11,619 Shares in Bank of America Corporation $BAC Purchased by SGL Investment Advisors Inc.

SGL Investment Advisors Inc. acquired a new stake in Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 11,619 shares of the financial services provider’s stock, valued at approximately $742,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Turim 21 Investimentos Ltda. bought a new stake in shares of Bank of America during the second quarter valued at approximately $25,000. Abound Financial LLC bought a new position in Bank of America in the 4th quarter worth 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 acquired a new stake in Bank of America in the 4th quarter valued at approximately $30,000. Finally, Joseph Group Capital Management bought a new stake in Bank of America during the 4th quarter valued at $32,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BAC has been the subject of a number of analyst reports. Royal Bank Of Canada boosted their price target on Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Truist Financial lifted their price objective on shares of Bank of America from $64.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. UBS Group upped their price objective on shares of Bank of America from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Morgan Stanley increased their target price on shares of Bank of America from $61.00 to $67.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. Finally, Oppenheimer cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $64.08.

Bank of America News Roundup

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 Trading Up 0.1%

Shares of BAC stock opened at $61.73 on Monday. The stock has a 50-day simple moving average of $60.60 and a 200 day simple moving average of $54.67. The stock has a market capitalization of $431.66 billion, a P/E ratio of 14.16, a P/E/G ratio of 0.98 and a beta of 1.17. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The company has a quick ratio of 0.82, a current ratio of 0.83 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 EPS for the quarter, topping the consensus estimate of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm had revenue of $31.56 billion for the quarter, compared to analysts’ expectations of $30.78 billion. During the same period in the previous year, the business earned $0.89 earnings per share. Bank of America’s revenue for the quarter was up 19.6% compared to the same quarter last year. On average, sell-side analysts expect that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be paid a dividend of $0.32 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, September 4th. Bank of America’s dividend payout ratio (DPR) is currently 25.69%.

Bank of America 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.