Occidental Asset Management LLC Purchases Shares of 10,834 Bank of America Corporation $BAC

Occidental Asset Management LLC purchased a new position in shares of Bank of America Corporation (NYSE:BAC) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,834 shares of the financial services provider’s stock, valued at approximately $617,000.

Other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in Bank of America in the fourth quarter valued at $4,774,210,000. Capital International Investors purchased a new position in Bank of America during the fourth quarter worth about $2,357,461,000. Deutsche Bank AG acquired a new stake in Bank of America in the 2nd quarter worth about $2,359,172,000. Bank of New York Mellon Corp acquired a new stake in Bank of America in the 2nd quarter worth about $2,313,953,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in 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 buying an additional 40,235,201 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research analyst reports. Barclays upped their price objective on shares of Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Oppenheimer downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Wells Fargo & Company upped their price target on shares of Bank of America from $67.00 to $69.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Royal Bank Of Canada increased their price target on shares of Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $75.00 price target on shares of Bank of America in a report on Tuesday, July 14th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $64.08.

Bank of America Trading Down 0.2%

NYSE BAC opened at $61.73 on Friday. The company’s fifty day simple moving average is $60.60 and its 200-day simple moving average is $54.67. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22. 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 has a market cap of $431.66 billion, a P/E ratio of 14.16, a PEG ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.08. The business had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The business’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.89 earnings per share. Equities research analysts predict that Bank of America Corporation will post 4.68 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed 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 of this dividend is Friday, September 4th. This is an increase from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio is currently 25.69%.

Key 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 Company 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.