Waverly Advisors LLC Has $34.32 Million Holdings in Bank of America Corporation $BAC

Waverly Advisors LLC boosted its holdings in Bank of America Corporation (NYSE:BAC) by 3.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 602,391 shares of the financial services provider’s stock after acquiring an additional 19,413 shares during the quarter. Waverly Advisors LLC’s holdings in Bank of America were worth $34,324,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. California State Teachers Retirement System boosted its position in shares of Bank of America by 5,515.7% during the second quarter. California State Teachers Retirement System now owns 586,149,556 shares of the financial services provider’s stock valued at $33,398,802,000 after buying an additional 575,711,933 shares during the last quarter. Norges Bank purchased a new stake in Bank of America in the 4th quarter valued at $4,774,210,000. Bank of New York Mellon Corp lifted its stake in Bank of America by 5.4% during the 4th quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock valued at $3,169,062,000 after acquiring an additional 2,929,779 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Bank of America by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock valued at $2,958,110,000 after acquiring an additional 1,105,833 shares in the last quarter. Finally, Deutsche Bank AG boosted its holdings in Bank of America by 5.9% during the 4th quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider’s stock worth $2,594,488,000 after acquiring an additional 2,611,776 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America’s strong earnings momentum, capital cushion and buyback capacity support expectations for continued shareholder returns, providing a potential catalyst for BAC. What’s Powering Bank of America’s Strong Capital Return Strategy?
• Positive Sentiment: An analyst argues that Bank of America’s valuation remains attractive, which may limit downside and support the stock if earnings continue to meet expectations. Bank of America: The Valuation Still Works
• Positive Sentiment: BofA’s broader research remains constructive on AI-related trends, including tight memory-chip supply and Meta’s custom AI-chip strategy. This highlights the firm’s advisory and research activity in attractive growth markets, although the developments do not directly change BAC’s earnings outlook. Bank of America Is Bullish on SK hynix Stock
• Neutral Sentiment: Bank of America raised its indirect stake in Turkey’s Manas Enerji to 6.01%, a disclosure with limited near-term significance for BAC’s consolidated financial results. Bank of America Raises Indirect Stake in Manas Enerji to 6.01%
• Negative Sentiment: Weakness in preferred shares issued by major banks, including BAC, suggests investors are positioning for interest rates to stay higher for longer. That could pressure bond values, borrowing demand and bank valuations. Bank Preferred Stocks Are Sending a Warning About Interest Rates
• Negative Sentiment: Fading capital-markets momentum in the third quarter raises the risk of uneven investment-banking and trading results for BAC and other large banks. Capital Markets Momentum Fades

Bank of America Price Performance

Shares of Bank of America stock traded down $0.34 during trading on Tuesday, hitting $62.34. The stock had a trading volume of 28,336,206 shares, compared to its average volume of 36,940,820. The company has a current ratio of 0.83, a quick ratio of 0.82 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 firm has a market cap of $435.96 billion, a price-to-earnings ratio of 14.30, a P/E/G ratio of 1.00 and a beta of 1.15. The business’s 50-day moving average is $61.84 and its 200 day moving average is $55.36.

Bank of America (NYSE:BAC) last posted its earnings results 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 during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the business earned $0.89 earnings per share. As a group, sell-side analysts anticipate that Bank of America Corporation will post 4.68 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a dividend yield of 2.1%. Bank of America’s payout ratio is presently 29.36%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Evercore set a $63.00 target price on shares of Bank of America and gave the company an “outperform” rating in a report on Monday, July 6th. Jefferies Financial Group reaffirmed a “buy” rating and set a $75.00 target price on shares of Bank of America in a research report on Tuesday, July 14th. JPMorgan Chase & Co. increased their target price 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. 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 report on Wednesday, July 15th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research note on Tuesday, July 21st. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $64.08.

Bank of America Company Profile

Bank of America Corporation (NYSE:BAC) is a diversified financial services company serving individual consumers, businesses, institutional investors and governments. Its operations include consumer banking, credit and debit cards, mortgages, small-business banking, commercial banking, investment banking, securities trading and investment management.

The company provides consumer and wealth-management services through Bank of America and Merrill, including deposit accounts, lending, brokerage, retirement planning, financial advice and private banking.