Family Legacy Inc. Buys Shares of 60,758 Bank of America Corporation $BAC

Family Legacy Inc. acquired a new position in Bank of America Corporation (NYSE:BAC) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 60,758 shares of the financial services provider’s stock, valued at approximately $3,462,000.

Several other large investors also recently modified their holdings of the company. Abound Financial LLC purchased a new stake in Bank of America during the fourth quarter valued at approximately $26,000. Wiser Advisor Group LLC purchased a new stake in Bank of America in the 3rd quarter worth $27,000. CrossGen Wealth LLC bought a new stake in Bank of America during the fourth quarter valued at about $30,000. Joseph Group Capital Management bought a new stake in Bank of America during the fourth quarter valued at about $32,000. Finally, Vermillion Wealth Management Inc. lifted its position in shares of Bank of America by 199.1% in the first quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 438 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Robert W. Baird upped their price objective on Bank of America from $58.00 to $62.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Oppenheimer downgraded Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Morgan Stanley boosted their price target on Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. Keefe, Bruyette & Woods upped their price target 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. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $75.00 price objective on shares of Bank of America in a report on Tuesday, July 14th. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $64.08.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America is investing $1.9 billion for up to a 49.9% stake in Jio Credit, expanding its presence in India’s fast-growing financial-services market and creating potential long-term revenue growth. Will Bank of America Benefit From the Jio Credit Partnership in India?
• Positive Sentiment: BofA’s global fund-manager survey showed unusually strong optimism toward equities, with investors relatively unconcerned about higher rates, economic weakness, political instability and AI capital spending. This supports a constructive backdrop for large financial stocks. Fund managers have rarely been this bullish about stocks
• Positive Sentiment: Bank of America’s bullish calls on cybersecurity, AI infrastructure and memory-chip companies highlight its investment-banking and research exposure to areas attracting strong investor demand. The bank also sees gold reaching $5,000, reflecting active market opportunities for its clients. AI Agents Are Creating a New Cybersecurity Boom
• Neutral Sentiment: Strategists Michael Hartnett and other BofA analysts warned that record U.S. deficits, rising long-term yields and potential global stagflation make bonds less attractive. The outlook could support trading activity and net interest income, but it also raises risks for bond portfolios and the broader economy. With the national debt nearing $40 trillion
• Negative Sentiment: Bank of America cautioned that the AI boom’s heavy capital spending could create a less visible market vulnerability if expected returns fail to justify investments. That warning may weigh on sentiment toward banks exposed to technology financing and capital markets. Bank of America Has a Stark Warning on AI Spending
• Negative Sentiment: BAC is among six banks agreeing to an $86.4 million settlement over alleged Mexican bond-market manipulation. Although the cost is shared and appears manageable relative to BAC’s size, the matter adds regulatory and litigation overhang. Major US Banks Agree to $86.4M Settlement in Mexican Bond-Rigging Case

Bank of America Stock Performance

NYSE:BAC opened at $64.24 on Wednesday. The company has a market cap of $449.19 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 1.03 and a beta of 1.17. Bank of America Corporation has a 1 year low of $46.12 and a 1 year high of $65.22. The stock’s 50 day simple moving average is $60.18 and its two-hundred day simple moving average is $54.49. 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 (NYSE:BAC) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same period in the prior year, the company earned $0.89 EPS. The company’s quarterly revenue was up 19.6% compared to the same quarter last year. As a group, equities analysts anticipate that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm 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 dividend of $0.32 per share. 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. This represents a $1.28 dividend on an annualized basis and a yield of 2.0%. Bank of America’s payout ratio is currently 25.69%.

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.