9,176 Shares in Bank of America Corporation $BAC Bought by West Family Investments Inc.

West Family Investments Inc. bought a new stake in Bank of America Corporation (NYSE:BAC) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 9,176 shares of the financial services provider’s stock, valued at approximately $478,000.

Other hedge funds have also recently bought and sold shares of the company. Abound Financial LLC purchased a new stake in Bank of America during the fourth quarter worth approximately $26,000. Wiser Advisor Group LLC acquired a new stake in shares of Bank of America in the third quarter worth $27,000. CrossGen Wealth LLC purchased a new position in shares of Bank of America in the 4th quarter valued at $30,000. Joseph Group Capital Management acquired a new stake in Bank of America in the 4th quarter valued at $32,000. Finally, Vermillion Wealth Management Inc. grew its stake 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 buying an additional 438 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Morgan Stanley boosted their price target on Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Evercore set a $63.00 price objective on Bank of America and gave the company an “outperform” rating in a research note on Monday, July 6th. Keefe, Bruyette & Woods increased their target price on Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. Royal Bank Of Canada raised 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. Finally, Barclays lifted their price target on shares of Bank of America from $71.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $64.08.

More Bank of America News

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

Bank of America Stock Down 0.2%

NYSE:BAC opened at $61.73 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 company has a market capitalization of $431.66 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 0.98 and a beta of 1.17. Bank of America Corporation has a one year low of $46.12 and a one year high of $65.22. The stock has a 50-day simple moving average of $60.60 and a 200 day simple moving average of $54.67.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $31.56 billion for the quarter, compared to analysts’ expectations of $30.78 billion. During the same quarter in the prior year, the firm posted $0.89 earnings per share. Bank of America’s revenue for the quarter was up 19.6% compared to the same quarter last year. Sell-side analysts predict that Bank of America Corporation will post 4.68 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.1%. This is an increase from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio is currently 25.69%.

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.