Zhang Financial LLC Acquires 17,239 Shares of Bank of America Corporation $BAC

Key Points

• Zhang Financial LLC increased its Bank of America stake by 90.8% in the first quarter, buying 17,239 additional shares and bringing its total holdings to 36,230 shares worth about $1.77 million.
• Wall Street sentiment remains constructive on BAC: analysts have a consensus Moderate Buy rating with an average price target of $63.77, and several firms recently raised their targets.
• Bank of America recently reported Q2 earnings that beat expectations, posting $1.21 per share versus the $1.13 estimate, while also maintaining a quarterly dividend of $0.28 per share.

Zhang Financial LLC raised its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 90.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 36,230 shares of the financial services provider's stock after buying an additional 17,239 shares during the period. Zhang Financial LLC's holdings in Bank of America were worth $1,766,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Abound Financial LLC acquired a new stake in Bank of America during the 4th quarter worth about $26,000. Wiser Advisor Group LLC bought a new position in shares of Bank of America in the 3rd quarter worth $27,000. Legacy Bridge LLC raised its holdings in shares of Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after acquiring an additional 330 shares during the last quarter. CrossGen Wealth LLC purchased a new stake in shares of Bank of America in the fourth quarter worth approximately $30,000. Finally, Joseph Group Capital Management bought a new position in Bank of America during the 4th quarter valued at $32,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on BAC. The Goldman Sachs Group upped their target price on Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Autonomous Res lowered their target price on shares of Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a report on Monday, April 6th. HSBC increased their price target on shares of Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Morgan Stanley lifted their price objective on Bank of America from $61.00 to $67.00 and gave the company an "overweight" rating in a research note on Monday, June 29th. Finally, Oppenheimer lowered Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $63.77.

Bank of America Stock Down 0.5%

Shares of NYSE:BAC opened at $61.18 on Friday. The firm has a market capitalization of $434.16 billion, a PE ratio of 14.03, a price-to-earnings-growth ratio of 0.98 and a beta of 1.17. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.81 and a current ratio of 0.83. Bank of America Corporation has a 52-week low of $44.75 and a 52-week high of $62.12. The firm has a fifty day moving average of $55.30 and a 200 day moving average of $53.15.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $30.78 billion. During the same quarter last year, the business posted $0.89 earnings per share. The company's revenue for the quarter was up 19.6% on a year-over-year basis. As a group, research analysts anticipate that Bank of America Corporation will post 4.64 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America's dividend payout ratio (DPR) is currently 25.69%.

Insider Buying and Selling at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value 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. The trade was a 8.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.27% of the company's stock.

More Bank of America News

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

• Positive Sentiment: Bank of America declared regular cash dividends on multiple preferred stock series, reinforcing its continued capital return to shareholders. Bank of America Declares Preferred Stock Dividends Payable in August and September 2026
• Positive Sentiment: Multiple firms lifted their outlooks on BAC, including higher earnings estimates for FY2026 and FY2027, suggesting improving expectations for profitability. Bank of America stock page
• Positive Sentiment: Bank of America’s recent Q2 results were broadly strong, with the company topping estimates and benefiting from robust trading and deal activity, which has helped support investor confidence in the stock. BofA rides market whiplash to trading records, deal activity shines
• Neutral Sentiment: Bank of America also announced internal AI leadership appointments to accelerate AI adoption in its global markets business, a strategic move that could improve efficiency over time but is not an immediate earnings driver. BofA names senior executives to drive AI adoption in global markets-memo

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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