Martin & Co. Inc. TN Purchases Shares of 46,299 Bank of America Corporation $BAC

Martin & Co. Inc. TN acquired a new position in Bank of America Corporation (NYSE:BAC - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 46,299 shares of the financial services provider's stock, valued at approximately $2,638,000.

Several other institutional investors have also recently made changes to their positions in the business. Total Clarity Wealth Management Inc. boosted its position in shares of Bank of America by 3.6% during the second quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider's stock worth $279,000 after acquiring an additional 168 shares during the last quarter. Orca Wealth Management LLC increased its holdings in Bank of America by 0.5% in the 2nd quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider's stock valued at $1,999,000 after acquiring an additional 179 shares during the last quarter. Financial Consulate Inc. increased its holdings in Bank of America by 4.0% in the 2nd quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider's stock valued at $270,000 after acquiring an additional 181 shares during the last quarter. Money Concepts Capital Corp lifted its stake in Bank of America by 3.8% in the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock worth $273,000 after purchasing an additional 182 shares in the last quarter. Finally, Operose Advisors LLC boosted its holdings in shares of Bank of America by 0.9% during the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider's stock valued at $1,123,000 after purchasing an additional 185 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BAC. Royal Bank Of Canada lifted their target price on Bank of America from $59.00 to $65.00 and gave the stock an "outperform" rating in a report on Wednesday, July 15th. Evercore set a $63.00 price target on Bank of America and gave the company an "outperform" rating in a research note on Monday, July 6th. Citigroup raised their price target on Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a report on Tuesday, June 23rd. Jefferies Financial Group reaffirmed a "buy" rating and set a $75.00 price objective on shares of Bank of America in a report on Tuesday, July 14th. Finally, Oppenheimer downgraded Bank of America from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and an average price target of $64.08.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America’s analysts continue to favor value stocks, arguing they are well positioned in an environment of higher interest rates and inflation. This supports the broader investment case for BAC, which trades at a relatively moderate earnings multiple and could benefit from durable net interest income. Stick with value stocks until everyone is talking about them
• Positive Sentiment: BofA Global Research says Federal Reserve corporate-credit facilities remain available to limit downside risks in a debt-heavy artificial-intelligence investment cycle. A continued backstop could reduce systemic credit concerns that might otherwise pressure large banks. The debt-fueled AI build-out may already be too big to fail
• Neutral Sentiment: Strategist Michael Hartnett remains bullish on gold, citing concerns about U.S. government debt and currency debasement. The view may support trading and advisory activity at BAC, although it is not a direct change to the bank’s earnings outlook. Why Bank of America strategist Michael Hartnett says the trade is still long gold
• Neutral Sentiment: Bank of America disclosed several changes to indirect equity holdings through Merrill Lynch, including a stake above 10% in Lakefront Biotherapeutics and a reduced position in Hidropar. These appear to be portfolio or client-related transactions rather than a material strategic investment in BAC’s own business. Bank of America builds 10% stake in Lakefront Biotherapeutics
• Negative Sentiment: Bank of America reportedly spends at least $250 million annually on GLP-1 weight-loss drugs for employees. Management views the benefit as an investment in worker health, but the significant recurring expense could weigh on operating costs if it does not produce measurable savings in health-care claims or employee retention. Bank of America is spending $250 million a year on weight loss drugs for employees

Bank of America Price Performance

NYSE:BAC opened at $62.50 on Wednesday. The firm has a market capitalization of $437.04 billion, a price-to-earnings ratio of 14.33, a PEG ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a 1 year low of $46.12 and a 1 year high of $65.22. The business has a 50 day simple moving average of $60.84 and a 200-day simple moving average of $54.78. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82.

Bank of America (NYSE:BAC - Get Free Report) last released its 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 for 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.89 EPS. Equities analysts forecast that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be paid a $0.32 dividend. 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 of this dividend is Friday, September 4th. Bank of America's payout ratio is currently 25.69%.

Bank of America 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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