Jupiter Wealth Management LLC Invests $2.08 Million in Bank of America Corporation $BAC

Jupiter Wealth Management LLC bought a new stake in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, Holdings Channel reports. The fund bought 36,600 shares of the financial services provider’s stock, valued at approximately $2,085,000. Bank of America accounts for 0.8% of Jupiter Wealth Management LLC’s holdings, making the stock its 29th largest position.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of Bank of America during the 2nd quarter valued at about $371,000. Algebris UK Ltd. purchased a new stake in shares of Bank of America in the second quarter worth about $52,001,000. August Group Capital Ltd acquired a new stake in Bank of America during the second quarter worth about $217,000. E Fund Management Co. Ltd. acquired a new position in shares of Bank of America in the 2nd quarter valued at $4,089,000. Finally, Pasadena Private Wealth LLC acquired a new position in shares of Bank of America in the second quarter worth about $3,024,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Bank of America stock opened at $61.73 on Monday. The stock has a market cap of $431.66 billion, a P/E ratio of 14.16, a price-to-earnings-growth ratio of 0.98 and a beta of 1.17. The company has a fifty day simple moving average of $60.60 and a 200-day simple moving average of $54.67. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC) last posted its earnings results 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. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The firm had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. During the same quarter in the prior year, the company posted $0.89 earnings per share. Bank of America’s revenue for the quarter was up 19.6% compared to the same quarter last year. Equities analysts expect that Bank of America Corporation will post 4.68 EPS for the current fiscal year.

Bank of America Increases Dividend

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Evercore set a $63.00 price target on shares of Bank of America and gave the company an “outperform” rating in a research note on Monday, July 6th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research note on Tuesday, July 21st. Jefferies Financial Group restated a “buy” rating and issued a $75.00 price target on shares of Bank of America in a research note on Tuesday, July 14th. Keefe, Bruyette & Woods increased their price target on Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, July 15th. Finally, Robert W. Baird lifted their price objective on Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $64.08.

Key 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.