9,176 Shares in Bank of America Corporation $BAC Acquired by West Family Investments Inc.

West Family Investments Inc. bought a new stake in Bank of America Corporation (NYSE:BAC) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 9,176 shares of the financial services provider’s stock, valued at approximately $478,000.

A number of other large investors have also recently bought and sold shares of the stock. Total Clarity Wealth Management Inc. raised its holdings in shares of Bank of America by 3.6% in the second quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider’s stock worth $279,000 after acquiring an additional 168 shares during the last quarter. Orca Wealth Management LLC boosted its stake in shares of 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. boosted its stake in shares of Bank of America by 4.0% during the second quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider’s stock valued at $270,000 after acquiring an additional 181 shares during the last quarter. Money Concepts Capital Corp increased its position in Bank of America by 3.8% during the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock worth $273,000 after purchasing an additional 182 shares in the last quarter. Finally, Operose Advisors LLC increased its position in Bank of America by 0.9% during 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 in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on BAC. Barclays upped their target price on shares of Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $62.50 to $68.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Robert W. Baird upped their price objective on shares of Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Truist Financial raised their target price on shares of Bank of America from $64.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Finally, Argus set a $70.00 target price on shares of Bank of America in a research note on Wednesday, July 15th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.08.

Key Headlines Impacting Bank of America

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 Down 0.2%

BAC opened at $61.73 on Friday. 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 stock has a market capitalization of $431.66 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 0.98 and a beta of 1.17. The business has a 50-day moving average of $60.60 and a two-hundred day moving average of $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 posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.08. The company 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 company’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.89 EPS. On average, research analysts expect that Bank of America Corporation will post 4.68 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently announced 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. 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 dividend on an annualized basis and a yield of 2.1%. Bank of America’s payout ratio 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.