Mystic Asset Management Inc. Invests $9.05 Million in Bank of America Corporation $BAC

Mystic Asset Management Inc. acquired a new stake in Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 158,781 shares of the financial services provider’s stock, valued at approximately $9,047,000. Bank of America accounts for about 1.9% of Mystic Asset Management Inc.’s investment portfolio, making the stock its 10th biggest holding.

A number of other institutional investors have also recently made changes to their positions in BAC. Total Clarity Wealth Management Inc. lifted its holdings in Bank of America by 3.6% during the 2nd quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider’s stock worth $279,000 after buying an additional 168 shares in the last quarter. Orca Wealth Management LLC grew its stake in shares of Bank of America by 0.5% in the second quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider’s stock worth $1,999,000 after acquiring an additional 179 shares in the last quarter. Financial Consulate Inc. increased its position in shares of Bank of America by 4.0% during the second quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider’s stock worth $270,000 after acquiring an additional 181 shares during the period. Money Concepts Capital Corp increased its position in shares of Bank of America by 3.8% during the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock worth $273,000 after acquiring an additional 182 shares during the period. Finally, Operose Advisors LLC raised its stake in shares of Bank of America by 0.9% in the fourth quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock valued at $1,123,000 after acquiring an additional 185 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on BAC shares. Argus set a $70.00 target price on Bank of America in a report on Wednesday, July 15th. Keefe, Bruyette & Woods increased their price target on Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, July 15th. Truist Financial lifted their price objective on Bank of America from $64.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Jefferies Financial Group reissued a “buy” rating and set a $75.00 price objective on shares of Bank of America in a research report on Tuesday, July 14th. Finally, Evercore set a $63.00 target price on shares of Bank of America and gave the stock an “outperform” rating in a research note on Monday, July 6th. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $64.08.

Bank of America Stock Performance

Shares of BAC stock opened at $62.35 on Tuesday. The company has a market cap of $436.03 billion, a P/E ratio of 14.30, a PEG ratio of 0.98 and a beta of 1.17. The firm has a fifty day moving average price of $60.73 and a 200 day moving average price of $54.73. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.08. The company had revenue of $31.56 billion for 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%.Bank of America’s quarterly revenue was up 19.6% on a year-over-year basis. During the same period last year, the firm earned $0.89 earnings per share. Sell-side analysts predict 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 announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders 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. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.1%. Bank of America’s dividend payout ratio is 25.69%.

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.