Bank of America Corporation $BAC Shares Acquired by Park National Corp OH

Park National Corp OH boosted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 163.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 172,977 shares of the financial services provider’s stock after buying an additional 107,401 shares during the period. Park National Corp OH’s holdings in Bank of America were worth $9,415,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in BAC. Horizons Wealth Management bought a new stake in Bank of America in the third quarter valued at $136,000. Neville Rodie & Shaw Inc. increased its position in shares of Bank of America by 44.1% in the 3rd quarter. Neville Rodie & Shaw Inc. now owns 268,991 shares of the financial services provider’s stock valued at $14,641,000 after buying an additional 82,283 shares in the last quarter. Baker Tilly Wealth Management LLC raised its holdings in shares of Bank of America by 47.7% during the third quarter. Baker Tilly Wealth Management LLC now owns 30,556 shares of the financial services provider’s stock worth $1,663,000 after acquiring an additional 9,862 shares during the period. Eastover Investment Advisors LLC lifted its stake in Bank of America by 532.9% in the 3rd quarter. Eastover Investment Advisors LLC now owns 26,391 shares of the financial services provider’s stock valued at $1,436,000 after acquiring an additional 22,221 shares in the last quarter. Finally, Ferguson Wellman Capital Management Inc. raised its holdings in Bank of America by 2,853.8% during the third quarter. Ferguson Wellman Capital Management Inc. now owns 377,086 shares of the financial services provider’s stock worth $20,525,000 after acquiring an additional 364,320 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Key Stories Impacting Bank of America

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

• Positive Sentiment: BAC was identified as one of five oversold market areas that could rebound if market breadth improves and investors rotate beyond large-cap technology stocks. This supports the view that the shares have recovery potential after recent weakness. 5 Oversold Corners of the Market That Could Bounce If Breadth Finally Improves
• Positive Sentiment: Bank of America’s dividend profile remains a focus for income-oriented investors. A comparison with U.S. Bancorp highlights BAC’s dividend increase and the potential appeal of its scale and earnings capacity, although the stock’s income advantages depend partly on the interest-rate outlook. BAC vs. USB: Which Bank Stock Offers the Superior Dividend Income for Retirees?
• Positive Sentiment: Bank of America strategists expect two-year Treasury yields to rise further because of economic strength and possible additional Federal Reserve tightening. Higher rates can support banks’ loan yields and net interest income, potentially benefiting BAC, though they also increase broader market and credit risks. Two-Year Treasury Yields Could Rise Further Due to Robust Economy, BofA Says
• Neutral Sentiment: BAC disclosed higher indirect holdings in several Turkish companies through Merrill Lynch subsidiaries. The announcements appear related to client, custody, or trading activity and do not indicate a material change to Bank of America’s core investment outlook. Bank of America Lifts Indirect Stake in A1 Yenilenebilir Enerji to 3%
• Negative Sentiment: JPMorgan Chase reduced its price target for Bank of America, creating a valuation overhang and tempering the otherwise favorable rate and rotation narrative. Bank of America Stock Price Target Cut by JPMorgan Chase

Bank of America Price Performance

Bank of America stock traded up $0.40 during midday trading on Monday, hitting $54.15. 16,205,178 shares of the company’s stock were exchanged, compared to its average volume of 37,137,422. The stock has a 50-day moving average price of $60.89 and a two-hundred day moving average price of $56.35. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. The company has a market cap of $378.69 billion, a P/E ratio of 12.42, a PEG ratio of 0.86 and a beta of 1.21. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.08. The company had revenue of $31.56 billion for the quarter, compared to analysts’ expectations of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. Bank of America’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.89 earnings per share. On average, equities research analysts forecast that Bank of America Corporation will post 4.63 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were given a dividend of $0.32 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date was Friday, September 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.4%. Bank of America’s dividend payout ratio is currently 29.36%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on BAC shares. Wells Fargo & Company raised their price target on Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Oppenheimer downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. UBS Group set a $67.00 price target on Bank of America in a research note on Monday. Barclays lifted their target price on Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Twenty equities 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, the company has a consensus rating of “Moderate Buy” and an average target price of $63.78.

About Bank of America

Bank of America Corporation (NYSE:BAC) is a diversified financial services company serving individual consumers, small businesses, middle-market companies and large corporations. Its principal businesses include consumer banking, wealth and investment management, commercial banking, corporate and investment banking, and sales and trading.

Through its banking and financial services businesses, the company offers deposit accounts, credit cards, mortgages, home equity products, consumer and business loans, payment services, treasury management, brokerage services and investment advice.