Waverly Advisors LLC Acquires 17,046 Shares of Bank of America Corporation $BAC

Waverly Advisors LLC grew its holdings in Bank of America Corporation (NYSE:BAC) by 3.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 582,978 shares of the financial services provider’s stock after purchasing an additional 17,046 shares during the quarter. Waverly Advisors LLC’s holdings in Bank of America were worth $28,420,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Abound Financial LLC acquired a new position in Bank of America during the 4th quarter worth about $26,000. Legacy Bridge LLC grew its holdings in Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 330 shares during the last quarter. Wiser Advisor Group LLC acquired a new stake in Bank of America in the 3rd quarter valued at about $27,000. CrossGen Wealth LLC acquired a new stake in Bank of America in the 4th quarter valued at about $30,000. Finally, Joseph Group Capital Management bought a new position in shares of Bank of America in the fourth quarter worth about $32,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 1.2%

Shares of NYSE:BAC opened at $62.00 on Friday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. The stock has a market cap of $439.96 billion, a price-to-earnings ratio of 14.22, a P/E/G ratio of 0.99 and a beta of 1.17. The company has a 50 day moving average of $56.42 and a 200-day moving average of $53.36. Bank of America Corporation has a one year low of $44.75 and a one year high of $62.28.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating the consensus estimate 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 $8.08 billion for the quarter, compared to analyst estimates of $30.78 billion. During the same period in the prior year, the business posted $0.89 earnings per share. Bank of America’s revenue was up 19.6% compared to the same quarter last year. On average, sell-side analysts forecast that Bank of America Corporation will post 4.65 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently declared 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 an increase 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 2.1%. Bank of America’s dividend payout ratio (DPR) is currently 25.69%.

Insider Buying and Selling at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the transaction, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.27% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on BAC shares. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research note on Tuesday. Barclays boosted their price objective on shares of Bank of America from $71.00 to $72.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Jefferies Financial Group reaffirmed a “buy” rating and set a $75.00 price objective on shares of Bank of America in a report on Tuesday, July 14th. Citigroup increased their price objective on Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Finally, Royal Bank Of Canada lifted their target price on Bank of America from $59.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $63.77.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America raised its quarterly dividend by 14% to $0.32 per share, a clear signal of strong capital generation and management’s commitment to shareholder returns. Bank of America hikes common stock dividend by 14%
• Positive Sentiment: The dividend boost was also highlighted in company announcements and market coverage, likely supporting sentiment that BAC’s balance sheet and earnings power remain solid. Bank of America Increases Common Stock Dividend 14% to 0.32 Per Share
• Positive Sentiment: Bank of America also continued to get attention for its investment research, including bullish calls on AI beneficiaries like Micron and Alphabet, which can reinforce the firm’s reputation and market visibility. Why BofA Thinks Micron Stock Could Be One of AI’s Biggest Long-Term Winners
• Neutral Sentiment: One report noted Bank of America’s well-known stock-market “sell signal” indicator is at its highest level since 2021, which may be seen as a cautionary macro signal rather than a direct BAC-specific issue. BofA’s famed sell signal for stocks is at its highest level since 2021
• Neutral Sentiment: Additional coverage on federal debt, inflation, and global bond weakness reflects the broader macro backdrop BAC operates in, but these items do not directly change the bank’s near-term fundamentals. Trump Called Himself the ‘King of Debt.’ Now Bank of America Says the U.S. Will Spend $2 Trillion More Than It Brings In This Year

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.