X Square Capital LLC Buys Shares of 19,559 Bank of America Corporation $BAC

X Square Capital LLC purchased a new position in Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 19,559 shares of the financial services provider’s stock, valued at approximately $1,114,000.

Several other institutional investors have also modified their holdings of BAC. Emerald Investment Advisers LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at approximately $3,748,000. Westpac Banking Corp bought a new stake in Bank of America during the 2nd quarter worth approximately $5,122,000. TRB Wealth Management LLC acquired a new stake in Bank of America during the 2nd quarter worth approximately $1,435,000. Sumitomo Life Insurance Co. bought a new position in Bank of America in the second quarter valued at approximately $8,131,000. Finally, Concord Investment Counsel Inc. bought a new position in Bank of America in the second quarter valued at approximately $11,997,000. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on BAC. Oppenheimer downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Bank of America in a research report on Tuesday, July 14th. Daiwa Securities Group increased their target price on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. JPMorgan Chase & Co. lifted their price target on Bank of America from $62.50 to $68.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Finally, Barclays boosted their price target on Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price of $64.08.

Bank of America Stock Performance

Shares of BAC stock opened at $62.50 on Wednesday. The company’s fifty day simple moving average is $60.84 and its 200-day simple moving average is $54.78. 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 firm has a market cap of $437.04 billion, a PE ratio of 14.33, a P/E/G ratio of 0.99 and a beta of 1.17. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The business had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same quarter last year, the firm earned $0.89 earnings per share. The firm’s revenue for the quarter was up 19.6% compared to the same quarter last year. Equities research analysts expect that Bank of America Corporation will post 4.68 EPS for the current fiscal 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 paid a dividend of $0.32 per share. The ex-dividend date is Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.0%. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio (DPR) is currently 25.69%.

More Bank of America News

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

• Positive Sentiment: Bank of America’s analysts continue to favor value stocks, arguing they are well positioned in an environment of higher interest rates and inflation. This supports the broader investment case for BAC, which trades at a relatively moderate earnings multiple and could benefit from durable net interest income. Stick with value stocks until everyone is talking about them
• Positive Sentiment: BofA Global Research says Federal Reserve corporate-credit facilities remain available to limit downside risks in a debt-heavy artificial-intelligence investment cycle. A continued backstop could reduce systemic credit concerns that might otherwise pressure large banks. The debt-fueled AI build-out may already be too big to fail
• Neutral Sentiment: Strategist Michael Hartnett remains bullish on gold, citing concerns about U.S. government debt and currency debasement. The view may support trading and advisory activity at BAC, although it is not a direct change to the bank’s earnings outlook. Why Bank of America strategist Michael Hartnett says the trade is still long gold
• Neutral Sentiment: Bank of America disclosed several changes to indirect equity holdings through Merrill Lynch, including a stake above 10% in Lakefront Biotherapeutics and a reduced position in Hidropar. These appear to be portfolio or client-related transactions rather than a material strategic investment in BAC’s own business. Bank of America builds 10% stake in Lakefront Biotherapeutics
• Negative Sentiment: Bank of America reportedly spends at least $250 million annually on GLP-1 weight-loss drugs for employees. Management views the benefit as an investment in worker health, but the significant recurring expense could weigh on operating costs if it does not produce measurable savings in health-care claims or employee retention. Bank of America is spending $250 million a year on weight loss drugs for employees

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.