Meeder Advisory Services Inc. Purchases Shares of 143,656 Bank of America Corporation $BAC

Meeder Advisory Services Inc. purchased a new stake in Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 143,656 shares of the financial services provider’s stock, valued at approximately $8,186,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Abound Financial LLC bought a new position in Bank of America during the 4th quarter worth about $26,000. Wiser Advisor Group LLC bought a new stake in shares of Bank of America in the third quarter valued at about $27,000. CrossGen Wealth LLC bought a new stake in shares of Bank of America in the fourth quarter valued at about $30,000. Joseph Group Capital Management acquired a new position in shares of Bank of America during the fourth quarter worth about $32,000. Finally, HFM Investment Advisors LLC grew its holdings in shares of Bank of America by 566.0% during the fourth quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider’s stock worth $34,000 after buying an additional 532 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Key Stories 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 stock opened at $61.73 on Friday. Bank of America Corporation has a 1-year low of $46.12 and a 1-year high of $65.22. The business’s 50 day simple moving average is $60.60 and its 200 day simple moving average is $54.67. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. The firm has a market capitalization of $431.66 billion, a PE ratio of 14.16, a PEG ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC) last announced its quarterly 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. 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 during the quarter, compared to the consensus estimate of $30.78 billion. During the same quarter last year, the firm posted $0.89 EPS. The company’s quarterly revenue was up 19.6% on a year-over-year basis. As a group, research analysts anticipate 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 paid a $0.32 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is currently 25.69%.

Analyst Ratings Changes

A number of equities analysts have weighed in on BAC shares. Keefe, Bruyette & Woods upped their price target on Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Oppenheimer cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Daiwa Securities Group lifted their price target on shares of Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, April 28th. Argus set a $70.00 price objective on shares of Bank of America in a research note on Wednesday, July 15th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $75.00 target price on shares of Bank of America in a research report on Tuesday, July 14th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target 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.