TRB Wealth Management LLC Purchases Shares of 25,182 Bank of America Corporation $BAC

Key Points

• TRB Wealth Management acquired 25,182 Bank of America shares worth approximately $1.44 million, while institutional investors collectively own 70.71% of BAC.
• Bank of America reported quarterly earnings of $1.21 per share, beating expectations of $1.13, as revenue rose 19.6% year over year to $31.56 billion.
• The bank increased its quarterly dividend from $0.28 to $0.32 per share, and analysts maintain a “Moderate Buy” consensus with an average price target of $64.08.

TRB Wealth Management LLC purchased a new position in shares of Bank of America Corporation (NYSE:BAC - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 25,182 shares of the financial services provider's stock, valued at approximately $1,435,000.

Several other institutional investors also recently modified their holdings of BAC. Brighton Jones LLC boosted its holdings in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after acquiring an additional 25,143 shares during the last quarter. Sivia Capital Partners LLC raised its holdings in Bank of America by 40.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock worth $1,013,000 after purchasing an additional 6,174 shares during the last quarter. Jump Financial LLC lifted its position in shares of Bank of America by 38.4% in the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock worth $3,108,000 after purchasing an additional 18,227 shares during the period. Nebula Research & Development LLC bought a new stake in shares of Bank of America in the 2nd quarter valued at $1,396,000. Finally, Vivaldi Capital Management LP boosted its stake in shares of Bank of America by 4.2% in the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider's stock valued at $417,000 after purchasing an additional 355 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Up 0.3%

Shares of NYSE BAC opened at $62.50 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The firm has a market cap of $437.04 billion, a PE ratio of 14.33, a P/E/G ratio of 0.99 and a beta of 1.17. The company's fifty day simple moving average is $60.84 and its 200 day simple moving average is $54.78. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same period in the previous year, the firm posted $0.89 earnings per share. The business's revenue was up 19.6% compared to the same quarter last year. As a group, sell-side analysts forecast 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 announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend 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 is presently 25.69%.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America’s analysts continue to favor value stocks, arguing they are well positioned in an environment of higher interest rates and inflation. This supports the broader investment case for BAC, which trades at a relatively moderate earnings multiple and could benefit from durable net interest income. Stick with value stocks until everyone is talking about them
• Positive Sentiment: BofA Global Research says Federal Reserve corporate-credit facilities remain available to limit downside risks in a debt-heavy artificial-intelligence investment cycle. A continued backstop could reduce systemic credit concerns that might otherwise pressure large banks. The debt-fueled AI build-out may already be too big to fail
• Neutral Sentiment: Strategist Michael Hartnett remains bullish on gold, citing concerns about U.S. government debt and currency debasement. The view may support trading and advisory activity at BAC, although it is not a direct change to the bank’s earnings outlook. Why Bank of America strategist Michael Hartnett says the trade is still long gold
• Neutral Sentiment: Bank of America disclosed several changes to indirect equity holdings through Merrill Lynch, including a stake above 10% in Lakefront Biotherapeutics and a reduced position in Hidropar. These appear to be portfolio or client-related transactions rather than a material strategic investment in BAC’s own business. Bank of America builds 10% stake in Lakefront Biotherapeutics
• Negative Sentiment: Bank of America reportedly spends at least $250 million annually on GLP-1 weight-loss drugs for employees. Management views the benefit as an investment in worker health, but the significant recurring expense could weigh on operating costs if it does not produce measurable savings in health-care claims or employee retention. Bank of America is spending $250 million a year on weight loss drugs for employees

Analysts Set New Price Targets

BAC has been the subject of a number of analyst reports. Keefe, Bruyette & Woods lifted 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 note on Wednesday, July 15th. Barclays upped their price target on shares of Bank of America from $71.00 to $72.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Morgan Stanley lifted their price objective on Bank of America from $61.00 to $67.00 and gave the stock an "overweight" rating in a research report on Monday, June 29th. Oppenheimer downgraded Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Finally, JPMorgan Chase & Co. upped their target price on Bank of America from $62.50 to $68.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average 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.

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