Rayburn West Financial Services LLC Invests $5.14 Million in Bank of America Corporation $BAC

Rayburn West Financial Services LLC bought a new stake in Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 90,258 shares of the financial services provider’s stock, valued at approximately $5,139,000. Bank of America makes up about 2.8% of Rayburn West Financial Services LLC’s portfolio, making the stock its 10th largest holding.

Several other large investors have also recently added to or reduced their stakes in BAC. Norges Bank purchased a new stake in Bank of America in the 4th quarter valued at approximately $4,774,210,000. Capital International Investors acquired a new stake in shares of Bank of America in the 4th quarter valued at approximately $2,357,461,000. Deutsche Bank AG acquired a new stake in shares of Bank of America in the 2nd quarter valued at approximately $2,359,172,000. Bank of New York Mellon Corp purchased a new stake in shares of Bank of America in the second quarter valued at approximately $2,313,953,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Bank of America by 640.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock worth $2,399,798,000 after acquiring an additional 40,235,201 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.2%

BAC opened at $61.73 on Friday. The business’s fifty day moving average is $60.60 and its two-hundred day moving average is $54.67. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. The company has a market cap of $431.66 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a one year low of $46.12 and a one year high of $65.22.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share 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 company had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. During the same quarter in the prior year, the company earned $0.89 earnings per share. Bank of America’s revenue was up 19.6% compared to the same quarter last year. Analysts anticipate that Bank of America Corporation will post 4.68 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently disclosed 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 represents a $1.28 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio is currently 25.69%.

Analyst Upgrades and Downgrades

BAC has been the subject of several research analyst reports. Morgan Stanley increased their price objective on Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Barclays upped their price target on shares of Bank of America from $71.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Argus set a $70.00 price target on shares of Bank of America in a report on Wednesday, July 15th. JPMorgan Chase & Co. raised their price objective on shares of Bank of America from $62.50 to $68.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Finally, Daiwa Securities Group boosted their price objective on shares of Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $64.08.

Bank of America News Summary

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 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.