Bank of America Corporation $BAC Stock Holdings Boosted by Gallagher Capital Advisors LLC

Gallagher Capital Advisors LLC raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 101.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,822 shares of the financial services provider’s stock after buying an additional 10,988 shares during the quarter. Gallagher Capital Advisors LLC’s holdings in Bank of America were worth $1,188,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Legal & General Group Plc bought a new position in Bank of America during the 2nd quarter worth approximately $2,571,060,000. Amundi increased its stake in Bank of America by 12.5% in the first quarter. Amundi now owns 42,385,115 shares of the financial services provider’s stock valued at $2,066,274,000 after purchasing an additional 4,721,969 shares in the last quarter. Deutsche Bank AG acquired a new stake in Bank of America in the second quarter worth $2,359,172,000. Bank of New York Mellon Corp acquired a new stake in Bank of America in the second quarter worth $2,313,953,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Bank of America by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 31,135,112 shares of the financial services provider’s stock worth $1,517,599,000 after purchasing an additional 561,413 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on BAC shares. Jefferies Financial Group lowered their price objective on shares of Bank of America from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, September 24th. Morgan Stanley reiterated an “overweight” rating on shares of Bank of America in a report on Tuesday, September 15th. Rothschild & Co Redburn set a $72.00 price target on Bank of America in a report on Tuesday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, July 21st. Finally, Evercore set a $62.00 price objective on Bank of America in a report on Thursday, October 1st. Nineteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $64.22.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Analysts expect higher net interest income and solid trading performance to support third-quarter results. A recent analysis also argues that a Federal Reserve policy shift could create additional NII upside for Bank of America. Bank of America: Fed Policy Shift Creates NII Upside
• Positive Sentiment: TD Cowen began coverage with a $60 price target, implying potential upside from recent trading levels, although it assigned a Hold rating. TD Cowen coverage of Bank of America
• Positive Sentiment: Bank of America’s continued use of artificial intelligence to personalize customer service and improve operating efficiency could provide longer-term competitive benefits. How Bank of America is using AI
• Neutral Sentiment: Wall Street’s third-quarter estimates point to a mixed report: stronger NII and trading may be offset by weaker investment-banking fees and higher credit risks. Investors are focused on whether management can maintain earnings momentum as year-over-year EPS growth is expected to slow sharply from the prior period. BAC shares ahead of Q3 earnings
• Neutral Sentiment: The appointment of Jeff Crabtree as president of the Sarasota/Manatee region is a routine leadership change with limited near-term earnings impact. Bank of America names Jeff Crabtree president
• Negative Sentiment: Bank of America agreed to a $39 million Merrill cash-sweep settlement, creating a modest legal and regulatory expense. Merrill cash sweep settlement
• Negative Sentiment: Chief equity strategist Michael Hartnett said investors are keeping substantial cash in money-market funds until sustained Fed rate cuts begin, signaling cautious risk appetite that could limit near-term support for bank shares. Investors need sustained Fed cuts

Bank of America Trading Up 1.2%

BAC opened at $54.27 on Friday. The stock has a market capitalization of $379.49 billion, a P/E ratio of 12.45, a P/E/G ratio of 0.86 and a beta of 1.21. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22. The firm’s fifty day simple moving average is $60.09 and its 200 day simple moving average is $56.52. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. Bank of America had a return on equity of 12.20% and a net margin of 17.56%. The firm had revenue of $31.56 billion during the quarter, compared to analysts’ expectations of $30.78 billion. During the same quarter in the prior year, the company earned $0.89 EPS. The company’s revenue was up 19.6% on a year-over-year basis. As a group, research analysts anticipate that Bank of America Corporation will post 4.61 EPS for the current fiscal year.

Bank of America Increases Dividend

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