Scholtz & Company LLC Invests $1.61 Million in Bank of America Corporation $BAC

Scholtz & Company LLC bought a new stake in Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 28,257 shares of the financial services provider’s stock, valued at approximately $1,610,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Archford Capital Strategies LLC lifted its position in Bank of America by 12.6% in the second quarter. Archford Capital Strategies LLC now owns 8,688 shares of the financial services provider’s stock valued at $495,000 after acquiring an additional 970 shares during the last quarter. National Pension Service raised its stake in shares of Bank of America by 0.3% during the second quarter. National Pension Service now owns 15,536,432 shares of the financial services provider’s stock worth $885,266,000 after purchasing an additional 46,375 shares during the last quarter. WINTON GROUP Ltd purchased a new position in Bank of America in the 2nd quarter valued at $1,172,000. Cidel Asset Management Inc. increased its stake in Bank of America by 2.1% in the 2nd quarter. Cidel Asset Management Inc. now owns 77,057 shares of the financial services provider’s stock valued at $4,391,000 after buying an additional 1,608 shares during the period. Finally, Plimoth Trust Co. LLC raised its position in Bank of America by 0.8% during the 2nd quarter. Plimoth Trust Co. LLC now owns 88,169 shares of the financial services provider’s stock worth $5,024,000 after buying an additional 680 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Bank of America

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

• Positive Sentiment: An analysis argues that Bank of America’s valuation remains attractive, potentially supporting the shares if earnings and profitability continue to improve. Bank of America: The Valuation Still Works
• Positive Sentiment: Bank of America’s research team remains constructive on technology and artificial-intelligence beneficiaries, including SK hynix and Meta Platforms. This highlights the strength of BofA’s investment-banking and research franchise, although the calls do not directly change BAC’s earnings outlook. Bank of America Is Bullish on SK hynix Stock
• Neutral Sentiment: Regulatory filings show Bank of America or controlled entities holding more than 5% of QIAGEN and Hateks. These disclosures appear to reflect investment or client-related positions and are not evidence of a material change to BAC’s core business. Bank of America Reveals Indirect Stake in QIAGEN Bank of America Lifts Stake in Hateks
• Negative Sentiment: Weakness in preferred shares issued by BAC and other major banks suggests investors are pricing in interest rates remaining elevated. Higher-for-longer rates can raise funding costs and weigh on bond portfolios and valuation multiples. Bank Preferred Stocks Are Sending a Warning About Interest Rates

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on BAC shares. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. Robert W. Baird increased their target price on Bank of America from $58.00 to $62.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Barclays raised their price target on Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Wells Fargo & Company upped their price objective on Bank of America from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Finally, UBS Group increased their price target on shares of Bank of America from $68.00 to $70.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Twenty-one equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $64.08.

Bank of America Trading Up 0.6%

Shares of Bank of America stock opened at $62.77 on Thursday. The business’s fifty day moving average is $61.93 and its two-hundred day moving average is $55.43. 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 Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The firm has a market cap of $438.97 billion, a PE ratio of 14.40, a P/E/G ratio of 1.00 and a beta of 1.15.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same quarter in the prior year, the company posted $0.89 EPS. The company’s quarterly revenue was up 19.6% compared to the same quarter last year. Analysts anticipate that Bank of America Corporation will post 4.68 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, September 4th. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s payout ratio is currently 29.36%.

About Bank of America

Bank of America Corporation (NYSE:BAC) is a diversified financial services company serving individual consumers, businesses, institutional investors and governments. Its operations include consumer banking, credit and debit cards, mortgages, small-business banking, commercial banking, investment banking, securities trading and investment management.

The company provides consumer and wealth-management services through Bank of America and Merrill, including deposit accounts, lending, brokerage, retirement planning, financial advice and private banking.