Bank of America's dividend payout ratio is presently 25.69%.

Wall Street Analyst Weigh In

A number of research firms recently commented on BAC. Argus set a $70.00 price target on shares of Bank of America in a report on Wednesday, July 15th. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $67.00 to $70.00 and gave the stock an "outperform" rating in a report on Wednesday, July 15th. Wells Fargo & Company upped their price objective on shares of Bank of America from $67.00 to $69.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. increased their target price on shares of Bank of America from $62.50 to $68.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Finally, Royal Bank Of Canada raised their target price on Bank of America from $59.00 to $65.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 15th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus price target of $64.08.

Bank of America Company Profile

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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