785,757 Shares in Bank of America Corporation $BAC Bought by Kimelman & Baird LLC

Kimelman & Baird LLC bought a new stake in Bank of America Corporation (NYSE:BAC) during the second quarter, HoldingsChannel reports. The fund bought 785,757 shares of the financial services provider’s stock, valued at approximately $44,772,000. Bank of America comprises about 2.4% of Kimelman & Baird LLC’s portfolio, making the stock its 14th largest position.

A number of other large investors have also added to or reduced their stakes in the company. Pin Oak Investment Advisors Inc. bought a new position in shares of Bank of America during the 2nd quarter valued at about $1,206,000. 49 Wealth Management LLC bought a new position in Bank of America during the second quarter valued at approximately $390,000. Fulcrum Asset Management LLP grew its position in Bank of America by 56.9% during the second quarter. Fulcrum Asset Management LLP now owns 87,717 shares of the financial services provider’s stock valued at $5,077,000 after acquiring an additional 31,824 shares during the last quarter. Glenview Trust Co purchased a new position in shares of Bank of America during the second quarter worth approximately $19,371,000. Finally, Maxele Advisors LLC purchased a new position in shares of Bank of America during the second quarter worth approximately $450,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Key Headlines Impacting Bank of America

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Bank of America in a research note on Tuesday, July 14th. Evercore set a $63.00 price target on shares of Bank of America and gave the stock an “outperform” rating in a research note on Monday, July 6th. Truist Financial raised their price objective on Bank of America from $64.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Wells Fargo & Company boosted their target price on Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Finally, Barclays increased their target price on Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $64.08.

Bank of America Trading Up 0.1%

BAC opened at $62.38 on Monday. Bank of America Corporation has a one year low of $46.12 and a one year high of $65.22. 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 business has a 50 day simple moving average of $61.18 and a two-hundred day simple moving average of $54.90. The firm has a market capitalization of $436.21 billion, a price-to-earnings ratio of 14.31, a PEG ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC) last posted its earnings results 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 for the quarter, compared to analysts’ expectations 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 was up 19.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.89 earnings per share. Analysts predict that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The business 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 represents a $1.28 annualized dividend and a yield of 2.1%. This is an increase from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. Bank of America’s dividend payout ratio (DPR) is presently 25.69%.

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.