Proficio Capital Partners LLC Purchases Shares of 27,157 Bank of America Corporation $BAC

Proficio Capital Partners LLC purchased a new position in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 27,157 shares of the financial services provider’s stock, valued at approximately $1,547,000.

Other hedge funds also recently modified their holdings of the company. Brighton Jones LLC raised its holdings in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC boosted its holdings in shares of Bank of America by 40.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock valued at $1,013,000 after buying an additional 6,174 shares during the last quarter. Jump Financial LLC increased its holdings in Bank of America by 38.4% during the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock worth $3,108,000 after buying an additional 18,227 shares during the last quarter. Nebula Research & Development LLC bought a new stake in Bank of America during the second quarter worth $1,396,000. Finally, Vivaldi Capital Management LP lifted its stake in Bank of America by 4.2% in the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock valued at $417,000 after acquiring an additional 355 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America’s artificial-intelligence initiatives and branch expansion are expected to improve operating efficiency and customer service. The potential for productivity gains supports the long-term earnings case, although elevated expenses remain a risk. Should You Buy BAC Stock as AI-Led Branch Expansion Boosts Efficiency?
• Positive Sentiment: Strong inflows into gold and cryptocurrency funds reported by BofA suggest elevated client demand for investment products. That activity could benefit the bank’s wealth-management, brokerage and trading businesses, though the impact on BAC’s earnings is indirect.
• Neutral Sentiment: Bank of America disclosed holdings of approximately 4.69% and 5.87% in QIAGEN, reflecting regulatory notifications about its investment position. The disclosures may attract attention but do not materially change BAC’s core banking outlook. Bank of America Discloses 5.87% Stake in QIAGEN
• Neutral Sentiment: BofA strategists warned that global equities could face an autumn “reality check” tied to the U.S. midterm elections and geopolitical developments. A market pullback could weigh on BAC through lower investment-banking, asset-management and trading activity. Bank of America Warns of an Autumn Reality Check
• Negative Sentiment: JPMorgan is hiring senior technology dealmaker David Fishman from Bank of America. Losing an experienced M&A executive could weaken BAC’s technology investment-banking franchise and adds to competitive pressure. JPMorgan Hiring Bank of America’s David Fishman
• Negative Sentiment: The SEC is reportedly investigating margin lending to hedge fund Situational Awareness after a 67% drawdown, with Bank of America among the subpoenaed banks. Potential legal, credit and reputational risks could pressure sentiment. SEC Probe Puts Wall Street Leverage Risk Back in Focus
• Negative Sentiment: BAC is challenging proposed changes to the Federal Reserve’s global systemically important bank capital surcharge. Higher capital requirements could constrain lending, reduce balance-sheet flexibility and pressure returns on equity. Bank of America Joins Clash Over Fed GSIB Capital Rule

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent analyst reports. UBS Group boosted their price objective on shares of Bank of America from $68.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. Wells Fargo & Company raised their target price on shares of Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Evercore set a $63.00 price target on Bank of America and gave the stock an “outperform” rating in a report on Monday, July 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, July 21st. Finally, Barclays boosted their target price on Bank of America from $71.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $64.08.

Bank of America Stock Performance

NYSE:BAC opened at $62.38 on Friday. The stock has a market cap of $436.21 billion, a P/E ratio of 14.31, a PEG ratio of 0.98 and a beta of 1.17. The stock has a 50 day simple moving average of $61.18 and a 200 day simple moving average of $54.92. 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 Corporation has a 1-year low of $46.12 and a 1-year high of $65.22.

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

Bank of America Increases Dividend

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

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.