one8zero8 LLC Takes $3.03 Million Position in Bank of America Corporation $BAC

one8zero8 LLC acquired a new position in Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 53,147 shares of the financial services provider’s stock, valued at approximately $3,028,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Total Clarity Wealth Management Inc. boosted its holdings in Bank of America by 3.6% during the second quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider’s stock worth $279,000 after buying an additional 168 shares in the last quarter. Orca Wealth Management LLC increased its holdings in shares of Bank of America by 0.5% in the second quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider’s stock valued at $1,999,000 after buying an additional 179 shares in the last quarter. Financial Consulate Inc. increased its holdings in shares of Bank of America by 4.0% in the second quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider’s stock valued at $270,000 after buying an additional 181 shares in the last quarter. Money Concepts Capital Corp lifted its position in shares of Bank of America by 3.8% during the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock valued at $273,000 after acquiring an additional 182 shares during the last quarter. Finally, Operose Advisors LLC lifted its position in shares of Bank of America by 0.9% during the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock valued at $1,123,000 after acquiring an additional 185 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

Shares of BAC opened at $61.73 on Friday. The business’s 50-day moving average is $60.60 and its 200-day moving average is $54.67. 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 company has a market capitalization of $431.66 billion, a price-to-earnings ratio of 14.16, a P/E/G ratio of 0.98 and a beta of 1.17. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22.

Bank of America (NYSE:BAC) last posted its quarterly 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 net margin of 17.56% and a return on equity of 12.20%. The business had revenue of $31.56 billion during the quarter, compared to analysts’ expectations of $30.78 billion. During the same period last year, the company posted $0.89 earnings per share. The firm’s quarterly revenue was up 19.6% compared to the same quarter last year. Equities research analysts expect that Bank of America Corporation will post 4.68 EPS 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 $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, September 4th. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s payout ratio is currently 25.69%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BAC. Truist Financial lifted their target price on Bank of America from $64.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Royal Bank Of Canada upped their target price on Bank of America from $59.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, July 15th. Wells Fargo & Company increased their price target on Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Evercore set a $63.00 price target on Bank of America and gave the stock an “outperform” rating in a research note on Monday, July 6th. Finally, UBS Group boosted their price objective on Bank of America from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $64.08.

More Bank of America News

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

• Positive Sentiment: Bank of America’s active participation in the August bond market demonstrates continued access to wholesale funding and allows it to extend maturities through senior unsecured offerings. Its latest quarterly results also showed strong earnings and revenue growth, providing a fundamental counterweight to near-term concerns. Bank of America’s Stock Market Signal Flashes Warning
• Neutral Sentiment: Bank of America increased its indirect stake in Turkish industrial technology company Hidropar to 5.386%. The disclosure indicates portfolio or client-related investment activity, but it is not expected to materially affect BAC’s earnings. Bank of America Lifts Indirect Stake in Hidropar to 5.386%
• Neutral Sentiment: Bank of America crossed a disclosure threshold in Smith & Nephew, reflecting an updated shareholding. The move is unlikely to have a meaningful direct impact on BAC’s common stock. Smith & Nephew Discloses Updated Bank of America Shareholding
• Neutral Sentiment: Bank of America’s analysts issued views on HP, Home Depot and Nvidia. These calls may generate research-related attention, but they do not materially change BAC’s own fundamentals. Bank of America Sends Warning on HP Stock
• Negative Sentiment: A market commentary warns that crowded positioning in Bank of America could make any broader-market pullback sharper. Separate analysis questions whether BAC is undervalued after its recent bond issuance, while noting recent short-term share-price weakness. These factors are weighing on sentiment despite the bank’s solid earnings profile. Bank of America’s Stock Market Signal Flashes Warning Is Bank of America Undervalued?
• Negative Sentiment: Analysis of Bank of America preferred stock suggests that more attractive alternatives may exist than Series GG. While this primarily affects preferred securities, it can modestly temper sentiment toward BAC’s capital-raising instruments. Bank of America Preferreds: Better Propositions Available Than Series GG

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.