Canandaigua National Bank & Trust Co. Purchases Shares of 98,482 Bank of America Corporation $BAC

Canandaigua National Bank & Trust Co. purchased a new stake in Bank of America Corporation (NYSE:BAC) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 98,482 shares of the financial services provider’s stock, valued at approximately $5,612,000.

A number of other hedge funds have also modified their holdings of BAC. Brighton Jones LLC boosted its holdings in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares during the last quarter. Sivia Capital Partners LLC boosted its stake in shares of Bank of America by 40.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock worth $1,013,000 after buying an additional 6,174 shares during the last quarter. Jump Financial LLC grew its holdings in shares of Bank of America by 38.4% in the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock valued at $3,108,000 after acquiring an additional 18,227 shares in the last quarter. Nebula Research & Development LLC bought a new stake in Bank of America during the second quarter worth about $1,396,000. Finally, Vivaldi Capital Management LP boosted its position in Bank of America by 4.2% during the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock valued at $417,000 after purchasing an additional 355 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

BAC has been the topic of a number of analyst reports. Robert W. Baird upped their price objective on Bank of America from $58.00 to $62.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. UBS Group upped their price target on shares of Bank of America from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday. Evercore set a $63.00 price target on shares of Bank of America and gave the company an “outperform” rating in a research note on Monday, July 6th. Wells Fargo & Company lifted their price objective on shares of Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, July 15th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $64.08.

Bank of America Price Performance

Shares of BAC opened at $62.96 on Wednesday. The company’s 50-day moving average is $57.92 and its 200-day moving average is $53.67. 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 firm has a market capitalization of $440.24 billion, a PE ratio of 14.44, a PEG ratio of 1.00 and a beta of 1.17. Bank of America Corporation has a fifty-two week low of $44.75 and a fifty-two week high of $63.54.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.0%. This is a boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. Bank of America’s dividend payout ratio (DPR) is 25.69%.

Bank of America News Roundup

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

• Positive Sentiment: Steeper yield curve supports net interest income. Coverage of Bank of America highlights the potential benefit of higher long-term yields relative to short-term rates, which can improve lending spreads and support revenue growth across the bank’s large deposit and loan base. Why Is Bank of America Tracking the Yield Story?
• Positive Sentiment: UBS reaffirmed its Buy rating on BAC. Continued support from a major investment bank reinforces the bullish view on Bank of America’s earnings outlook and valuation. UBS Reaffirms Their Buy Rating on Bank of America
• Positive Sentiment: Expansion of investment-banking coverage could improve fee growth. Bank of America appointed new leaders for its Africa and Benelux franchises, signaling efforts to win more corporate and investment-banking business in those regions. Bank of America Taps New Africa, Benelux Investment Bank Leads
• Neutral Sentiment: AI investment is a broader, indirect tailwind. BofA’s forecast for more than $1.2 trillion in hyperscaler AI capital spending could support markets and transaction activity, although the reports primarily benefit semiconductor companies rather than directly changing BAC’s fundamentals. Hyperscaler Capex Tops $1.2 Trillion
• Negative Sentiment: Compliance costs remain an overhang. A new disclosure regarding the OCC’s 2024 consent order said a resolution could include monetary penalties, creating uncertainty around expenses and regulatory risk. Bank of America’s New Disclosure Highlights Compliance Risk
• Negative Sentiment: Citi hired a Bank of America technology-banking executive. The departure of Rohan Sen after 11 years could weaken BAC’s technology-services coverage, though the financial impact is likely limited unless additional senior departures follow. Citi Hires Bank of America’s Rohan Sen

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.