Palisade Capital Management LP Makes New $1.53 Million Investment in Bank of America Corporation $BAC

Palisade Capital Management LP purchased a new stake in Bank of America Corporation (NYSE:BAC - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 29,408 shares of the financial services provider's stock, valued at approximately $1,532,000.

Other institutional investors have also modified their holdings of the company. Turim 21 Investimentos Ltda. acquired a new position in Bank of America during the 2nd quarter worth $25,000. Abound Financial LLC acquired a new stake in Bank of America in the 4th quarter valued at about $26,000. Wiser Advisor Group LLC purchased a new position in shares of Bank of America in the 3rd quarter valued at about $27,000. CrossGen Wealth LLC purchased a new position in shares of Bank of America in the 4th quarter valued at about $30,000. Finally, Joseph Group Capital Management acquired a new position in shares of Bank of America during the fourth quarter worth about $32,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on BAC shares. Truist Financial upped their target price on shares of Bank of America from $64.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Wells Fargo & Company boosted their price target on shares of Bank of America from $67.00 to $69.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Argus set a $70.00 price objective on shares of Bank of America in a research report on Wednesday, July 15th. Jefferies Financial Group restated a "buy" rating and issued a $75.00 price objective on shares of Bank of America in a report on Tuesday, July 14th. Finally, Morgan Stanley lifted their price objective on shares of Bank of America from $61.00 to $67.00 and gave the stock an "overweight" rating in a research report on Monday, June 29th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $64.08.

Bank of America Price Performance

BAC stock opened at $61.17 on Friday. The business has a 50 day moving average price of $61.06 and a 200 day moving average price of $54.86. The stock has a market cap of $427.73 billion, a price-to-earnings ratio of 14.03, a PEG ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. 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 (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 firm's quarterly revenue was up 19.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.89 earnings per share. Equities research analysts anticipate that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, September 4th. This is a positive change from Bank of America's previous quarterly dividend of $0.28. Bank of America's dividend payout ratio (DPR) is currently 25.69%.

Bank of America News Summary

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

• Positive Sentiment: Bank of America’s AI initiatives, including branch expansion and automation, may improve operating efficiency and customer service over time. However, continued expense growth could limit the near-term benefit. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: BofA Securities continues to demonstrate a constructive view on major growth and technology markets, reiterating Buy ratings on Alibaba, Nvidia, Prudential and Elbit Systems. The activity supports the visibility of BAC’s investment-banking and research franchise, although it has limited direct impact on earnings. Alibaba Raises $10 Billion for AI — Why BofA Is Looking Past the Dilution
• Neutral Sentiment: Bank of America issued several senior unsecured notes in August, with maturities extending from 2029 to 2046. The issuance supports liquidity and funding flexibility, but adds to interest obligations and offers no immediate change to the company’s earnings outlook. What Bank of America (BAC)'s New Debt Issuance and AI Credit Research Push Means For Shareholders
• Negative Sentiment: The SEC reportedly subpoenaed Bank of America, Goldman Sachs, JPMorgan and Citigroup regarding margin lending to hedge fund Situational Awareness, which suffered a 67% drawdown during an AI-stock sell-off. The investigation raises potential legal, compliance and credit-loss risks, particularly if leveraged clients cannot meet obligations. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: Persistent operating-cost pressure remains a concern for BAC investors. While AI and branch expansion could boost productivity, elevated expenses may weigh on margins and reduce the benefit of the bank’s recent revenue growth.

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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