Blue Edge Capital LLC Sells 16,300 Shares of Bank of America Corporation $BAC

Blue Edge Capital LLC decreased its stake in shares of Bank of America Corporation (NYSE:BAC) by 75.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,380 shares of the financial services provider’s stock after selling 16,300 shares during the period. Blue Edge Capital LLC’s holdings in Bank of America were worth $307,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in BAC. Turim 21 Investimentos Ltda. bought a new position in Bank of America in the second quarter worth $25,000. Abound Financial LLC purchased a new stake in shares of Bank of America in the 4th quarter worth approximately $26,000. Wiser Advisor Group LLC purchased a new position in Bank of America during the third quarter valued at $27,000. Principia Wealth Advisory LLC increased its holdings in shares of Bank of America by 69.9% during the second quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 218 shares in the last quarter. Finally, CrossGen Wealth LLC purchased a new position in Bank of America in the fourth quarter worth about $30,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Key Stories Impacting Bank of America

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

• Positive Sentiment: An analysis argues that Bank of America’s valuation remains attractive, potentially supporting the shares if earnings and profitability continue to improve. Bank of America: The Valuation Still Works
• Positive Sentiment: Bank of America’s research team remains constructive on technology and artificial-intelligence beneficiaries, including SK hynix and Meta Platforms. This highlights the strength of BofA’s investment-banking and research franchise, although the calls do not directly change BAC’s earnings outlook. Bank of America Is Bullish on SK hynix Stock
• Neutral Sentiment: Regulatory filings show Bank of America or controlled entities holding more than 5% of QIAGEN and Hateks. These disclosures appear to reflect investment or client-related positions and are not evidence of a material change to BAC’s core business. Bank of America Reveals Indirect Stake in QIAGEN Bank of America Lifts Stake in Hateks
• Negative Sentiment: Weakness in preferred shares issued by BAC and other major banks suggests investors are pricing in interest rates remaining elevated. Higher-for-longer rates can raise funding costs and weigh on bond portfolios and valuation multiples. Bank Preferred Stocks Are Sending a Warning About Interest Rates

Analyst Ratings Changes

BAC has been the topic of several analyst reports. Keefe, Bruyette & Woods upped their price objective 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. Oppenheimer lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Barclays raised their target price on shares of Bank of America from $71.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Truist Financial boosted their target price on shares of Bank of America from $64.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Finally, Citigroup raised their price target on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. 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 MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $64.08.

Bank of America Stock Performance

BAC opened at $62.77 on Thursday. The company has a 50 day simple moving average of $61.93 and a two-hundred day simple moving average of $55.43. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. The firm has a market cap of $438.97 billion, a P/E ratio of 14.40, a PEG ratio of 1.00 and a beta of 1.15. Bank of America Corporation has a 1-year low of $46.12 and a 1-year high of $65.22.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share 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 during the quarter, compared to the consensus estimate of $30.78 billion. During the same quarter in the prior year, the firm posted $0.89 EPS. Bank of America’s quarterly revenue was up 19.6% compared to the same quarter last year. Equities analysts forecast that Bank of America Corporation will post 4.68 earnings per share 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. Investors of record on Friday, September 4th will be given a dividend of $0.32 per share. 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 dividend yield of 2.0%. The ex-dividend date is Friday, September 4th. Bank of America’s dividend payout ratio (DPR) is currently 29.36%.

Bank of America Company Profile

Bank of America Corporation (NYSE:BAC) is a diversified financial services company serving individual consumers, businesses, institutional investors and governments. Its operations include consumer banking, credit and debit cards, mortgages, small-business banking, commercial banking, investment banking, securities trading and investment management.

The company provides consumer and wealth-management services through Bank of America and Merrill, including deposit accounts, lending, brokerage, retirement planning, financial advice and private banking.