NewEdge Wealth LLC Acquires Shares of 167,257 Bank of America Corporation $BAC

Key Points

• NewEdge Wealth acquired 167,257 Bank of America shares during the second quarter, valued at approximately $9.53 million. Several other institutional investors also initiated positions, with institutions collectively owning 70.71% of BAC.
• Bank of America reported stronger-than-expected quarterly results, including $1.21 in earnings per share and $31.56 billion in revenue, up 19.6% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $64.08.
• The bank raised its quarterly dividend from $0.28 to $0.32 per share, implying an annualized dividend of $1.28 and a 2.1% yield. BAC recently traded at $61.73, near its 52-week high of $65.22.

NewEdge Wealth LLC acquired a new stake in Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 167,257 shares of the financial services provider's stock, valued at approximately $9,530,000.

Other hedge funds have also recently modified their holdings of the company. Empirical Asset Management LLC purchased a new position in Bank of America during the second quarter valued at approximately $1,162,000. Catalyst Investment Management LLC purchased a new stake in Bank of America in the 2nd quarter worth approximately $282,000. Chancellor Financial Group WB LP purchased a new stake in Bank of America in the 2nd quarter worth approximately $2,012,000. Great Lakes Advisors LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $9,724,000. Finally, Pacific Sun Financial Corp acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $690,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Price Performance

NYSE:BAC opened at $61.73 on Friday. Bank of America Corporation has a one year low of $46.12 and a one year high of $65.22. 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 debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. The stock has a 50 day moving average price of $60.60 and a 200 day moving average price of $54.67.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts' consensus estimates of $1.13 by $0.08. The company had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The firm'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 earnings per share. Equities research analysts expect that Bank of America Corporation will post 4.68 EPS 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 issued a $0.32 dividend. This is an increase from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, September 4th. Bank of America's payout ratio is currently 25.69%.

Wall Street Analyst Weigh In

BAC has been the subject of several analyst reports. Morgan Stanley boosted their target price on shares of Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a research note on Monday, June 29th. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $67.00 to $70.00 and gave the company an "outperform" rating in a research report on Wednesday, July 15th. JPMorgan Chase & Co. lifted their price objective on shares of Bank of America from $62.50 to $68.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Daiwa Securities Group upped their price objective on shares of Bank of America from $58.00 to $61.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 28th. Finally, Evercore set a $63.00 target price on shares of Bank of America and gave the stock an "outperform" rating in a research note on Monday, July 6th. Twenty-one 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.com, Bank of America has an average rating of "Moderate Buy" and a consensus price target of $64.08.

Key Headlines Impacting Bank of America

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 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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