Freestone Grove Partners LP Invests $2.80 Million in Bank of America Corporation $BAC

Freestone Grove Partners LP bought a new stake in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, HoldingsChannel.com reports. The firm bought 53,738 shares of the financial services provider’s stock, valued at approximately $2,799,000.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Turim 21 Investimentos Ltda. acquired a new stake in Bank of America during the second quarter valued at approximately $25,000. Abound Financial LLC bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $26,000. Wiser Advisor Group LLC acquired a new position in shares of Bank of America in the 3rd quarter worth approximately $27,000. CrossGen Wealth LLC acquired a new position in shares of Bank of America in the 4th quarter worth approximately $30,000. Finally, Frazier Financial Advisors LLC bought a new position in shares of Bank of America during the 2nd quarter worth approximately $34,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the company. Morgan Stanley boosted their price target on Bank of America from $61.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, July 15th. Barclays boosted their target price 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 lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Finally, UBS Group increased their target price on shares of Bank of America from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Twenty-one investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $64.08.

Bank of America Stock Up 2.0%

NYSE BAC opened at $62.38 on Friday. The stock’s 50 day simple moving average is $61.18 and its 200 day simple moving average is $54.92. Bank of America Corporation has a one year low of $46.12 and a one year high of $65.22. The firm has a market cap of $436.21 billion, a PE ratio of 14.31, a price-to-earnings-growth ratio of 0.98 and a beta of 1.17. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.08. The firm had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The business’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.89 EPS. As a group, sell-side analysts forecast that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be issued a $0.32 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, September 4th. Bank of America’s dividend payout ratio (DPR) is presently 25.69%.

Bank of America News Summary

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

• Positive Sentiment: Bank of America’s artificial-intelligence initiatives and branch expansion are expected to improve operating efficiency and customer service. The potential for productivity gains supports the long-term earnings case, although elevated expenses remain a risk. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: Strong inflows into gold and cryptocurrency funds reported by BofA suggest elevated client demand for investment products. That activity could benefit the bank’s wealth-management, brokerage and trading businesses, though the impact on BAC’s earnings is indirect.
• Neutral Sentiment: Bank of America disclosed holdings of approximately 4.69% and 5.87% in QIAGEN, reflecting regulatory notifications about its investment position. The disclosures may attract attention but do not materially change BAC’s core banking outlook. Bank of America Discloses 5.87% Stake in QIAGEN
• Neutral Sentiment: BofA strategists warned that global equities could face an autumn “reality check” tied to the U.S. midterm elections and geopolitical developments. A market pullback could weigh on BAC through lower investment-banking, asset-management and trading activity. Bank of America Warns of an Autumn Reality Check
• Negative Sentiment: JPMorgan is hiring senior technology dealmaker David Fishman from Bank of America. Losing an experienced M&A executive could weaken BAC’s technology investment-banking franchise and adds to competitive pressure. JPMorgan Hiring Bank of America’s David Fishman
• Negative Sentiment: The SEC is reportedly investigating margin lending to hedge fund Situational Awareness after a 67% drawdown, with Bank of America among the subpoenaed banks. Potential legal, credit and reputational risks could pressure sentiment. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: BAC is challenging proposed changes to the Federal Reserve’s global systemically important bank capital surcharge. Higher capital requirements could constrain lending, reduce balance-sheet flexibility and pressure returns on equity. Bank of America Joins Clash Over Fed GSIB Capital Rule

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.