Sequoia Financial Advisors LLC Buys 78,282 Shares of Bank of America Corporation $BAC

Sequoia Financial Advisors LLC raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 7.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 1,064,968 shares of the financial services provider’s stock after purchasing an additional 78,282 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Bank of America were worth $60,682,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the company. California State Teachers Retirement System lifted its position in shares of Bank of America by 5,515.7% in the 2nd quarter. California State Teachers Retirement System now owns 586,149,556 shares of the financial services provider’s stock worth $33,398,802,000 after acquiring an additional 575,711,933 shares during the period. Norges Bank bought a new stake in Bank of America in the 4th quarter valued at $4,774,210,000. Bank of New York Mellon Corp raised its stake in shares of Bank of America by 5.4% in the 4th quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock valued at $3,169,062,000 after buying an additional 2,929,779 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Bank of America by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock worth $2,958,110,000 after acquiring an additional 1,105,833 shares during the period. Finally, Deutsche Bank AG boosted its position in shares of Bank of America by 5.9% during the 4th quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider’s stock valued at $2,594,488,000 after acquiring an additional 2,611,776 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on BAC. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research note on Tuesday, July 21st. Royal Bank Of Canada upped their target price on shares of Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, July 15th. Barclays lifted their price target on shares of Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Argus set a $70.00 price objective on shares of Bank of America in a research note on Wednesday, July 15th. Finally, Citigroup raised their price objective on shares of Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $64.08.

Key Stories Impacting 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

Bank of America Price Performance

BAC opened at $62.77 on Thursday. The company has a fifty day simple moving average of $61.93 and a 200 day simple moving average of $55.43. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The stock has a market cap of $438.97 billion, a P/E ratio of 14.40, a P/E/G ratio of 1.00 and a beta of 1.15.

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, topping analysts’ consensus estimates of $1.13 by $0.08. The business had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm’s quarterly revenue was up 19.6% on a year-over-year basis. During the same period last year, the business posted $0.89 earnings per share. On average, research analysts expect that Bank of America Corporation will post 4.68 EPS for the current year.

Bank of America Increases Dividend

The company 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 $0.32 dividend. This is an increase 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 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.