Meeder Advisory Services Inc. Invests $8.19 Million in Bank of America Corporation $BAC

Meeder Advisory Services Inc. bought a new stake in Bank of America Corporation (NYSE:BAC) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 143,656 shares of the financial services provider’s stock, valued at approximately $8,186,000.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Bank of America by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock worth $35,809,225,000 after acquiring an additional 23,351,183 shares during the last quarter. Norges Bank bought a new position in shares of Bank of America in the fourth quarter worth about $4,774,210,000. Bank of New York Mellon Corp raised its stake in shares of Bank of America by 5.4% in the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock worth $3,169,062,000 after acquiring an additional 2,929,779 shares during the last quarter. Fisher Asset Management LLC lifted its position in shares of Bank of America by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock worth $2,958,110,000 after purchasing an additional 1,105,833 shares in the last quarter. Finally, Deutsche Bank AG lifted its position in shares of Bank of America by 5.9% during the fourth quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider’s stock worth $2,594,488,000 after purchasing an additional 2,611,776 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

BAC opened at $61.73 on Friday. 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 Corporation has a 12 month low of $46.12 and a 12 month high of $65.22. The company has a fifty day simple moving average of $60.60 and a 200 day simple moving average of $54.67. The stock has a market cap of $431.66 billion, a P/E ratio of 14.16, a P/E/G ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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 business had revenue of $31.56 billion for 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 was up 19.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.89 EPS. On average, research analysts expect that Bank of America Corporation will post 4.68 EPS 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. Stockholders of record on Friday, September 4th will be given a dividend of $0.32 per share. This is an increase 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 2.1%. The ex-dividend date of this dividend is Friday, September 4th. Bank of America’s payout ratio is 25.69%.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America’s active participation in the August bond market demonstrates continued access to wholesale funding and allows it to extend maturities through senior unsecured offerings. Its latest quarterly results also showed strong earnings and revenue growth, providing a fundamental counterweight to near-term concerns. Bank of America’s Stock Market Signal Flashes Warning
• Neutral Sentiment: Bank of America increased its indirect stake in Turkish industrial technology company Hidropar to 5.386%. The disclosure indicates portfolio or client-related investment activity, but it is not expected to materially affect BAC’s earnings. Bank of America Lifts Indirect Stake in Hidropar to 5.386%
• Neutral Sentiment: Bank of America crossed a disclosure threshold in Smith & Nephew, reflecting an updated shareholding. The move is unlikely to have a meaningful direct impact on BAC’s common stock. Smith & Nephew Discloses Updated Bank of America Shareholding
• Neutral Sentiment: Bank of America’s analysts issued views on HP, Home Depot and Nvidia. These calls may generate research-related attention, but they do not materially change BAC’s own fundamentals. Bank of America Sends Warning on HP Stock
• Negative Sentiment: A market commentary warns that crowded positioning in Bank of America could make any broader-market pullback sharper. Separate analysis questions whether BAC is undervalued after its recent bond issuance, while noting recent short-term share-price weakness. These factors are weighing on sentiment despite the bank’s solid earnings profile. Bank of America’s Stock Market Signal Flashes Warning Is Bank of America Undervalued?
• Negative Sentiment: Analysis of Bank of America preferred stock suggests that more attractive alternatives may exist than Series GG. While this primarily affects preferred securities, it can modestly temper sentiment toward BAC’s capital-raising instruments. Bank of America Preferreds: Better Propositions Available Than Series GG

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BAC. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a report on Tuesday, July 21st. Royal Bank Of Canada upped their price objective on Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, July 15th. Evercore set a $63.00 price objective on Bank of America and gave the stock an “outperform” rating in a report on Monday, July 6th. Argus set a $70.00 price objective on Bank of America in a research report on Wednesday, July 15th. Finally, Robert W. Baird lifted their target price on Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. 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, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.08.

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.