Occidental Asset Management LLC Acquires Shares of 10,834 Bank of America Corporation $BAC

Key Points

• Occidental Asset Management acquired 10,834 Bank of America shares in the second quarter, valued at approximately $617,000.
• Institutional investors own 70.71% of BAC, with several firms modestly increasing their positions during the second and fourth quarters.
• Bank of America reported quarterly EPS of $1.21, beating estimates, while revenue rose 19.6% year over year. The bank also increased its quarterly dividend to $0.32 per share, and analysts maintain a “Moderate Buy” consensus rating.

Occidental Asset Management LLC acquired a new position in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 10,834 shares of the financial services provider's stock, valued at approximately $617,000.

Several other hedge funds and other institutional investors also recently modified their holdings of BAC. Total Clarity Wealth Management Inc. raised its stake 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 purchasing an additional 168 shares during the last quarter. Orca Wealth Management LLC lifted its holdings in shares of Bank of America by 0.5% during the second quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider's stock worth $1,999,000 after purchasing an additional 179 shares during the period. Financial Consulate Inc. grew its position 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 buying an additional 181 shares during the last quarter. Money Concepts Capital Corp grew its position 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 valued at $273,000 after buying an additional 182 shares during the last quarter. Finally, Operose Advisors LLC increased its stake in Bank of America by 0.9% in the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider's stock valued at $1,123,000 after buying an additional 185 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Key Bank of America News

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 Stock Performance

NYSE BAC opened at $61.73 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The business has a fifty day moving average of $60.60 and a 200-day moving average of $54.67. The stock has a market cap of $431.66 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating analysts' consensus estimates of $1.13 by $0.08. The business 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 business's revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.89 earnings per share. As a group, 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 declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.1%. This is an increase from Bank of America's previous quarterly dividend of $0.28. Bank of America's dividend payout ratio is 25.69%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BAC. Argus set a $70.00 price objective on shares of Bank of America in a research report on Wednesday, July 15th. Jefferies Financial Group reiterated a "buy" rating and set a $75.00 price target on shares of Bank of America in a research note on Tuesday, July 14th. Wells Fargo & Company raised 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 report on Wednesday, July 15th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $67.00 to $70.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. upped their price target on shares of Bank of America from $62.50 to $68.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Twenty-one analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and a consensus target price of $64.08.

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source