Timothy G. Youngquist 2020 Irrevocable Trust Purchases 14,210 Shares of Bank of America Corporation $BAC

Timothy G. Youngquist 2020 Irrevocable Trust raised its position in shares of Bank of America Corporation (NYSE:BAC) by 598.8% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 16,583 shares of the financial services provider’s stock after purchasing an additional 14,210 shares during the quarter. Timothy G. Youngquist 2020 Irrevocable Trust’s holdings in Bank of America were worth $945,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of Bank of America in the second quarter valued at about $591,000. Aljian Capital Management LLC purchased a new stake in shares of Bank of America during the second quarter worth about $2,362,000. Alpine Woods Capital Investors LLC purchased a new stake in shares of Bank of America during the second quarter worth about $8,013,000. Meeder Advisory Services Inc. bought a new stake in shares of Bank of America in the second quarter worth about $8,186,000. Finally, Meeder Asset Management Inc. bought a new stake in shares of Bank of America in the second quarter worth about $70,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.2%

BAC stock opened at $61.73 on Friday. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. 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 0.99 and a beta of 1.17. The business’s 50 day moving average price is $60.60 and its two-hundred day moving average price is $54.67. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83.

Bank of America (NYSE:BAC) last released its 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 company had revenue of $31.56 billion during the quarter, compared to analysts’ expectations of $30.78 billion. During the same quarter last year, the business posted $0.89 EPS. The firm’s revenue for the quarter was up 19.6% compared to the same quarter last year. As a group, analysts forecast that Bank of America Corporation will post 4.68 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders 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 annualized dividend and a 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

Analysts Set New Price Targets

A number of research analysts have commented on the company. Jefferies Financial Group reaffirmed a “buy” rating and set a $75.00 price target on shares of Bank of America in a research report on Tuesday, July 14th. Oppenheimer cut Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Barclays upped their target price on Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Evercore set a $63.00 price target on Bank of America and gave the stock an “outperform” rating in a research note on Monday, July 6th. Finally, Wells Fargo & Company boosted their price objective on shares of Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average 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.