Bank of America Corporation $BAC Position Lifted by Professional Advisory Services Inc.

Professional Advisory Services Inc. raised its holdings in shares of Bank of America Corporation (NYSE:BAC) by 829.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 74,264 shares of the financial services provider’s stock after buying an additional 66,272 shares during the period. Professional Advisory Services Inc.’s holdings in Bank of America were worth $4,042,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Hamilton Capital LLC lifted its stake in shares of Bank of America by 46.3% during the third quarter. Hamilton Capital LLC now owns 8,292 shares of the financial services provider’s stock worth $451,000 after purchasing an additional 2,624 shares in the last quarter. Sapient Capital LLC raised its holdings in shares of Bank of America by 2.2% during the 3rd quarter. Sapient Capital LLC now owns 1,138,705 shares of the financial services provider’s stock valued at $61,980,000 after buying an additional 24,533 shares during the period. CoreCap Advisors LLC lifted its position in Bank of America by 21.3% during the 3rd quarter. CoreCap Advisors LLC now owns 40,742 shares of the financial services provider’s stock worth $2,218,000 after acquiring an additional 7,143 shares in the last quarter. Atwood & Palmer Inc. grew its position in Bank of America by 20.6% in the third quarter. Atwood & Palmer Inc. now owns 9,607 shares of the financial services provider’s stock valued at $523,000 after acquiring an additional 1,641 shares in the last quarter. Finally, Dickmeyer Boyce Financial Management Inc. grew its position in Bank of America by 8.0% in the third quarter. Dickmeyer Boyce Financial Management Inc. now owns 10,646 shares of the financial services provider’s stock valued at $579,000 after acquiring an additional 791 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.0%

Shares of Bank of America stock traded down $0.01 during trading on Thursday, reaching $53.51. The company had a trading volume of 59,761,941 shares, compared to its average volume of 37,263,816. 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 Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The firm’s fifty day moving average is $60.25 and its 200-day moving average is $56.54. The company has a market cap of $374.15 billion, a price-to-earnings ratio of 12.27, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21.

Bank of America (NYSE:BAC) last posted its quarterly earnings results 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 during 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%.The company’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same period last year, the firm earned $0.89 earnings per share. On average, analysts anticipate that Bank of America Corporation will post 4.61 EPS for the current year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were issued a $0.32 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date was Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.4%. Bank of America’s dividend payout ratio (DPR) is presently 29.36%.

More Bank of America News

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

• Positive Sentiment: TD Cowen initiated coverage of BAC with a “hold” rating and a $60 price target, implying approximately 12% upside from the referenced share price. While the rating is neutral, the target suggests the stock’s recent weakness may have created valuation support. TD Cowen Bank of America coverage
• Positive Sentiment: A recent analyst upgrade argues that a Federal Reserve policy shift could improve Bank of America’s net interest income, potentially providing earnings upside if funding costs and rate expectations become more favorable. Bank of America Fed policy analysis
• Positive Sentiment: Bank of America continues to promote artificial-intelligence initiatives designed to improve and personalize customer service. Successful deployment could support long-term efficiency and client retention, although the near-term financial benefit is uncertain. Bank of America AI customer experience
• Neutral Sentiment: Investors are focused on October 14 earnings, with coverage warning that EPS growth could slow from roughly 36% to single digits. The report will need to demonstrate solid revenue growth, resilient net interest income, and controlled expenses to justify the valuation. Bank of America EPS growth expectations
• Neutral Sentiment: Bank of America reported changes in holdings of several outside companies, including reducing its Lakefront Biotherapeutics position below 10% and increasing its stake in ICU Venture Capital Trust to 3.6%. These appear to be portfolio or client-related transactions rather than material changes to BAC’s core business.
• Negative Sentiment: Bank of America agreed to a $39 million settlement related to Merrill’s cash-sweep program. The payment is not large relative to the bank’s scale, but it adds a legal and compliance cost and may renew investor scrutiny of Merrill’s practices. Bank of America Merrill cash sweep settlement

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their target price on shares of Bank of America from $68.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday, October 2nd. Royal Bank Of Canada boosted their price objective 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. TD Cowen initiated coverage on Bank of America in a research note on Thursday. They set a “hold” rating and a $60.00 target price for the company. Truist Financial cut their price target on Bank of America from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Thursday, October 1st. Finally, Evercore set a $62.00 price target on Bank of America in a report on Thursday, October 1st. Nineteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average price target of $64.22.

Bank of America Company 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.