Premier Financial Group Takes $682,000 Position in Bank of America Corporation $BAC

Key Points

• Premier Financial Group acquired 11,209 Bank of America shares worth approximately $682,000 in the second quarter, representing about 0.1% of its portfolio.
• Institutional investors own 70.71% of Bank of America, with major firms including Bank of New York Mellon, Fisher Asset Management, Deutsche Bank and Legal & General increasing their stakes.
• Bank of America exceeded quarterly earnings and revenue expectations, raised its quarterly dividend to $0.32 per share, and received a “Moderate Buy” consensus rating with an average analyst price target of $64.08.

Premier Financial Group purchased a new position in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 11,209 shares of the financial services provider's stock, valued at approximately $682,000. Bank of America comprises about 0.1% of Premier Financial Group's portfolio, making the stock its 22nd largest position.

Other large investors have also modified their holdings of the company. Norges Bank purchased a new stake in shares of Bank of America during the fourth quarter valued at $4,774,210,000. Bank of New York Mellon Corp grew its holdings in shares of Bank of America by 5.4% during the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider's stock valued at $3,169,062,000 after buying an additional 2,929,779 shares in the last quarter. Fisher Asset Management LLC raised its position in Bank of America by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider's stock valued at $2,958,110,000 after buying an additional 1,105,833 shares during the period. Deutsche Bank AG raised its position in Bank of America by 5.9% during the fourth quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider's stock valued at $2,594,488,000 after buying an additional 2,611,776 shares during the period. Finally, Legal & General Group Plc lifted its stake in Bank of America by 3.4% in the 4th quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider's stock worth $2,497,655,000 after acquiring an additional 1,487,809 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

BAC stock opened at $57.70 on Monday. The firm has a 50 day moving average of $62.00 and a two-hundred day moving average of $55.85. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22. The company has a market capitalization of $403.51 billion, a price-to-earnings ratio of 13.23, a P/E/G ratio of 0.92 and a beta of 1.15. 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 issued its quarterly earnings results 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. The company 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% on a year-over-year basis. During the same period in the previous year, the business posted $0.89 EPS. As a group, equities analysts anticipate that Bank of America Corporation will post 4.67 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, September 4th. This is a boost from Bank of America's previous quarterly dividend of $0.28. Bank of America's dividend payout ratio is currently 29.36%.

Analysts Set New Price Targets

Several research firms have weighed in on BAC. UBS Group lifted their target price on Bank of America from $68.00 to $70.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. Evercore set a $63.00 price target on shares of Bank of America and gave the stock an "outperform" rating in a research report on Monday, July 6th. Jefferies Financial Group reaffirmed a "buy" rating and set a $75.00 price objective on shares of Bank of America in a research report on Tuesday, July 14th. Truist Financial lifted their target price on shares of Bank of America from $64.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, July 15th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of America in a research note on Tuesday, July 21st. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $64.08.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Goldman Sachs initiated or reiterated a Buy rating on Bank of America, offering a favorable signal from Wall Street analysts. Bank of America Receives a Buy from Goldman Sachs
• Positive Sentiment: The Federal Reserve’s rate increase could support Bank of America’s net interest income by allowing the bank to earn more on loans and other assets, although the benefit may be partly offset by higher deposit costs. What the Fed Rate Hike Means for Banks
• Positive Sentiment: Bank of America declared regular cash dividends on multiple preferred-stock series, reinforcing its ongoing ability to make capital distributions. The announcement does not change the common-stock dividend. Bank of America Declares Preferred Stock Dividends
• Neutral Sentiment: CashPro App usage by European companies exceeded €100 billion in approved payments during the first seven months of the year, highlighting continued adoption of Bank of America’s treasury-management technology, but the near-term earnings impact is unclear. European Companies Shift Treasury to Mobile With Bank of America CashPro
• Neutral Sentiment: Bank of America hired Goldman Sachs banker Srijith Nair to lead financial-institutions investment banking in Asia outside China, a move that could strengthen the franchise over time but provides no immediate earnings catalyst. BofA Hires Goldman Sachs Banker
• Negative Sentiment: CEO Brian Moynihan indicated that revenue in a key investment-banking area is slowing. The warning overshadowed strong loan growth and net interest income, raising concerns about fee revenue and near-term operating momentum. Bank of America Stock Slides After Investment Banking Fees Decline
• Negative Sentiment: The market reaction reflects concern that weaker investment-banking fees may persist, despite analysts maintaining bullish targets and Bank of America’s latest earnings beat. Why Bank of America Stock Sold Off

About Bank of America

Bank of America Corporation NYSE: BAC is a diversified financial services company serving individual consumers, businesses, institutional investors and governments. Its operations include consumer banking, credit and debit cards, mortgages, small-business banking, commercial banking, investment banking, securities trading and investment management.

The company provides consumer and wealth-management services through Bank of America and Merrill, including deposit accounts, lending, brokerage, retirement planning, financial advice and private banking.

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