Gallagher Fiduciary Advisors LLC Invests $759,000 in Bank of America Corporation $BAC

Gallagher Fiduciary Advisors LLC bought a new position in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, Holdings Channel.com reports. The institutional investor bought 13,317 shares of the financial services provider’s stock, valued at approximately $759,000.

A number of other large investors have also recently bought and sold shares of BAC. Sculptor Capital LP acquired a new position in Bank of America in the 2nd quarter worth approximately $115,935,000. Pointe Capital Management LLC purchased a new stake in shares of Bank of America in the 2nd quarter valued at $874,000. Man Group plc acquired a new stake in shares of Bank of America in the second quarter worth $6,458,000. Western Wealth Management LLC acquired a new stake in shares of Bank of America in the second quarter worth $302,000. Finally, Invst LLC purchased a new position in shares of Bank of America during the second quarter worth $1,267,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 2.0%

BAC stock opened at $62.38 on Friday. Bank of America Corporation has a 52-week low of $46.12 and a 52-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. The firm has a market cap of $436.21 billion, a P/E ratio of 14.31, a PEG ratio of 0.98 and a beta of 1.17. The company’s 50-day simple moving average is $61.18 and its 200-day simple moving average is $54.92.

Bank of America (NYSE:BAC) last announced its quarterly 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. The firm had revenue of $31.56 billion during the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.Bank of America’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.89 EPS. As a group, equities analysts forecast that Bank of America Corporation will post 4.68 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be given 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 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, September 4th. Bank of America’s dividend payout ratio (DPR) is currently 25.69%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Royal Bank Of Canada increased 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 boosted their price objective on Bank of America from $64.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Citigroup raised their target price on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a report on Tuesday, July 21st. Finally, Argus set a $70.00 price objective on Bank of America 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. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $64.08.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America’s artificial-intelligence initiatives and branch expansion are expected to improve operating efficiency and customer service. The potential for productivity gains supports the long-term earnings case, although elevated expenses remain a risk. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: Strong inflows into gold and cryptocurrency funds reported by BofA suggest elevated client demand for investment products. That activity could benefit the bank’s wealth-management, brokerage and trading businesses, though the impact on BAC’s earnings is indirect.
• Neutral Sentiment: Bank of America disclosed holdings of approximately 4.69% and 5.87% in QIAGEN, reflecting regulatory notifications about its investment position. The disclosures may attract attention but do not materially change BAC’s core banking outlook. Bank of America Discloses 5.87% Stake in QIAGEN
• Neutral Sentiment: BofA strategists warned that global equities could face an autumn “reality check” tied to the U.S. midterm elections and geopolitical developments. A market pullback could weigh on BAC through lower investment-banking, asset-management and trading activity. Bank of America Warns of an Autumn Reality Check
• Negative Sentiment: JPMorgan is hiring senior technology dealmaker David Fishman from Bank of America. Losing an experienced M&A executive could weaken BAC’s technology investment-banking franchise and adds to competitive pressure. JPMorgan Hiring Bank of America’s David Fishman
• Negative Sentiment: The SEC is reportedly investigating margin lending to hedge fund Situational Awareness after a 67% drawdown, with Bank of America among the subpoenaed banks. Potential legal, credit and reputational risks could pressure sentiment. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: BAC is challenging proposed changes to the Federal Reserve’s global systemically important bank capital surcharge. Higher capital requirements could constrain lending, reduce balance-sheet flexibility and pressure returns on equity. Bank of America Joins Clash Over Fed GSIB Capital Rule

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.