Gallagher Fiduciary Advisors LLC Invests $759,000 in Bank of America Corporation $BAC

Gallagher Fiduciary Advisors LLC purchased a new stake in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 13,317 shares of the financial services provider’s stock, valued at approximately $759,000.

Other institutional investors also recently bought and sold shares of the company. Turim 21 Investimentos Ltda. purchased a new stake in shares of Bank of America in the second quarter valued at $25,000. Abound Financial LLC purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $26,000. Wiser Advisor Group LLC bought a new position in shares of Bank of America during the third quarter valued at approximately $27,000. CrossGen Wealth LLC purchased a new stake in shares of Bank of America in the fourth quarter worth approximately $30,000. Finally, Frazier Financial Advisors LLC purchased a new stake in shares of Bank of America in the second quarter worth approximately $34,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

Shares of BAC stock opened at $62.38 on Friday. The firm has a market cap of $436.21 billion, a price-to-earnings ratio of 14.31, a PEG 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 quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The company’s 50 day moving average is $61.18 and its 200 day moving average is $54.92.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business’s revenue was up 19.6% compared to the same quarter last year. During the same period last year, the business posted $0.89 EPS. On average, sell-side analysts anticipate that Bank of America Corporation will post 4.68 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors 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 of this dividend is Friday, September 4th. This is an increase from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s payout ratio is 25.69%.

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

Wall Street Analysts Forecast Growth

BAC has been the subject of several research reports. JPMorgan Chase & Co. boosted their price objective on shares of Bank of America from $62.50 to $68.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Oppenheimer downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Truist Financial boosted their price target on Bank of America from $64.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Keefe, Bruyette & Woods raised their price objective on Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a report on Wednesday, July 15th. Finally, UBS Group lifted their target price on Bank of America from $68.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Twenty-one investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $64.08.

Bank of America Company 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.