Andra AP fonden Has $62.41 Million Stock Holdings in Bank of America Corporation $BAC

Andra AP fonden boosted its stake in shares of Bank of America Corporation (NYSE:BAC) by 34.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,095,383 shares of the financial services provider’s stock after purchasing an additional 280,365 shares during the quarter. Bank of America comprises approximately 0.7% of Andra AP fonden’s investment portfolio, making the stock its 26th biggest position. Andra AP fonden’s holdings in Bank of America were worth $62,415,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Turim 21 Investimentos Ltda. bought a new position in shares of Bank of America during the second quarter worth approximately $25,000. Abound Financial LLC bought a new position in Bank of America during the 4th quarter worth $26,000. Cherry Tree Wealth Management LLC increased its position in Bank of America by 167.6% during the 2nd quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider’s stock worth $27,000 after buying an additional 300 shares during the period. Principia Wealth Advisory LLC lifted its holdings in shares of Bank of America by 69.9% during the second quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider’s stock worth $30,000 after buying an additional 218 shares in the last quarter. Finally, Vermillion Wealth Management Inc. boosted its position in shares of Bank of America by 199.1% in the first quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 438 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE:BAC traded down $1.62 during midday trading on Tuesday, hitting $56.34. The stock had a trading volume of 19,479,245 shares, compared to its average volume of 37,117,324. 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 capitalization of $393.94 billion, a P/E ratio of 12.93, a price-to-earnings-growth ratio of 0.92 and a beta of 1.15. The company’s 50-day moving average price is $61.98 and its 200-day moving average price is $55.91. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating 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 business had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same period in the previous year, the business earned $0.89 earnings per share. The company’s revenue was up 19.6% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Corporation will post 4.67 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a dividend of $0.32 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.3%. Bank of America’s payout ratio is presently 29.36%.

Bank of America News Roundup

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

• Positive Sentiment: Higher rates could support net interest income. The Federal Reserve’s rate hike may improve lending yields and help BAC expand net interest income, although rising deposit costs could limit the benefit. Fed Rate Hike: What it Means for Wells Fargo’s NII Outlook
• Positive Sentiment: AI could become a longer-term efficiency driver. Bank of America is increasing investments in artificial-intelligence ventures and expanding AI across its workforce, with potential benefits from higher productivity, lower servicing costs and new infrastructure-related revenue. Execution and spending requirements remain important risks. Will AI Become BAC’s Next Major Efficiency & Growth Lever?
• Neutral Sentiment: Funding and valuation are receiving increased attention. BAC has issued new fixed-income securities and declared a preferred-stock dividend while its shares have recently weakened. These moves may reinforce capital flexibility, but investors are also assessing funding costs and whether the stock’s valuation adequately reflects slower near-term growth. Is Bank of America (BAC) A Bargain As New Debt Deals Test Its Valuation?
• Negative Sentiment: Investment-banking guidance is the main immediate headwind. CEO Brian Moynihan reportedly indicated that third-quarter investment-banking fees could decline by more than 10% year over year, contributing to a sharp recent selloff and prompting at least one analyst to reduce BAC’s fiscal-year EPS estimate. Bank of America Stock Fell 8% Last Week After Its CEO Spoke at an Industry Conference
• Negative Sentiment: Macro risks could offset rate-related benefits. Bank of America strategists warned that prolonged Middle East disruptions could push oil above $150 per barrel, raising inflation and economic-growth concerns. A more hawkish rate cycle could also increase funding costs and credit risks for banks. Oil Could Top $150 a Barrel if Supplies Further Tighten

Analysts Set New Price Targets

Several analysts have weighed in on BAC shares. JPMorgan Chase & Co. lifted their price objective on shares of Bank of America from $62.50 to $68.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Truist Financial raised their target price on shares of Bank of America from $64.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, July 15th. Robert W. Baird increased 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. Finally, Argus set a $70.00 price objective on Bank of America in a research note on Wednesday, July 15th. Twenty-one 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 stock 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.