72,095 Shares in Bank of America Corporation $BAC Acquired by Nitor Capital Management LLC

Nitor Capital Management LLC bought a new position in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, HoldingsChannel.com reports. The firm bought 72,095 shares of the financial services provider’s stock, valued at approximately $3,755,000. Bank of America makes up 2.5% of Nitor Capital Management LLC’s portfolio, making the stock its 12th largest position.

Several other hedge funds and other institutional investors have also bought and sold shares of BAC. LM Advisors LLC bought a new position in shares of Bank of America in the 2nd quarter worth $3,158,000. Haverford Trust Co purchased a new position in Bank of America in the second quarter valued at about $1,915,000. Clear Harbor Asset Management LLC bought a new position in Bank of America in the second quarter worth about $2,192,000. First Nebraska Trust Co purchased a new stake in shares of Bank of America during the second quarter valued at about $550,000. Finally, Compass Financial Management LLC purchased a new stake in shares of Bank of America during the second quarter valued at about $1,876,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.3%

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

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.08. The firm had revenue of $31.56 billion for the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The firm’s revenue was up 19.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.89 EPS. On average, equities research analysts anticipate that Bank of America Corporation will post 4.68 earnings per share 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 dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.0%. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. Bank of America’s dividend payout ratio is presently 25.69%.

Analysts Set New Price Targets

BAC has been the topic of a number of analyst reports. Citigroup lifted their price objective on shares of Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Argus set a $70.00 target price on shares of Bank of America in a research note on Wednesday, July 15th. Royal Bank Of Canada upped their price target on Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Morgan Stanley increased their price objective on Bank of America from $61.00 to $67.00 and gave the company an “overweight” rating in a report on Monday, June 29th. Finally, Oppenheimer cut Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $64.08.

Key Stories Impacting Bank of America

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

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.