Vest Financial LLC Purchases 376,775 Shares of Bank of America Corporation $BAC

Vest Financial LLC boosted its position in Bank of America Corporation (NYSE:BAC) by 39.2% during the second quarter, Holdings Channel reports. The institutional investor owned 1,339,065 shares of the financial services provider’s stock after purchasing an additional 376,775 shares during the quarter. Bank of America comprises approximately 0.8% of Vest Financial LLC’s portfolio, making the stock its 23rd largest holding. Vest Financial LLC’s holdings in Bank of America were worth $76,300,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Provenance Wealth Advisors LLC grew its stake in shares of Bank of America by 12.6% during the 2nd quarter. Provenance Wealth Advisors LLC now owns 4,953 shares of the financial services provider’s stock worth $282,000 after acquiring an additional 555 shares in the last quarter. Nicholas Wealth LLC. raised its holdings in shares of Bank of America by 4.1% in the second quarter. Nicholas Wealth LLC. now owns 25,130 shares of the financial services provider’s stock valued at $1,432,000 after purchasing an additional 986 shares during the last quarter. Nilsine Partners LLC lifted its position in shares of Bank of America by 115.0% in the second quarter. Nilsine Partners LLC now owns 81,096 shares of the financial services provider’s stock worth $4,621,000 after purchasing an additional 43,369 shares in the last quarter. Naples Global Advisors LLC lifted its position in shares of Bank of America by 1.8% in the second quarter. Naples Global Advisors LLC now owns 23,899 shares of the financial services provider’s stock worth $1,362,000 after purchasing an additional 425 shares in the last quarter. Finally, TI Trust Inc. boosted its holdings in Bank of America by 8.8% during the second quarter. TI Trust Inc. now owns 9,410 shares of the financial services provider’s stock worth $536,000 after purchasing an additional 764 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.8%

Bank of America stock opened at $63.98 on Tuesday. The firm has a market capitalization of $447.40 billion, a PE ratio of 14.67, a P/E/G ratio of 1.03 and a beta of 1.17. The company’s 50-day moving average is $59.98 and its 200-day moving average is $54.40. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.23. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82.

Bank of America (NYSE:BAC) last issued 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. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The company had revenue of $31.56 billion for the quarter, compared to analysts’ expectations of $30.78 billion. During the same period in the prior year, the firm earned $0.89 EPS. Bank of America’s quarterly revenue was up 19.6% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Corporation will post 4.68 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be paid a $0.32 dividend. 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 2.0%. The ex-dividend date is Friday, September 4th. Bank of America’s dividend payout ratio is currently 25.69%.

Bank of America News Summary

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

• Positive Sentiment: Bank of America is investing $1.9 billion for as much as a 49.9% stake in Jio Credit, expanding its presence in India’s growing financial-services market. The partnership could provide long-term growth and diversification, although returns will depend on execution and regulatory conditions. Will Bank of America Benefit From the Jio Credit Partnership in India?
• Positive Sentiment: BofA’s analysts remain highly constructive on Micron, citing structurally stronger memory demand, potential earnings growth and substantial free cash flow from AI infrastructure. Stronger capital-markets and advisory activity around AI-related companies could indirectly benefit BAC, though the primary gains accrue to Micron investors. Bank of America Sees 50% Upside in Micron Stock
• Neutral Sentiment: BofA also sees substantial potential margin improvement for AI-cloud providers CoreWeave and Nebius, and has endorsed long positions in gold amid a weaker dollar and changing Federal Reserve expectations. These views highlight areas of client and markets activity but have no clear immediate effect on BAC’s profits. A Major Catalyst Could Boost CoreWeave and Nebius Margins by Up to 1,000 Basis Points
• Neutral Sentiment: Bank of America trimmed an indirect holding in Turkey’s Ozsu Balik Uretim, a portfolio-management update that appears too small and unrelated to materially affect BAC’s valuation. Bank of America Trims Indirect Stake in Ozsu Balik Uretim
• Neutral Sentiment: Coverage of CEO Brian Moynihan’s distinctive language during analyst calls is reputational rather than financial and provides no new earnings or capital-allocation information. The Secret Word Game Bank of America’s CEO Plays With Wall Street

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Evercore set a $63.00 price target on shares of Bank of America and gave the company an “outperform” rating in a research note on Monday, July 6th. Barclays increased their price objective on shares of Bank of America from $71.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. UBS Group raised their price objective on Bank of America from $68.00 to $70.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Truist Financial lifted their target price on Bank of America from $64.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Finally, Morgan Stanley upped their target price on Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.