Scholtz & Company LLC Makes New Investment in Bank of America Corporation $BAC

Scholtz & Company LLC purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, HoldingsChannel.com reports. The firm purchased 28,257 shares of the financial services provider’s stock, valued at approximately $1,610,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Turim 21 Investimentos Ltda. bought a new stake in shares of Bank of America in the 2nd quarter worth about $25,000. Abound Financial LLC bought a new position in shares of Bank of America during the fourth quarter worth about $26,000. Wiser Advisor Group LLC acquired a new position in Bank of America in the third quarter worth about $27,000. Principia Wealth Advisory LLC increased its holdings in Bank of America by 69.9% in the second quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider’s stock valued at $30,000 after buying an additional 218 shares during the last quarter. Finally, CrossGen Wealth LLC acquired a new stake in Bank of America during the fourth quarter valued at approximately $30,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BAC. UBS Group boosted their price target on Bank of America from $68.00 to $70.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Robert W. Baird lifted their price target on shares of Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. JPMorgan Chase & Co. boosted their price objective on Bank of America from $62.50 to $68.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Argus set a $70.00 target price on shares of Bank of America in a research report on Wednesday, July 15th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a report on Tuesday, July 21st. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $64.08.

Bank of America Stock Up 0.6%

Shares of Bank of America stock opened at $62.77 on Thursday. The stock’s fifty day moving average is $61.93 and its 200-day moving average is $55.43. The firm has a market capitalization of $438.97 billion, a PE ratio of 14.40, a price-to-earnings-growth ratio of 1.00 and a beta of 1.15. The company has a quick ratio of 0.82, a current ratio of 0.83 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.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.08. The business had revenue of $31.56 billion during 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 revenue for the quarter was up 19.6% on a year-over-year basis. During the same quarter last year, the company posted $0.89 EPS. Equities 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. Shareholders of record on Friday, September 4th will be issued a $0.32 dividend. The ex-dividend date is Friday, September 4th. 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 dividend yield of 2.0%. Bank of America’s dividend payout ratio is 29.36%.

Bank of America News Roundup

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

• Positive Sentiment: An analysis argues that Bank of America’s valuation remains attractive, potentially supporting the shares if earnings and profitability continue to improve. Bank of America: The Valuation Still Works
• Positive Sentiment: Bank of America’s research team remains constructive on technology and artificial-intelligence beneficiaries, including SK hynix and Meta Platforms. This highlights the strength of BofA’s investment-banking and research franchise, although the calls do not directly change BAC’s earnings outlook. Bank of America Is Bullish on SK hynix Stock
• Neutral Sentiment: Regulatory filings show Bank of America or controlled entities holding more than 5% of QIAGEN and Hateks. These disclosures appear to reflect investment or client-related positions and are not evidence of a material change to BAC’s core business. Bank of America Reveals Indirect Stake in QIAGEN Bank of America Lifts Stake in Hateks
• Negative Sentiment: Weakness in preferred shares issued by BAC and other major banks suggests investors are pricing in interest rates remaining elevated. Higher-for-longer rates can raise funding costs and weigh on bond portfolios and valuation multiples. Bank Preferred Stocks Are Sending a Warning About Interest Rates

Bank of America Company Profile

Bank of America Corporation (NYSE:BAC) is a diversified financial services company serving individual consumers, businesses, institutional investors and governments. Its operations include consumer banking, credit and debit cards, mortgages, small-business banking, commercial banking, investment banking, securities trading and investment management.

The company provides consumer and wealth-management services through Bank of America and Merrill, including deposit accounts, lending, brokerage, retirement planning, financial advice and private banking.