Gradient Investments LLC grew its holdings in Bank of America Corporation (NYSE:BAC) by 10.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 784,317 shares of the financial services provider’s stock after purchasing an additional 76,481 shares during the period. Gradient Investments LLC’s holdings in Bank of America were worth $42,690,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in BAC. Bamco Inc. NY increased its holdings in Bank of America by 45.4% during the 2nd quarter. Bamco Inc. NY now owns 40,994 shares of the financial services provider’s stock valued at $2,336,000 after purchasing an additional 12,794 shares in the last quarter. E Fund Management Co. Ltd. acquired a new position in Bank of America in the second quarter worth $4,089,000. Bernicke Wealth Management Ltd. bought a new stake in shares of Bank of America during the second quarter worth $2,132,000. Legacy Private Trust Co. grew its holdings in shares of Bank of America by 11.7% during the third quarter. Legacy Private Trust Co. now owns 115,136 shares of the financial services provider’s stock worth $6,267,000 after purchasing an additional 12,016 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Bank of America in the first quarter valued at approximately $67,507,000. Institutional investors and hedge funds own 70.71% of the company’s stock.
Trending Headlines about Bank of America
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: TD Cowen initiated coverage with a Hold rating and a $60 price target, implying meaningful upside from recent trading levels. While the rating is cautious, the target suggests analysts see room for recovery. TD Cowen initiates coverage of Bank of America
- Positive Sentiment: A Seeking Alpha analysis upgraded Bank of America, arguing that a shift in Federal Reserve policy could improve net interest income, a key earnings driver for large banks. Bank of America: Fed Policy Shift Creates NII Upside
- Positive Sentiment: UBS maintained its Buy rating on BAC, reinforcing the view that the bank’s valuation and earnings outlook remain attractive. UBS keeps Buy rating on Bank of America
- Positive Sentiment: Management highlighted the use of artificial intelligence to personalize customer service and improve operations. Successful implementation could support efficiency and long-term competitiveness. How Bank of America is using AI to reinvent the customer experience
Wall Street Analyst Weigh In
Check Out Our Latest Stock Analysis on BAC
Bank of America Stock Down 1.0%
Shares of BAC traded down $0.55 during mid-day trading on Thursday, hitting $52.97. 29,072,240 shares of the company’s stock were exchanged, compared to its average volume of 37,093,055. The company has a 50-day simple moving average of $60.41 and a 200 day simple moving average of $56.49. Bank of America Corporation has a 52 week low of $46.12 and a 52 week high of $65.22. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. The company has a market cap of $370.41 billion, a PE ratio of 12.16, a P/E/G ratio of 0.87 and a beta of 1.21.
Bank of America (NYSE:BAC – Get Free Report) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.08. The business had revenue of $31.56 billion for the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.Bank of America’s quarterly revenue was up 19.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.89 earnings per share. On average, research analysts forecast that Bank of America Corporation will post 4.61 earnings per share for the current fiscal year.
Bank of America Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, September 4th. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s payout ratio is currently 29.36%.
Bank of America Profile
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.
See Also
- Five stocks we like better than Bank of America
- PepsiCo Stock Looks Poised to Bottom With High Yield, Deep Value
- Alphabet’s $1.8 Billion Black Hills Deal Powers AI Data Center Push
- This Space ETF Offers SpaceX Exposure—But Investors Are Paying for the Volatilit
- Does Lemonade’s Growth Signal Profits Ahead?
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC – Free Report).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.
