Elevation Point Wealth Partners LLC Acquires New Holdings in Bank of America Corporation $BAC

Elevation Point Wealth Partners LLC bought a new stake in Bank of America Corporation (NYSE:BAC) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 141,354 shares of the financial services provider’s stock, valued at approximately $8,054,000.

Several other hedge funds also recently bought and sold shares of BAC. Norges Bank acquired a new stake in shares of Bank of America during the fourth quarter valued at about $4,774,210,000. Capital International Investors acquired a new position in shares of Bank of America in the 4th quarter worth approximately $2,357,461,000. Deutsche Bank AG acquired a new position in shares of Bank of America in the 2nd quarter worth approximately $2,359,172,000. Bank of New York Mellon Corp purchased a new position in shares of Bank of America during the 2nd quarter worth approximately $2,313,953,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Bank of America by 640.5% during the 3rd 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 purchasing an additional 40,235,201 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

More Bank of America News

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

• Positive Sentiment: Bank of America’s analysts continue to favor value stocks, arguing they are well positioned in an environment of higher interest rates and inflation. This supports the broader investment case for BAC, which trades at a relatively moderate earnings multiple and could benefit from durable net interest income. Stick with value stocks until everyone is talking about them
• Positive Sentiment: BofA Global Research says Federal Reserve corporate-credit facilities remain available to limit downside risks in a debt-heavy artificial-intelligence investment cycle. A continued backstop could reduce systemic credit concerns that might otherwise pressure large banks. The debt-fueled AI build-out may already be too big to fail
• Neutral Sentiment: Strategist Michael Hartnett remains bullish on gold, citing concerns about U.S. government debt and currency debasement. The view may support trading and advisory activity at BAC, although it is not a direct change to the bank’s earnings outlook. Why Bank of America strategist Michael Hartnett says the trade is still long gold
• Neutral Sentiment: Bank of America disclosed several changes to indirect equity holdings through Merrill Lynch, including a stake above 10% in Lakefront Biotherapeutics and a reduced position in Hidropar. These appear to be portfolio or client-related transactions rather than a material strategic investment in BAC’s own business. Bank of America builds 10% stake in Lakefront Biotherapeutics
• Negative Sentiment: Bank of America reportedly spends at least $250 million annually on GLP-1 weight-loss drugs for employees. Management views the benefit as an investment in worker health, but the significant recurring expense could weigh on operating costs if it does not produce measurable savings in health-care claims or employee retention. Bank of America is spending $250 million a year on weight loss drugs for employees

Bank of America Price Performance

Shares of BAC opened at $62.50 on Wednesday. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The firm’s 50 day moving average price is $60.84 and its 200 day moving average price is $54.78. The company has a market cap of $437.04 billion, a P/E ratio of 14.33, a PEG ratio of 0.99 and a beta of 1.17. 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, beating the consensus estimate 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%. The firm’s revenue was up 19.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.89 EPS. On average, research analysts forecast that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be given a $0.32 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a yield of 2.0%. This is an increase from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio is 25.69%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on BAC shares. UBS Group boosted their target price on Bank of America from $68.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Evercore set a $63.00 price target on Bank of America and gave the stock an “outperform” rating in a research report on Monday, July 6th. Robert W. Baird lifted their price objective on Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Daiwa Securities Group boosted their price objective on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Finally, Keefe, Bruyette & Woods increased their target price on Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $64.08.

Bank of America Company 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.