Berman McAleer LLC Makes New Investment in Bank of America Corporation $BAC

Berman McAleer LLC acquired a new stake in shares of Bank of America Corporation (NYSE:BAC) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 13,354 shares of the financial services provider’s stock, valued at approximately $689,000.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank purchased a new position in Bank of America during the second quarter valued at approximately $5,091,641,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Bank of America by 124.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 17,619,837 shares of the financial services provider’s stock valued at $833,771,000 after acquiring an additional 9,782,208 shares during the period. ABN AMRO Bank N.V. bought a new position in shares of Bank of America in the 2nd quarter worth $202,439,000. OMERS ADMINISTRATION Corp lifted its stake in shares of Bank of America by 881.5% during the 2nd quarter. OMERS ADMINISTRATION Corp now owns 4,210,388 shares of the financial services provider’s stock worth $199,236,000 after purchasing an additional 3,781,417 shares during the last quarter. Finally, AMF Tjanstepension AB lifted its stake in shares of Bank of America by 62.9% during the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after purchasing an additional 3,438,876 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on BAC shares. Truist Financial cut their price objective on shares of Bank of America from $62.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, January 15th. Robert W. Baird lifted their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. Royal Bank Of Canada increased their price objective on Bank of America from $56.00 to $59.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Wolfe Research downgraded Bank of America from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, January 7th. Finally, Oppenheimer increased their price target on Bank of America from $55.00 to $63.00 and gave the company an “outperform” rating in a research note on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $60.00.

Bank of America News Summary

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

• Positive Sentiment: CEO Brian Moynihan flagged India as a major growth engine and signaled the bank will push for profitable expansion there — a directional growth story that supports long?term revenue upside if BofA deploys capital efficiently. BofA CEO Moynihan sees India as major growth engine
• Positive Sentiment: BofA expanded retail reach via new Trump-related accounts and an auto?finance arrangement — moves that can boost deposits and loan originations, supporting net interest income and fee revenue. Bank Of America Extends Reach With Trump Accounts And Auto Finance Deal
• Neutral Sentiment: BofA named Lo Piccolo as country head (replacing Mattarella) — an operational leadership change for international business that is unlikely to move near?term earnings but matters for execution abroad. Bank of America appoints Lo Piccolo as country head
• Neutral Sentiment: BofA made a $500,000 grant to FIND Regional Food Bank — positive for corporate social responsibility and local reputation but immaterial to fundamentals. BofA Awards $500,000 Grant to FIND Regional Food Bank
• Neutral Sentiment: BofA’s chief strategist warned the 30?year Treasury yield approaching a critical level — commentary that can influence bond markets and the bank’s interest?rate outlook; implications for margins depend on where long yields settle. Top Bank of America strategist says the long bond is nearing the key line in the sand
• Negative Sentiment: Daiwa Capital Markets lowered expectations for BAC’s share price — a direct analyst downgrade that can weigh on sentiment and short?term flows. Daiwa Capital Markets Has Lowered Expectations for Bank of America
• Negative Sentiment: Policy risk: media and MarketBeat commentary note that the Trump administration’s proposed 10% cap on credit?card interest rates is pressuring U.S. banks, including BofA, because it could materially reduce credit card yields and fee income if enacted. That regulatory uncertainty is a near?term headwind for valuation. MarketBeat Week in Review / credit card cap discussion

Bank of America Trading Up 0.3%

Bank of America stock opened at $53.25 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The firm has a market cap of $388.86 billion, a PE ratio of 13.90, a P/E/G ratio of 1.30 and a beta of 1.29. The stock’s 50 day simple moving average is $54.15 and its two-hundred day simple moving average is $51.52. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $57.55.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The firm had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $27.73 billion. During the same period last year, the firm earned $0.82 EPS. The company’s quarterly revenue was up 12.3% on a year-over-year basis. Analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

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.