Hardy Reed LLC Buys Shares of 10,070 Bank of America Corporation $BAC

Hardy Reed LLC bought a new position 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 Securities & Exchange Commission. The institutional investor bought 10,070 shares of the financial services provider’s stock, valued at approximately $574,000.

Other hedge funds also recently made changes to their positions in the company. Abound Financial LLC purchased a new stake in Bank of America during the 4th quarter worth about $26,000. Wiser Advisor Group LLC purchased a new position in Bank of America during the 3rd quarter valued at about $27,000. CrossGen Wealth LLC purchased a new position in Bank of America during the 4th quarter valued at about $30,000. Joseph Group Capital Management bought a new stake in shares of Bank of America during the fourth quarter valued at about $32,000. Finally, Vermillion Wealth Management Inc. lifted its holdings in shares of Bank of America by 199.1% in the first quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider’s stock worth $32,000 after buying an additional 438 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

NYSE BAC opened at $64.24 on Wednesday. The company has a market capitalization of $449.19 billion, a P/E ratio of 14.73, a P/E/G ratio of 1.03 and a beta of 1.17. 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 Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. The company has a fifty day moving average of $60.18 and a 200-day moving average of $54.49.

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, topping analysts’ consensus estimates of $1.13 by $0.08. The company had revenue of $31.56 billion during 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%.Bank of America’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.89 EPS. As a group, equities research analysts predict 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 $0.32 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.0%. Bank of America’s dividend payout ratio is currently 25.69%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of analyst reports. Wells Fargo & Company raised 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. Argus set a $70.00 price target on shares of Bank of America in a report on Wednesday, July 15th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, July 21st. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. increased their price objective on Bank of America from $62.50 to $68.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $64.08.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America is investing $1.9 billion for up to a 49.9% stake in Jio Credit, expanding its presence in India’s fast-growing financial-services market and creating potential long-term revenue growth. Will Bank of America Benefit From the Jio Credit Partnership in India?
• Positive Sentiment: BofA’s global fund-manager survey showed unusually strong optimism toward equities, with investors relatively unconcerned about higher rates, economic weakness, political instability and AI capital spending. This supports a constructive backdrop for large financial stocks. Fund managers have rarely been this bullish about stocks
• Positive Sentiment: Bank of America’s bullish calls on cybersecurity, AI infrastructure and memory-chip companies highlight its investment-banking and research exposure to areas attracting strong investor demand. The bank also sees gold reaching $5,000, reflecting active market opportunities for its clients. AI Agents Are Creating a New Cybersecurity Boom
• Neutral Sentiment: Strategists Michael Hartnett and other BofA analysts warned that record U.S. deficits, rising long-term yields and potential global stagflation make bonds less attractive. The outlook could support trading activity and net interest income, but it also raises risks for bond portfolios and the broader economy. With the national debt nearing $40 trillion
• Negative Sentiment: Bank of America cautioned that the AI boom’s heavy capital spending could create a less visible market vulnerability if expected returns fail to justify investments. That warning may weigh on sentiment toward banks exposed to technology financing and capital markets. Bank of America Has a Stark Warning on AI Spending
• Negative Sentiment: BAC is among six banks agreeing to an $86.4 million settlement over alleged Mexican bond-market manipulation. Although the cost is shared and appears manageable relative to BAC’s size, the matter adds regulatory and litigation overhang. Major US Banks Agree to $86.4M Settlement in Mexican Bond-Rigging Case

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.