Keebeck Wealth Management bought a new position in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, Holdings Channel.com reports. The firm bought 19,204 shares of the financial services provider’s stock, valued at approximately $1,094,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Turim 21 Investimentos Ltda. acquired a new position in Bank of America during the second quarter worth approximately $25,000. Abound Financial LLC acquired a new position in shares of Bank of America during the fourth quarter worth about $26,000. Wiser Advisor Group LLC acquired a new position in shares of Bank of America during the third quarter worth $27,000. CrossGen Wealth LLC acquired a new stake in shares of Bank of America during the fourth quarter valued at about $30,000. Finally, Joseph Group Capital Management purchased a new position in Bank of America in the fourth quarter valued at about $32,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.
Bank of America Stock Up 1.1%
Shares of Bank of America stock opened at $62.35 on Tuesday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. Bank of America Corporation has a 1-year low of $46.12 and a 1-year high of $65.22. The business’s fifty day moving average price is $60.73 and its two-hundred day moving average price is $54.73. The company has a market capitalization of $436.03 billion, a P/E ratio of 14.30, a PEG ratio of 0.98 and a beta of 1.17.
Bank of America Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be paid 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 dividend yield of 2.1%. This is an increase from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio (DPR) is currently 25.69%.
Wall Street Analyst Weigh In
BAC has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research note on Tuesday, July 21st. Morgan Stanley increased their target price 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 raised their target price on Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Finally, Oppenheimer lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.08.
Read Our Latest Stock Analysis on Bank of America
Key Bank of America News
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: Higher dividend income reinforces BAC’s appeal: Bank of America has increased its payout again, generating approximately $619 million in annual dividend income for Warren Buffett’s Berkshire Hathaway. The dividend growth supports the stock’s income-investment case and signals confidence in capital generation. Iconic bank stock pays Buffett’s Berkshire $619M in annual dividends
- Positive Sentiment: Preferred-share yields attract income investors: Analysis highlighting Bank of America preferred shares offering yields of roughly 6.6% may improve visibility for the company’s broader capital-return and income-investment story, though preferred securities do not directly increase common-stock earnings. Bank of America Offers Good Alternative To Treasuries
- Neutral Sentiment: Bank of America disclosed new strategic holdings: The company reported crossing a 10% stake in Lakefront Biotherapeutics and raising an indirect stake in Sanifoam above 5% under regulatory transparency rules. These disclosures appear to reflect investment or custody activity and are not expected to materially change BAC’s operating outlook. Bank of America Builds 10% Stake in Lakefront Biotherapeutics
- Neutral Sentiment: Market sentiment remains supportive: Bank of America’s fund-manager survey found rising equity optimism and cash allocations near historic lows. Stronger risk appetite could benefit banking activity and markets, but it also raises the possibility of positioning becoming crowded. Investor bullishness surges as BofA survey shows cash levels near historic lows
- Negative Sentiment: AI could widen consumer credit risks: Bank of America research suggests artificial intelligence is creating financial winners and losers and could eventually affect consumers’ access to credit. If weaker borrowers face increased pressure, the trend could pose longer-term risks to loan growth and credit quality. BofA finds AI is creating a credit divide
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.
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