United Capital Financial Advisors LLC Purchases 10,507 Shares of Bank of America Corporation $BAC

United Capital Financial Advisors LLC grew its position in Bank of America Corporation (NYSE:BAC) by 4.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 275,832 shares of the financial services provider’s stock after acquiring an additional 10,507 shares during the quarter. United Capital Financial Advisors LLC’s holdings in Bank of America were worth $15,717,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of BAC. Turim 21 Investimentos Ltda. purchased a new stake in Bank of America during the second quarter valued at $25,000. Abound Financial LLC purchased a new position in shares of Bank of America in the 4th quarter worth $26,000. Wiser Advisor Group LLC bought a new stake in shares of Bank of America in the 3rd quarter worth about $27,000. CrossGen Wealth LLC bought a new stake in shares of Bank of America in the 4th quarter worth about $30,000. Finally, Vermillion Wealth Management Inc. raised its position in shares of Bank of America by 199.1% during the 1st quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider’s stock valued at $32,000 after buying an additional 438 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Key Bank of America News

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

• Positive Sentiment: Bank of America’s artificial-intelligence initiatives and branch expansion are expected to improve operating efficiency and customer service. The potential for productivity gains supports the long-term earnings case, although elevated expenses remain a risk. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: Strong inflows into gold and cryptocurrency funds reported by BofA suggest elevated client demand for investment products. That activity could benefit the bank’s wealth-management, brokerage and trading businesses, though the impact on BAC’s earnings is indirect.
• Neutral Sentiment: Bank of America disclosed holdings of approximately 4.69% and 5.87% in QIAGEN, reflecting regulatory notifications about its investment position. The disclosures may attract attention but do not materially change BAC’s core banking outlook. Bank of America Discloses 5.87% Stake in QIAGEN
• Neutral Sentiment: BofA strategists warned that global equities could face an autumn “reality check” tied to the U.S. midterm elections and geopolitical developments. A market pullback could weigh on BAC through lower investment-banking, asset-management and trading activity. Bank of America Warns of an Autumn Reality Check
• Negative Sentiment: JPMorgan is hiring senior technology dealmaker David Fishman from Bank of America. Losing an experienced M&A executive could weaken BAC’s technology investment-banking franchise and adds to competitive pressure. JPMorgan Hiring Bank of America’s David Fishman
• Negative Sentiment: The SEC is reportedly investigating margin lending to hedge fund Situational Awareness after a 67% drawdown, with Bank of America among the subpoenaed banks. Potential legal, credit and reputational risks could pressure sentiment. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: BAC is challenging proposed changes to the Federal Reserve’s global systemically important bank capital surcharge. Higher capital requirements could constrain lending, reduce balance-sheet flexibility and pressure returns on equity. Bank of America Joins Clash Over Fed GSIB Capital Rule

Bank of America Trading Up 2.0%

Shares of NYSE BAC opened at $62.38 on Friday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. The business’s 50 day moving average price is $61.18 and its 200-day moving average price is $54.92. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The company has a market cap of $436.21 billion, a price-to-earnings ratio of 14.31, a PEG ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The company had revenue of $31.56 billion during the quarter, compared to analysts’ expectations of $30.78 billion. During the same quarter in the previous year, the business earned $0.89 EPS. Bank of America’s revenue was up 19.6% compared to the same quarter last year. On average, sell-side analysts expect that Bank of America Corporation will post 4.68 earnings per share for the current 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 represents a $1.28 annualized dividend and a dividend 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 is 25.69%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Morgan Stanley upped their price objective on Bank of America from $61.00 to $67.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. Argus set a $70.00 price target on Bank of America in a report on Wednesday, July 15th. Keefe, Bruyette & Woods raised their price target on Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research note on Tuesday, July 21st. Finally, UBS Group boosted their price objective on shares of Bank of America from $68.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $64.08.

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.