Patron Partners LLC Purchases Shares of 24,338 Bank of America Corporation $BAC

Patron Partners LLC bought a new position in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 24,338 shares of the financial services provider’s stock, valued at approximately $1,387,000.

Other large investors have also recently added to or reduced their stakes in the company. Total Clarity Wealth Management Inc. lifted its stake in Bank of America by 3.6% in the 2nd quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider’s stock valued at $279,000 after purchasing an additional 168 shares during the last quarter. Orca Wealth Management LLC lifted its stake in shares of Bank of America by 0.5% during the 2nd quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider’s stock worth $1,999,000 after buying an additional 179 shares during the last quarter. Financial Consulate Inc. boosted its holdings in shares of Bank of America by 4.0% during the second quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider’s stock worth $270,000 after acquiring an additional 181 shares during the period. Money Concepts Capital Corp boosted its holdings in shares of Bank of America by 3.8% during 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 period. Finally, Operose Advisors LLC grew its position in shares of Bank of America by 0.9% in 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. Institutional investors and hedge funds own 70.71% of the company’s stock.

Key Bank of America News

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

• Positive Sentiment: Higher dividend income reinforces BAC’s appeal: Bank of America has increased its payout again, generating approximately $619 million in annual dividend income for Warren Buffett’s Berkshire Hathaway. The dividend growth supports the stock’s income-investment case and signals confidence in capital generation. Iconic bank stock pays Buffett’s Berkshire $619M in annual dividends
• Positive Sentiment: Preferred-share yields attract income investors: Analysis highlighting Bank of America preferred shares offering yields of roughly 6.6% may improve visibility for the company’s broader capital-return and income-investment story, though preferred securities do not directly increase common-stock earnings. Bank of America Offers Good Alternative To Treasuries
• Neutral Sentiment: Bank of America disclosed new strategic holdings: The company reported crossing a 10% stake in Lakefront Biotherapeutics and raising an indirect stake in Sanifoam above 5% under regulatory transparency rules. These disclosures appear to reflect investment or custody activity and are not expected to materially change BAC’s operating outlook. Bank of America Builds 10% Stake in Lakefront Biotherapeutics
• Neutral Sentiment: Market sentiment remains supportive: Bank of America’s fund-manager survey found rising equity optimism and cash allocations near historic lows. Stronger risk appetite could benefit banking activity and markets, but it also raises the possibility of positioning becoming crowded. Investor bullishness surges as BofA survey shows cash levels near historic lows
• Negative Sentiment: AI could widen consumer credit risks: Bank of America research suggests artificial intelligence is creating financial winners and losers and could eventually affect consumers’ access to credit. If weaker borrowers face increased pressure, the trend could pose longer-term risks to loan growth and credit quality. BofA finds AI is creating a credit divide

Analyst Ratings Changes

BAC has been the subject of several research reports. Citigroup lifted their price target on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Evercore set a $63.00 target price on shares of Bank of America and gave the company an “outperform” rating in a research report on Monday, July 6th. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. Truist Financial raised their price target on shares of Bank of America from $64.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $75.00 price objective on shares of Bank of America in a research note on Tuesday, July 14th. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $64.08.

Bank of America Stock Performance

BAC opened at $62.35 on Tuesday. The firm has a market cap of $436.03 billion, a P/E ratio of 14.30, a price-to-earnings-growth ratio of 0.98 and a beta of 1.17. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. 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 business’s fifty day moving average is $60.73 and its 200-day moving average is $54.73.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same quarter in the previous year, the firm earned $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 expect that Bank of America Corporation will post 4.68 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, September 4th. This is a boost from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio is presently 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.