L2 Asset Management LLC Buys Shares of 37,808 Bank of America Corporation $BAC

L2 Asset Management LLC acquired a new stake in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 37,808 shares of the financial services provider’s stock, valued at approximately $2,154,000.

Other institutional investors have also recently made changes to their positions in the company. Total Clarity Wealth Management Inc. increased its position in Bank of America by 3.6% during the 2nd quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider’s stock valued at $279,000 after buying an additional 168 shares in the last quarter. Orca Wealth Management LLC raised its stake in Bank of America by 0.5% in the second quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider’s stock valued at $1,999,000 after buying an additional 179 shares during the last quarter. Financial Consulate Inc. boosted its holdings in Bank of America by 4.0% in the second quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider’s stock worth $270,000 after acquiring an additional 181 shares in the last quarter. Money Concepts Capital Corp grew its stake in shares of Bank of America by 3.8% during the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock worth $273,000 after acquiring an additional 182 shares during the last quarter. Finally, Operose Advisors LLC grew its stake in shares of Bank of America by 0.9% during the fourth quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock worth $1,123,000 after acquiring an additional 185 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America News Summary

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

• Positive Sentiment: Bank of America’s AI initiatives, including branch expansion and automation, may improve operating efficiency and customer service over time. However, continued expense growth could limit the near-term benefit. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: BofA Securities continues to demonstrate a constructive view on major growth and technology markets, reiterating Buy ratings on Alibaba, Nvidia, Prudential and Elbit Systems. The activity supports the visibility of BAC’s investment-banking and research franchise, although it has limited direct impact on earnings. Alibaba Raises $10 Billion for AI — Why BofA Is Looking Past the Dilution
• Neutral Sentiment: Bank of America issued several senior unsecured notes in August, with maturities extending from 2029 to 2046. The issuance supports liquidity and funding flexibility, but adds to interest obligations and offers no immediate change to the company’s earnings outlook. What Bank of America (BAC)’s New Debt Issuance and AI Credit Research Push Means For Shareholders
• Negative Sentiment: The SEC reportedly subpoenaed Bank of America, Goldman Sachs, JPMorgan and Citigroup regarding margin lending to hedge fund Situational Awareness, which suffered a 67% drawdown during an AI-stock sell-off. The investigation raises potential legal, compliance and credit-loss risks, particularly if leveraged clients cannot meet obligations. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: Persistent operating-cost pressure remains a concern for BAC investors. While AI and branch expansion could boost productivity, elevated expenses may weigh on margins and reduce the benefit of the bank’s recent revenue growth.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on BAC shares. JPMorgan Chase & Co. upped their price objective on shares of Bank of America from $62.50 to $68.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Truist Financial boosted their target price on shares of Bank of America from $64.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $75.00 price target on shares of Bank of America in a report on Tuesday, July 14th. Finally, Robert W. Baird lifted their price objective on shares of Bank of America from $58.00 to $62.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. 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, the company currently has an average rating of “Moderate Buy” and an average target price of $64.08.

Bank of America Trading Down 1.7%

Bank of America stock opened at $61.17 on Friday. The stock has a 50-day moving average price of $61.06 and a 200 day moving average price of $54.86. The company has a market capitalization of $427.73 billion, a price-to-earnings ratio of 14.03, a price-to-earnings-growth ratio of 0.99 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.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating 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 net margin of 17.56% and a return on equity of 12.20%. The business’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.89 EPS. Sell-side analysts anticipate that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.1%. This is a boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. Bank of America’s dividend payout ratio is 25.69%.

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.