Evelyn Partners Investment Management LLP Buys 49,336 Shares of Bank of America Corporation $BAC

Evelyn Partners Investment Management LLP boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 7.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 691,958 shares of the financial services provider’s stock after buying an additional 49,336 shares during the period. Bank of America makes up approximately 0.9% of Evelyn Partners Investment Management LLP’s investment portfolio, making the stock its 25th largest position. Evelyn Partners Investment Management LLP’s holdings in Bank of America were worth $33,733,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Abound Financial LLC acquired a new position in Bank of America during the 4th quarter worth approximately $26,000. Wiser Advisor Group LLC acquired a new stake in Bank of America in the third quarter valued at approximately $27,000. Legacy Bridge LLC grew its stake in shares of Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after buying an additional 330 shares during the last quarter. CrossGen Wealth LLC bought a new stake in shares of Bank of America during the fourth quarter worth $30,000. Finally, Joseph Group Capital Management acquired a new position in shares of Bank of America during the fourth quarter worth $32,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on BAC. Robert W. Baird raised their price objective on Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Barclays increased their target price on Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Piper Sandler lifted their price target 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. Wells Fargo & Company boosted their price target on Bank of America from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Finally, Oppenheimer downgraded Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $63.77.

Bank of America Stock Performance

NYSE BAC opened at $62.15 on Tuesday. The company has a market capitalization of $441.02 billion, a price-to-earnings ratio of 14.25, a PEG ratio of 0.99 and a beta of 1.17. 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 Corporation has a twelve month low of $44.75 and a twelve month high of $62.99. The stock has a fifty day simple moving average of $56.65 and a 200 day simple moving average of $53.37.

Bank of America (NYSE:BAC) last announced 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 firm had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $30.78 billion. During the same period in the previous year, the business earned $0.89 EPS. The business’s quarterly revenue was up 19.6% compared to the same quarter last year. Sell-side analysts expect that Bank of America Corporation will post 4.65 EPS for the current 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 issued a $0.32 dividend. The ex-dividend date is Friday, September 4th. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is presently 25.69%.

More Bank of America News

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

• Positive Sentiment: AI could expand profit margins: Morgan Stanley strategists identified Bank of America as one of the major U.S. companies best positioned to benefit from AI investment, potentially driving net-margin expansion through 2027. The opportunity could improve operating efficiency and long-term earnings growth. Bank of America (BAC) Could Be One Of Wall Street’s Biggest AI Winners
• Positive Sentiment: Strong second-quarter performance: Bank of America’s second-quarter earnings per share increased 34.4% year over year and exceeded analyst expectations. Record net interest income, strong trading activity and resilient investment-banking results underscored the benefits of its diversified business model. Should You Invest in Bank of America Following Impressive Q2 Results?
• Positive Sentiment: Dividend and capital-return support: Recent coverage indicates BAC reached a new 12-month high following a dividend announcement, reinforcing investor interest in shareholder returns. Bank of America Sets New 12-Month High Following Dividend Announcement
• Neutral Sentiment: Healthy consumer backdrop: Broader big-bank earnings suggest U.S. consumers remain relatively resilient despite economic pressures, which is supportive for BAC’s credit quality and consumer-banking operations. What Big Bank Earnings Just Revealed About the Health of the U.S. Consumer
• Neutral Sentiment: Research visibility: BofA’s calls favoring semiconductor and cybersecurity stocks highlight its research franchise, but these recommendations have limited direct impact on BAC’s earnings. BofA Names Top Semiconductor Stocks to Buy After Sector Selloff

Insider Transactions at Bank of America

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction on 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 sale, the insider owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.27% of the stock is currently owned by insiders.

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.