QRG Capital Management Inc. boosted its holdings in Bank of America Corporation (NYSE:BAC) by 44.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,280,833 shares of the financial services provider’s stock after acquiring an additional 393,875 shares during the period. QRG Capital Management Inc.’s holdings in Bank of America were worth $72,982,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Total Clarity Wealth Management Inc. raised its position in shares of Bank of America by 3.6% in the second quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider’s stock valued at $279,000 after purchasing an additional 168 shares during the period. Orca Wealth Management LLC lifted its stake in shares of Bank of America by 0.5% during the 2nd quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider’s stock worth $1,999,000 after buying an additional 179 shares during the last quarter. Financial Consulate Inc. boosted its holdings in shares of Bank of America by 4.0% during the 2nd quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider’s stock worth $270,000 after buying an additional 181 shares during the period. Bedel Financial Consulting Inc. grew its stake in Bank of America by 1.1% in the 2nd quarter. Bedel Financial Consulting Inc. now owns 16,456 shares of the financial services provider’s stock valued at $938,000 after buying an additional 184 shares during the last quarter. Finally, Operose Advisors LLC grew its stake in Bank of America by 0.9% in the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock valued at $1,123,000 after buying an additional 185 shares during the last quarter. 70.71% of the stock is owned by institutional investors.
Analyst Ratings Changes
BAC has been the subject of several research reports. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Royal Bank Of Canada increased their target price on Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. Wells Fargo & Company lifted their price target on Bank of America from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Morgan Stanley reaffirmed an “overweight” rating on shares of Bank of America in a report on Tuesday, September 15th. Finally, Robert W. Baird increased their price objective 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. Twenty-one equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $64.08.
Bank of America Price Performance
NYSE:BAC traded down $0.19 during trading hours on Wednesday, reaching $56.01. 36,690,055 shares of the company were exchanged, compared to its average volume of 37,259,523. The company has a market capitalization of $391.68 billion, a P/E ratio of 12.85, a P/E/G ratio of 0.93 and a beta of 1.15. Bank of America Corporation has a 1-year low of $46.12 and a 1-year high of $65.22. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. The business has a 50 day moving average of $61.89 and a 200 day moving average of $55.95.
Bank of America (NYSE:BAC – Get Free Report) last announced its quarterly earnings data 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 analysts’ expectations of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The company’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.89 EPS. Research analysts forecast that Bank of America Corporation will post 4.67 EPS for the current year.
Bank of America Increases Dividend
The business also recently declared 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 2.3%. This is a boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. Bank of America’s payout ratio is presently 29.36%.
Bank of America News Summary
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: A hawkish Federal Reserve could provide Bank of America with a mechanical earnings tailwind by supporting net interest income, particularly if asset yields remain elevated. The analysis argues that the benefit may be underappreciated in the company’s balance sheet. A Hawkish Fed Is Bad News for Borrowers. It’s Good News for This Bank.
- Positive Sentiment: At its investor conference, management highlighted growth opportunities across multiple businesses, suggesting that diversification and continued client activity could offset softness in some markets. Bank of America sees less-robust markets in Q3
- Neutral Sentiment: Bank of America said third-quarter markets activity has been less robust, but its CEO conference presentation emphasized opportunities across consumer banking, wealth management and investment banking. This creates a mixed outlook for fee revenue. Bank of America Corporation Presents at Conference
- Neutral Sentiment: Recent disclosures that Bank of America subsidiaries increased holdings in several Turkish companies appear related to client, custody or investment activities and are unlikely to materially affect BAC’s earnings.
- Negative Sentiment: The weaker markets commentary may be weighing on expectations for trading and investment-banking revenue, while investors remain concerned that higher rates could eventually pressure borrowers and credit quality.
- Negative Sentiment: Bank of America’s warning that Brent crude could exceed $150 per barrel if Middle East supply disruptions persist adds a broader inflation and economic-growth risk. A prolonged oil shock could increase credit costs and reduce consumer and business activity. Oil could top $150 a barrel
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.
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