Bank of America Corporation $BAC Stock Position Lowered by Chapin Davis Inc.

Chapin Davis Inc. lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 39.2% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 30,798 shares of the financial services provider’s stock after selling 19,883 shares during the period. Chapin Davis Inc.’s holdings in Bank of America were worth $1,755,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Fermata Advisors LLC increased its holdings in shares of Bank of America by 11.8% in the second quarter. Fermata Advisors LLC now owns 10,602 shares of the financial services provider’s stock valued at $604,000 after buying an additional 1,118 shares in the last quarter. Bill Few Associates Inc. purchased a new stake in shares of Bank of America during the second quarter worth $206,000. Foster Group Inc. raised its holdings in shares of Bank of America by 15.4% during the second quarter. Foster Group Inc. now owns 13,652 shares of the financial services provider’s stock worth $778,000 after acquiring an additional 1,824 shares in the last quarter. JGP Wealth Management LLC boosted its position in Bank of America by 4.0% during the second quarter. JGP Wealth Management LLC now owns 15,274 shares of the financial services provider’s stock valued at $870,000 after purchasing an additional 588 shares during the last quarter. Finally, David J Yvars Group grew its stake in Bank of America by 0.3% in the second quarter. David J Yvars Group now owns 84,060 shares of the financial services provider’s stock valued at $4,790,000 after purchasing an additional 247 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on BAC. HSBC raised their price target on shares of Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Jefferies Financial Group reissued a “buy” rating and set a $75.00 target price on shares of Bank of America in a research report on Tuesday, July 14th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a report on Tuesday, July 21st. Oppenheimer cut Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Finally, Citigroup upped their price target on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Twenty-one analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.08.

Bank of America News Summary

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

• Positive Sentiment: UBS reaffirmed its Buy rating on Bank of America, reinforcing confidence in the bank’s earnings outlook and valuation. UBS Reaffirms Their Buy Rating on Bank of America
• Positive Sentiment: CEO Brian Moynihan reiterated his expectation for three Federal Reserve rate hikes in 2026. Persistent inflation and a slower path toward lower rates could support Bank of America’s net interest income, although the benefit depends on deposit pricing and the shape of the yield curve. Brace for Three Rate Hikes in 2026, Says Bank of America’s CEO
• Positive Sentiment: Bank of America appointed new investment-banking leaders for Africa and the Benelux, signaling an effort to expand corporate and investment-banking revenue in those regions. Bank of America Taps New Africa, Benelux Investment Bank Leads
• Neutral Sentiment: The bank said it spends more than $250 million annually on GLP-1 medications for employees. Management views the expense as an investment in workforce health, but investors may monitor whether the rapidly increasing benefit cost pressures operating expenses. Bank of America spends $250 million a year on GLP-1 drugs for its employees
• Negative Sentiment: Bank of America disclosed that it may face monetary penalties from the OCC over anti-money-laundering deficiencies. The possible settlement introduces regulatory and compliance costs and is more concerning because earlier disclosures suggested the outcome would not be material. Bank of America Signals OCC Penalties Over Anti Money Laundering Deficiencies

Bank of America Stock Performance

NYSE:BAC opened at $63.27 on Thursday. The firm’s 50-day moving average is $58.16 and its 200-day moving average is $53.75. The company has a market cap of $442.42 billion, a price-to-earnings ratio of 14.51, a PEG ratio of 1.00 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 $44.78 and a 52-week high of $63.57.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.32 per share. 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 yield of 2.0%. The ex-dividend date 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.