Waverly Advisors LLC Increases Stake in Bank of America Corporation $BAC

Waverly Advisors LLC increased its holdings in Bank of America Corporation (NYSE:BAC) by 3.3% during the second quarter, Holdings Channel.com reports. The firm owned 602,391 shares of the financial services provider’s stock after acquiring an additional 19,413 shares during the quarter. Waverly Advisors LLC’s holdings in Bank of America were worth $34,324,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in BAC. California State Teachers Retirement System lifted its stake in shares of Bank of America by 5,515.7% in the 2nd quarter. California State Teachers Retirement System now owns 586,149,556 shares of the financial services provider’s stock valued at $33,398,802,000 after acquiring an additional 575,711,933 shares during the last quarter. Norges Bank purchased a new position in Bank of America in the 4th quarter worth approximately $4,774,210,000. Bank of New York Mellon Corp lifted its position in Bank of America by 5.4% in the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock valued at $3,169,062,000 after purchasing an additional 2,929,779 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of Bank of America by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock valued at $2,958,110,000 after purchasing an additional 1,105,833 shares during the period. Finally, Deutsche Bank AG grew its holdings in shares of Bank of America by 5.9% in the fourth quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider’s stock worth $2,594,488,000 after purchasing an additional 2,611,776 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America News Summary

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

• Positive Sentiment: Bank of America’s strong earnings momentum, capital cushion and buyback capacity support expectations for continued shareholder returns, providing a potential catalyst for BAC. What’s Powering Bank of America’s Strong Capital Return Strategy?
• Positive Sentiment: An analyst argues that Bank of America’s valuation remains attractive, which may limit downside and support the stock if earnings continue to meet expectations. Bank of America: The Valuation Still Works
• Positive Sentiment: BofA’s broader research remains constructive on AI-related trends, including tight memory-chip supply and Meta’s custom AI-chip strategy. This highlights the firm’s advisory and research activity in attractive growth markets, although the developments do not directly change BAC’s earnings outlook. Bank of America Is Bullish on SK hynix Stock
• Neutral Sentiment: Bank of America raised its indirect stake in Turkey’s Manas Enerji to 6.01%, a disclosure with limited near-term significance for BAC’s consolidated financial results. Bank of America Raises Indirect Stake in Manas Enerji to 6.01%
• Negative Sentiment: Weakness in preferred shares issued by major banks, including BAC, suggests investors are positioning for interest rates to stay higher for longer. That could pressure bond values, borrowing demand and bank valuations. Bank Preferred Stocks Are Sending a Warning About Interest Rates
• Negative Sentiment: Fading capital-markets momentum in the third quarter raises the risk of uneven investment-banking and trading results for BAC and other large banks. Capital Markets Momentum Fades

Bank of America Stock Down 0.5%

Shares of BAC traded down $0.34 on Tuesday, reaching $62.34. The stock had a trading volume of 28,336,206 shares, compared to its average volume of 36,940,820. The company has a 50-day simple moving average of $61.84 and a 200-day simple moving average of $55.36. The firm has a market capitalization of $435.96 billion, a price-to-earnings ratio of 14.30, a price-to-earnings-growth ratio of 1.00 and a beta of 1.15. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. 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 issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (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 analysts’ expectations of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. Bank of America’s revenue was up 19.6% on a year-over-year basis. During the same period last year, the company posted $0.89 EPS. Sell-side analysts predict that Bank of America Corporation will post 4.68 EPS 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. Shareholders of record on Friday, September 4th will be paid a dividend of $0.32 per share. The ex-dividend date is Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a yield of 2.1%. This is a boost from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio (DPR) is presently 29.36%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Robert W. Baird lifted their target price on shares of Bank of America from $58.00 to $62.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Argus set a $70.00 price objective on shares of Bank of America in a research report on Wednesday, July 15th. Citigroup upped 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 note on Tuesday, June 23rd. JPMorgan Chase & Co. increased their target price 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. Finally, Keefe, Bruyette & Woods upped their price target on Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a research report 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 an average price target of $64.08.

Bank of America Company Profile

Bank of America Corporation (NYSE:BAC) is a diversified financial services company serving individual consumers, businesses, institutional investors and governments. Its operations include consumer banking, credit and debit cards, mortgages, small-business banking, commercial banking, investment banking, securities trading and investment management.

The company provides consumer and wealth-management services through Bank of America and Merrill, including deposit accounts, lending, brokerage, retirement planning, financial advice and private banking.