89,894 Shares in Bank of America Corporation $BAC Purchased by Westpac Banking Corp

Westpac Banking Corp acquired a new stake in Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 89,894 shares of the financial services provider’s stock, valued at approximately $5,122,000.

A number of other large investors also recently bought and sold shares of BAC. Turim 21 Investimentos Ltda. acquired a new position in shares of Bank of America in the 2nd quarter worth approximately $25,000. Abound Financial LLC acquired a new stake in Bank of America in the 4th quarter valued at approximately $26,000. Wiser Advisor Group LLC acquired a new stake in Bank of America in the 3rd quarter valued at approximately $27,000. CrossGen Wealth LLC purchased a new stake in Bank of America in the fourth quarter valued at approximately $30,000. Finally, Joseph Group Capital Management purchased a new stake in Bank of America in the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

More Bank of America News

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

• Positive Sentiment: Bank of America’s analysts continue to favor value stocks, arguing they are well positioned in an environment of higher interest rates and inflation. This supports the broader investment case for BAC, which trades at a relatively moderate earnings multiple and could benefit from durable net interest income. Stick with value stocks until everyone is talking about them
• Positive Sentiment: BofA Global Research says Federal Reserve corporate-credit facilities remain available to limit downside risks in a debt-heavy artificial-intelligence investment cycle. A continued backstop could reduce systemic credit concerns that might otherwise pressure large banks. The debt-fueled AI build-out may already be too big to fail
• Neutral Sentiment: Strategist Michael Hartnett remains bullish on gold, citing concerns about U.S. government debt and currency debasement. The view may support trading and advisory activity at BAC, although it is not a direct change to the bank’s earnings outlook. Why Bank of America strategist Michael Hartnett says the trade is still long gold
• Neutral Sentiment: Bank of America disclosed several changes to indirect equity holdings through Merrill Lynch, including a stake above 10% in Lakefront Biotherapeutics and a reduced position in Hidropar. These appear to be portfolio or client-related transactions rather than a material strategic investment in BAC’s own business. Bank of America builds 10% stake in Lakefront Biotherapeutics
• Negative Sentiment: Bank of America reportedly spends at least $250 million annually on GLP-1 weight-loss drugs for employees. Management views the benefit as an investment in worker health, but the significant recurring expense could weigh on operating costs if it does not produce measurable savings in health-care claims or employee retention. Bank of America is spending $250 million a year on weight loss drugs for employees

Bank of America Stock Performance

NYSE:BAC opened at $62.50 on Wednesday. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22. The company has a fifty day simple moving average of $60.84 and a two-hundred day simple moving average of $54.78. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The company has a market cap of $437.04 billion, a price-to-earnings ratio of 14.33, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC) last announced 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. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The business had revenue of $31.56 billion for the quarter, compared to analysts’ expectations of $30.78 billion. During the same period last year, the firm earned $0.89 earnings per share. The company’s revenue for the quarter was up 19.6% compared to the same quarter last year. As a group, equities analysts anticipate that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a yield of 2.0%. This is an increase from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio is 25.69%.

Analysts Set New Price Targets

BAC has been the subject of several research analyst reports. Robert W. Baird raised their price target on Bank of America from $58.00 to $62.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Keefe, Bruyette & Woods boosted 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. UBS Group increased their target price on Bank of America from $68.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. Barclays raised 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. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $75.00 price target on shares of Bank of America in a research note on Tuesday, July 14th. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price 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.