Concord Investment Counsel Inc. Purchases Shares of 210,638 Bank of America Corporation $BAC

Concord Investment Counsel Inc. purchased a new position in shares of Bank of America Corporation (NYSE:BAC) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 210,638 shares of the financial services provider’s stock, valued at approximately $11,997,000. Bank of America makes up 3.3% of Concord Investment Counsel Inc.’s holdings, making the stock its 11th largest holding.

Other large investors also recently modified their holdings of the company. Handelsbanken Fonder AB boosted its holdings in Bank of America by 53.0% in the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock worth $254,625,000 after acquiring an additional 1,603,080 shares in the last quarter. E Fund Management Co. Ltd. bought a new stake in shares of Bank of America during the second quarter valued at approximately $4,089,000. Bernicke Wealth Management Ltd. acquired a new position in shares of Bank of America during the second quarter worth approximately $2,132,000. Legal & General Group Plc raised its position in shares of Bank of America by 3.4% during the fourth quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider’s stock worth $2,497,655,000 after purchasing an additional 1,487,809 shares during the period. Finally, Mondrian Investment Partners LTD lifted its holdings in shares of Bank of America by 34.3% in the 4th quarter. Mondrian Investment Partners LTD now owns 2,175,401 shares of the financial services provider’s stock worth $119,647,000 after purchasing an additional 555,063 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $62.50 on Wednesday. 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 stock’s fifty day simple moving average is $60.84 and its two-hundred day simple moving average is $54.78. Bank of America Corporation has a 1-year low of $46.12 and a 1-year high of $65.22. The stock has a market cap of $437.04 billion, a PE ratio of 14.33, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $31.56 billion for the quarter, compared to the consensus estimate of $30.78 billion. During the same period in the previous year, the firm earned $0.89 EPS. The business’s revenue for the quarter was up 19.6% compared to the same quarter last year. As a group, analysts forecast that Bank of America Corporation will post 4.68 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared 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 annualized dividend and a yield of 2.0%. This is a boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. Bank of America’s dividend payout ratio is presently 25.69%.

Analyst Ratings Changes

Several research firms recently issued reports on BAC. Morgan Stanley lifted their price target on shares of Bank of America from $61.00 to $67.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. JPMorgan Chase & Co. upped their price objective on shares of Bank of America from $62.50 to $68.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Bank of America in a research note on Tuesday, July 14th. Oppenheimer cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, July 21st. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $64.08.

Bank of America News Summary

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

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.