Evolve Private Wealth LLC Invests $2.25 Million in Bank of America Corporation $BAC

Evolve Private Wealth LLC bought a new stake in Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 39,404 shares of the financial services provider’s stock, valued at approximately $2,245,000.

Other large investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in Bank of America during the fourth quarter worth approximately $4,774,210,000. Bank of New York Mellon Corp lifted its stake in Bank of America by 5.4% in the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock valued at $3,169,062,000 after buying an additional 2,929,779 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Bank of America by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock valued at $2,958,110,000 after acquiring an additional 1,105,833 shares during the period. Deutsche Bank AG grew its position in shares of Bank of America by 5.9% during the fourth quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider’s stock worth $2,594,488,000 after acquiring an additional 2,611,776 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Bank of America by 640.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock valued at $2,399,798,000 after acquiring an additional 40,235,201 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Key Bank of America News

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 Stock Up 0.3%

BAC opened at $62.50 on Wednesday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. The business has a 50 day simple moving average of $60.84 and a 200-day simple moving average of $54.78. The stock has a market capitalization of $437.04 billion, a P/E ratio of 14.33, a P/E/G ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. The firm had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.Bank of America’s quarterly revenue was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.89 earnings per share. On average, equities analysts anticipate that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, September 4th. This is an increase from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s payout ratio is presently 25.69%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research reports. Robert W. Baird raised their price objective on shares of Bank of America from $58.00 to $62.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Barclays raised their price target on Bank of America from $71.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. JPMorgan Chase & Co. upped their price objective on Bank of America from $62.50 to $68.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Argus set a $70.00 price objective on Bank of America in a research report on Wednesday, July 15th. Finally, Evercore set a $63.00 target price on Bank of America and gave the company an “outperform” rating in a report on Monday, July 6th. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $64.08.

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.