33,609 Shares in Bank of America Corporation $BAC Purchased by Haverford Trust Co

Haverford Trust Co acquired a new stake in Bank of America Corporation (NYSE:BAC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 33,609 shares of the financial services provider’s stock, valued at approximately $1,915,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Turim 21 Investimentos Ltda. purchased a new stake in shares of Bank of America in the second quarter valued at about $25,000. Abound Financial LLC acquired a new position in shares of Bank of America during the 4th quarter worth approximately $26,000. Wiser Advisor Group LLC acquired a new stake in Bank of America during the 3rd quarter valued at $27,000. CrossGen Wealth LLC purchased a new position in Bank of America during the fourth quarter worth $30,000. Finally, Joseph Group Capital Management acquired a new position in shares of Bank of America in the fourth quarter worth $32,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

NYSE BAC opened at $62.50 on Wednesday. The business’s 50-day moving average price is $60.84 and its 200 day moving average price is $54.78. Bank of America Corporation has a twelve month low of $46.12 and a twelve month high of $65.22. The company has a market capitalization of $437.04 billion, a PE ratio of 14.33, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. The firm had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The firm’s quarterly revenue was up 19.6% on a year-over-year basis. During the same period last year, the company earned $0.89 EPS. On average, research analysts predict 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 2.0%. Bank of America’s payout ratio is presently 25.69%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on BAC shares. Daiwa Securities Group increased their price objective on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, April 28th. Morgan Stanley raised their price target on shares of Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a report on Wednesday, July 15th. Citigroup boosted their price objective on shares of Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Finally, UBS Group upped their price objective on shares of Bank of America from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $64.08.

Key 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 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.