Bank of America (NYSE:BAC) Trading Up 1.2% – Time to Buy?

Bank of America Corporation (NYSE:BAC) shares rose 1.2% during trading on Tuesday . The stock traded as high as $61.53 and last traded at $61.1150. Approximately 31,431,174 shares were traded during trading, a decline of 19% from the average daily volume of 38,724,449 shares. The stock had previously closed at $60.42.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America’s new BofA Rewards program has attracted more than 3 million clients in its first seven weeks, with most enrolling digitally. That suggests the bank is successfully deepening customer relationships and driving adoption of its broader platform. 3 Million+ Clients Enroll in New BofA Rewards™ Program in First Seven Weeks
• Positive Sentiment: The bank also said it has enhanced EricaAssist with generative AI to help more than 18,000 employees resolve client needs faster. Investors may view this as another sign BAC is improving efficiency and customer service through technology. Bank of America Enhances EricaAssist with Generative AI to Help Employees Resolve Client Needs Faster
• Positive Sentiment: Oppenheimer added Bank of America to its latest buy list and highlighted the stock’s strong quantitative ranking, which can reinforce bullish sentiment from institutional investors. Bank of America leads Oppenheimer’s latest buy additions with near-perfect quant rating
• Neutral Sentiment: Bank of America promoted Thorsten Pauli to lead its Asia Pacific capital markets business, a leadership move that may support the investment banking franchise over time, but is not an immediate earnings catalyst. Bank of America (BAC) Names Thorsten Pauli To Lead Asia Pacific Capital Markets
• Neutral Sentiment: Bank of America’s workplace benefits report showed employee financial wellbeing improving, while the bank’s commentary on the economy suggested consumer spending and deal activity remain resilient. These are supportive macro signals, but they are less directly tied to near-term BAC earnings. BofA Report: Financial Wellbeing of Employees at U.S. Companies Hits Four-Year High, Even as Cost-of-Living Pressures Persist

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Argus set a $70.00 target price on Bank of America in a report on Wednesday, July 15th. Daiwa Securities Group raised their price target on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. UBS Group lifted their price objective on Bank of America from $63.00 to $68.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Citigroup upped their price objective on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Finally, Robert W. Baird increased their target price on Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $63.77.

Bank of America Trading Up 1.2%

The stock has a market cap of $433.71 billion, a P/E ratio of 14.02, a P/E/G ratio of 0.98 and a beta of 1.17. 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 stock’s fifty day moving average is $55.50 and its 200 day moving average is $53.17.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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 return on equity of 12.20% and a net margin of 17.56%.The company had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $30.78 billion. During the same period in the previous year, the firm posted $0.89 earnings per share. The firm’s revenue for the quarter was up 19.6% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Corporation will post 4.64 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 1.8%. Bank of America’s payout ratio is currently 25.69%.

Insiders Place Their Bets

In related news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Bank of America

Several hedge funds and other institutional investors have recently made changes to their positions in BAC. Money Concepts Capital Corp increased its stake in shares of Bank of America by 3.8% in the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock worth $273,000 after acquiring an additional 182 shares during the last quarter. Operose Advisors LLC boosted its position in Bank of America by 0.9% during the fourth quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock valued at $1,123,000 after purchasing an additional 185 shares during the last quarter. Asahi Life Asset Management CO. LTD. grew its stake in Bank of America by 1.0% in the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock valued at $1,092,000 after purchasing an additional 187 shares in the last quarter. GatePass Capital LLC grew its stake in Bank of America by 3.6% in the first quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider’s stock valued at $266,000 after purchasing an additional 190 shares in the last quarter. Finally, GeoWealth Management LLC increased its position in Bank of America by 0.3% in the 4th quarter. GeoWealth Management LLC now owns 61,597 shares of the financial services provider’s stock worth $3,388,000 after purchasing an additional 191 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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.