13,723 Shares in Bank of America Corporation $BAC Bought by CFO4Life Group LLC

CFO4Life Group LLC bought a new stake in Bank of America Corporation (NYSE:BAC) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 13,723 shares of the financial services provider’s stock, valued at approximately $782,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BAC. Turim 21 Investimentos Ltda. bought a new stake in shares of Bank of America during the 2nd quarter worth approximately $25,000. Abound Financial LLC bought a new position in Bank of America during the 4th quarter worth about $26,000. Wiser Advisor Group LLC purchased a new position in Bank of America during the 3rd quarter valued at about $27,000. CrossGen Wealth LLC purchased a new position in Bank of America during the 4th quarter valued at about $30,000. Finally, Joseph Group Capital Management bought a new stake in shares of Bank of America in the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BAC. Oppenheimer downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods upped their target price on Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a report on Wednesday, July 15th. Wells Fargo & Company increased their target price on Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Truist Financial lifted their price target on Bank of America from $64.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Finally, Daiwa Securities Group upped their price objective on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $64.08.

More Bank of America News

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

• Positive Sentiment: Bank of America’s analysts continue to favor value stocks, arguing they are well positioned in an environment of higher interest rates and inflation. This supports the broader investment case for BAC, which trades at a relatively moderate earnings multiple and could benefit from durable net interest income. Stick with value stocks until everyone is talking about them
• Positive Sentiment: BofA Global Research says Federal Reserve corporate-credit facilities remain available to limit downside risks in a debt-heavy artificial-intelligence investment cycle. A continued backstop could reduce systemic credit concerns that might otherwise pressure large banks. The debt-fueled AI build-out may already be too big to fail
• Neutral Sentiment: Strategist Michael Hartnett remains bullish on gold, citing concerns about U.S. government debt and currency debasement. The view may support trading and advisory activity at BAC, although it is not a direct change to the bank’s earnings outlook. Why Bank of America strategist Michael Hartnett says the trade is still long gold
• Neutral Sentiment: Bank of America disclosed several changes to indirect equity holdings through Merrill Lynch, including a stake above 10% in Lakefront Biotherapeutics and a reduced position in Hidropar. These appear to be portfolio or client-related transactions rather than a material strategic investment in BAC’s own business. Bank of America builds 10% stake in Lakefront Biotherapeutics
• Negative Sentiment: Bank of America reportedly spends at least $250 million annually on GLP-1 weight-loss drugs for employees. Management views the benefit as an investment in worker health, but the significant recurring expense could weigh on operating costs if it does not produce measurable savings in health-care claims or employee retention. Bank of America is spending $250 million a year on weight loss drugs for employees

Bank of America Stock Up 0.3%

Bank of America stock opened at $62.50 on Wednesday. The stock has a market capitalization of $437.04 billion, a PE ratio of 14.33, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22. The business has a 50 day simple moving average of $60.84 and a 200-day simple moving average of $54.78. 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 announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.08. The firm had revenue of $31.56 billion for 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%.The business’s revenue was up 19.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.89 EPS. On average, analysts anticipate that Bank of America Corporation will post 4.68 EPS for the current fiscal year.

Bank of America Increases Dividend

The business 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 $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.0%. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. Bank of America’s dividend payout ratio (DPR) is 25.69%.

About Bank of America

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.