Pallas Capital Advisors LLC Invests $13.14 Million in Bank of America Corporation $BAC

Pallas Capital Advisors LLC acquired a new position in Bank of America Corporation (NYSE:BAC) during the second quarter, HoldingsChannel reports. The institutional investor acquired 230,607 shares of the financial services provider’s stock, valued at approximately $13,140,000.

Several other institutional investors and hedge funds have also recently modified their holdings of BAC. Total Clarity Wealth Management Inc. increased its stake in Bank of America by 3.6% during the 2nd quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider’s stock valued at $279,000 after purchasing an additional 168 shares in the last quarter. Orca Wealth Management LLC increased its position in Bank of America by 0.5% during 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 acquiring an additional 179 shares during the last quarter. Financial Consulate Inc. lifted its stake in shares of Bank of America by 4.0% in the 2nd quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider’s stock worth $270,000 after purchasing an additional 181 shares during the period. Money Concepts Capital Corp raised its position in Bank of America by 3.8% in the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock worth $273,000 after acquiring an additional 182 shares during the period. Finally, Operose Advisors LLC raised its holdings in Bank of America by 0.9% in the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock worth $1,123,000 after purchasing an additional 185 shares during the period. 70.71% of the stock is currently owned by institutional investors.

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 Stock Performance

Shares of Bank of America stock opened at $61.73 on Friday. 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 firm has a market cap of $431.66 billion, a P/E ratio of 14.16, a P/E/G ratio of 0.99 and a beta of 1.17. The stock’s fifty day moving average price is $60.60 and its 200-day moving average price is $54.67. 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 results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.08. The firm had revenue of $31.56 billion during the quarter, compared to analysts’ expectations of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The company’s revenue was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.89 EPS. On average, equities research analysts expect that Bank of America Corporation will post 4.68 earnings per share for the current fiscal 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. This is a boost from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, September 4th. Bank of America’s dividend payout ratio is presently 25.69%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BAC. Jefferies Financial Group reaffirmed a “buy” rating and set a $75.00 price target on shares of Bank of America in a report on Tuesday, July 14th. Robert W. Baird increased their price target on Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. lifted their target price on Bank of America from $62.50 to $68.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Finally, Royal Bank Of Canada upped their price target on shares of Bank of America from $59.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, July 15th. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of America 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.