Waverly Advisors LLC Buys 17,046 Shares of Bank of America Corporation $BAC

Key Points

• Waverly Advisors LLC increased its Bank of America stake by 3.0% in the first quarter, buying 17,046 additional shares and bringing its total holdings to 582,978 shares worth about $28.4 million.
• Several institutional investors have also boosted or initiated positions in BAC, and institutional ownership stands at 70.71% of the company’s stock.
• Bank of America recently raised its quarterly dividend by 14% to $0.32 per share, while analysts remain generally positive with an average rating of Moderate Buy and an average price target of $63.77.

Waverly Advisors LLC grew its stake in Bank of America Corporation (NYSE:BAC) by 3.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 582,978 shares of the financial services provider's stock after purchasing an additional 17,046 shares during the period. Waverly Advisors LLC's holdings in Bank of America were worth $28,420,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Norges Bank bought a new stake in shares of Bank of America in the fourth quarter valued at about $4,774,210,000. Capital International Investors bought a new position in Bank of America during the fourth quarter valued at about $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Bank of America by 640.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock valued at $2,399,798,000 after acquiring an additional 40,235,201 shares during the period. Vanguard Group Inc. raised its holdings in Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock valued at $35,809,225,000 after acquiring an additional 23,351,183 shares in the last quarter. Finally, Cardano Risk Management B.V. lifted its position in shares of Bank of America by 914.5% in the 4th quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider's stock worth $1,380,239,000 after acquiring an additional 22,621,546 shares during the period. Institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BAC. Oppenheimer lowered Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Piper Sandler upped their target price on Bank of America from $53.00 to $59.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Truist Financial raised their target price on Bank of America from $64.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Argus set a $70.00 price target on shares of Bank of America in a research note on Wednesday, July 15th. Finally, 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. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $63.77.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America raised its quarterly dividend by 14% to $0.32 per share, a clear signal of strong capital generation and management’s commitment to shareholder returns. Bank of America hikes common stock dividend by 14%
• Positive Sentiment: The dividend boost was also highlighted in company announcements and market coverage, likely supporting sentiment that BAC’s balance sheet and earnings power remain solid. Bank of America Increases Common Stock Dividend 14% to 0.32 Per Share
• Positive Sentiment: Bank of America also continued to get attention for its investment research, including bullish calls on AI beneficiaries like Micron and Alphabet, which can reinforce the firm’s reputation and market visibility. Why BofA Thinks Micron Stock Could Be One of AI’s Biggest Long-Term Winners
• Neutral Sentiment: One report noted Bank of America’s well-known stock-market “sell signal” indicator is at its highest level since 2021, which may be seen as a cautionary macro signal rather than a direct BAC-specific issue. BofA's famed sell signal for stocks is at its highest level since 2021
• Neutral Sentiment: Additional coverage on federal debt, inflation, and global bond weakness reflects the broader macro backdrop BAC operates in, but these items do not directly change the bank’s near-term fundamentals. Trump Called Himself the ‘King of Debt.’ Now Bank of America Says the U.S. Will Spend $2 Trillion More Than It Brings In This Year

Bank of America Trading Up 1.2%

BAC stock opened at $62.00 on Friday. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $62.28. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. The business's 50 day moving average is $56.42 and its 200-day moving average is $53.36. The firm has a market cap of $439.96 billion, a P/E ratio of 14.22, a P/E/G ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last posted its 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. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The business had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same quarter last year, the company earned $0.89 EPS. Bank of America's revenue was up 19.6% on a year-over-year basis. Equities analysts anticipate that Bank of America Corporation will post 4.65 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. 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 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 payout ratio is currently 25.69%.

Insider Activity

In related news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. This trade represents a 8.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.27% of the stock is owned by company insiders.

About Bank of America

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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