336,433 Shares in Bank of America Corporation $BAC Acquired by Manning & Napier Advisors LLC

Manning & Napier Advisors LLC bought a new stake in Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 336,433 shares of the financial services provider’s stock, valued at approximately $19,473,000.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Turim 21 Investimentos Ltda. bought a new stake in shares of Bank of America during the second quarter valued at about $25,000. Abound Financial LLC bought a new position in Bank of America in the 4th quarter valued at about $26,000. Wiser Advisor Group LLC acquired a new position in Bank of America during the 3rd quarter valued at about $27,000. CrossGen Wealth LLC acquired 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 during the 4th quarter worth about $32,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $61.17 on Friday. Bank of America Corporation has a twelve month low of $46.12 and a twelve month high of $65.22. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. The firm has a 50-day moving average of $61.06 and a two-hundred day moving average of $54.86. The company has a market capitalization of $427.73 billion, a price-to-earnings ratio of 14.03, a PEG ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The company had revenue of $31.56 billion for the quarter, compared to analysts’ expectations of $30.78 billion. During the same quarter in the previous year, the company posted $0.89 EPS. The business’s revenue was up 19.6% compared to the same quarter last year. As a group, analysts expect 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. Shareholders of record on Friday, September 4th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.1%. 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 presently 25.69%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on BAC shares. Argus set a $70.00 price target on shares of Bank of America in a research note on Wednesday, July 15th. Morgan Stanley boosted their target price on Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. Oppenheimer downgraded Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Wells Fargo & Company upped their target price on Bank of America from $67.00 to $69.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. lifted their price target on Bank of America from $62.50 to $68.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Twenty-one investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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 AI initiatives, including branch expansion and automation, may improve operating efficiency and customer service over time. However, continued expense growth could limit the near-term benefit. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: BofA Securities continues to demonstrate a constructive view on major growth and technology markets, reiterating Buy ratings on Alibaba, Nvidia, Prudential and Elbit Systems. The activity supports the visibility of BAC’s investment-banking and research franchise, although it has limited direct impact on earnings. Alibaba Raises $10 Billion for AI — Why BofA Is Looking Past the Dilution
• Neutral Sentiment: Bank of America issued several senior unsecured notes in August, with maturities extending from 2029 to 2046. The issuance supports liquidity and funding flexibility, but adds to interest obligations and offers no immediate change to the company’s earnings outlook. What Bank of America (BAC)’s New Debt Issuance and AI Credit Research Push Means For Shareholders
• Negative Sentiment: The SEC reportedly subpoenaed Bank of America, Goldman Sachs, JPMorgan and Citigroup regarding margin lending to hedge fund Situational Awareness, which suffered a 67% drawdown during an AI-stock sell-off. The investigation raises potential legal, compliance and credit-loss risks, particularly if leveraged clients cannot meet obligations. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: Persistent operating-cost pressure remains a concern for BAC investors. While AI and branch expansion could boost productivity, elevated expenses may weigh on margins and reduce the benefit of the bank’s recent revenue growth.

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.