Mowery & Schoenfeld Wealth Management LLC Acquires New Position in Bank of America Corporation $BAC

Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Bank of America Corporation (NYSE:BAC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 10,373 shares of the financial services provider’s stock, valued at approximately $591,000. Bank of America accounts for about 0.8% of Mowery & Schoenfeld Wealth Management LLC’s investment portfolio, making the stock its 22nd largest holding.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Handelsbanken Fonder AB lifted its holdings in shares of Bank of America by 53.0% in the 4th quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock worth $254,625,000 after acquiring an additional 1,603,080 shares during the last quarter. Legal & General Group Plc increased its holdings in Bank of America by 3.4% in the 4th quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider’s stock valued at $2,497,655,000 after purchasing an additional 1,487,809 shares during the last quarter. Mondrian Investment Partners LTD raised its position in Bank of America by 34.3% in the fourth quarter. Mondrian Investment Partners LTD now owns 2,175,401 shares of the financial services provider’s stock valued at $119,647,000 after purchasing an additional 555,063 shares during the period. International Assets Investment Management LLC lifted its stake in Bank of America by 217.4% during the fourth quarter. International Assets Investment Management LLC now owns 327,949 shares of the financial services provider’s stock worth $18,037,000 after purchasing an additional 224,627 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Bank of America during the first quarter worth $67,507,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Down 0.2%

NYSE:BAC opened at $61.73 on Friday. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22. The firm has a market cap of $431.66 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. The stock has a fifty day moving average price of $60.60 and a 200 day moving average price of $54.67.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.08. The company had revenue of $31.56 billion for 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 revenue was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.89 EPS. Sell-side analysts anticipate 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 announced a quarterly dividend, which will be paid on Friday, September 25th. Investors 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 is a positive change from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s payout ratio is currently 25.69%.

Analyst Ratings Changes

BAC has been the subject of a number of research reports. Royal Bank Of Canada lifted their price objective 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. Truist Financial raised their target price on Bank of America from $64.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, July 21st. Oppenheimer lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Finally, UBS Group increased their price target on shares of Bank of America from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $64.08.

More Bank of America News

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

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.