Tiemann Investment Advisors LLC Acquires New Shares in Bank of America Corporation $BAC

Key Points

• Tiemann Investment Advisors LLC acquired 14,035 Bank of America shares during the second quarter, valued at approximately $800,000. Institutional investors collectively own 70.71% of BAC.
• Bank of America exceeded quarterly earnings and revenue expectations, reporting $1.21 EPS and $31.56 billion in revenue, with revenue up 19.6% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $64.08, while Bank of America raised its quarterly dividend to $0.32 per share, representing a 2.1% yield.

Tiemann Investment Advisors LLC bought a new stake in Bank of America Corporation (NYSE:BAC - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 14,035 shares of the financial services provider's stock, valued at approximately $800,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Abound Financial LLC bought a new position in Bank of America during the 4th quarter worth approximately $26,000. Wiser Advisor Group LLC acquired a new position in Bank of America during the third quarter valued at approximately $27,000. CrossGen Wealth LLC bought a new stake in Bank of America in the fourth quarter valued at approximately $30,000. Joseph Group Capital Management bought a new stake in Bank of America in the fourth quarter valued at approximately $32,000. Finally, HFM Investment Advisors LLC raised its holdings in Bank of America by 566.0% in the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider's stock worth $34,000 after purchasing an additional 532 shares during the period. Institutional investors own 70.71% of the company's stock.

Bank of America News Roundup

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

Wall Street Analysts Forecast Growth

BAC has been the subject of several research analyst reports. Royal Bank Of Canada boosted their price target on shares of Bank of America from $59.00 to $65.00 and gave the company an "outperform" rating in a report on Wednesday, July 15th. JPMorgan Chase & Co. raised their price objective on Bank of America from $62.50 to $68.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Barclays lifted their target price on Bank of America from $71.00 to $72.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Morgan Stanley increased their price target on Bank of America from $61.00 to $67.00 and gave the stock an "overweight" rating in a report on Monday, June 29th. Finally, Oppenheimer lowered 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.com, the company currently has an average rating of "Moderate Buy" and an average target price of $64.08.

Bank of America Stock Down 0.2%

NYSE:BAC opened at $61.73 on Friday. 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 company has a market cap of $431.66 billion, a PE ratio of 14.16, a PEG ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. The stock has a 50-day simple moving average of $60.60 and a 200 day simple moving average of $54.67.

Bank of America (NYSE:BAC - Get Free Report) last announced its 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 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%.Bank of America's revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.89 EPS. On average, sell-side analysts expect that Bank of America Corporation will post 4.68 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. Bank of America's dividend payout ratio is 25.69%.

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.

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.

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