Braun Stacey Associates Inc. Has $30.53 Million Holdings in Bank of America Corporation $BAC

Braun Stacey Associates Inc. grew its position in Bank of America Corporation (NYSE:BAC) by 4.6% during the second quarter, HoldingsChannel.com reports. The firm owned 535,881 shares of the financial services provider’s stock after buying an additional 23,425 shares during the quarter. Braun Stacey Associates Inc.’s holdings in Bank of America were worth $30,534,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Turim 21 Investimentos Ltda. bought a new stake in Bank of America in the 2nd quarter valued at approximately $25,000. Abound Financial LLC bought a new position in shares of Bank of America during the 4th quarter worth approximately $26,000. Wiser Advisor Group LLC bought a new position in shares of Bank of America during the 3rd quarter worth approximately $27,000. CrossGen Wealth LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $30,000. Finally, Vermillion Wealth Management Inc. raised its holdings in shares of Bank of America by 199.1% in the first quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 438 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on BAC shares. Morgan Stanley increased their target price on shares of Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $62.50 to $68.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Royal Bank Of Canada boosted their price target on shares of Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. Finally, Wells Fargo & Company raised their price objective on Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $64.08.

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 Price Performance

NYSE:BAC opened at $62.38 on Monday. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22. The firm has a market capitalization of $436.21 billion, a price-to-earnings ratio of 14.31, a P/E/G ratio of 0.99 and a beta of 1.17. The stock’s 50 day moving average price is $61.18 and its two-hundred day moving average price is $54.90. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping the consensus estimate of $1.13 by $0.08. The company had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The firm’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.89 EPS. On average, analysts anticipate 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 declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, September 4th. 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. Bank of America’s payout ratio is 25.69%.

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.