Venture Visionary Partners LLC lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 46.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 346,496 shares of the financial services provider’s stock after acquiring an additional 110,071 shares during the period. Venture Visionary Partners LLC’s holdings in Bank of America were worth $18,860,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Turim 21 Investimentos Ltda. acquired a new position in Bank of America during the 2nd quarter valued at about $25,000. Abound Financial LLC bought a new stake in Bank of America during the 4th quarter worth approximately $26,000. Cherry Tree Wealth Management LLC raised its stake in shares of Bank of America by 167.6% in the second quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 300 shares during the last quarter. Principia Wealth Advisory LLC raised its stake in shares of Bank of America by 69.9% in the second quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 218 shares during the last quarter. Finally, Frazier Financial Advisors LLC bought a new position in shares of Bank of America in the second quarter valued at approximately $34,000. Institutional investors and hedge funds own 70.71% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on BAC. JPMorgan Chase & Co. cut their target price on 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. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, July 21st. Oppenheimer downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Jefferies Financial Group reduced their target price on shares of Bank of America from $75.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, September 24th. Finally, Royal Bank Of Canada increased their target price on shares of Bank of America from $59.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, July 15th. Twenty investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $64.39.
Bank of America Stock Performance
BAC stock traded down $0.53 during midday trading on Wednesday, hitting $53.56. The company’s stock had a trading volume of 30,904,127 shares, compared to its average volume of 37,146,559. The stock’s 50-day moving average price is $60.41 and its 200 day moving average price is $56.49. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a 1 year low of $46.12 and a 1 year high of $65.22. The stock has a market cap of $374.53 billion, a price-to-earnings ratio of 12.28, a PEG ratio of 0.87 and a beta of 1.21.
Bank of America (NYSE:BAC – Get Free Report) last announced its quarterly earnings data 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. 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 the consensus estimate of $30.78 billion. During the same quarter in the prior year, the company earned $0.89 EPS. The business’s revenue for the quarter was up 19.6% on a year-over-year basis. On average, equities analysts forecast that Bank of America Corporation will post 4.62 EPS for the current year.
Bank of America Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were given a dividend of $0.32 per share. The ex-dividend date was Friday, September 4th. This is an increase from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a yield of 2.4%. Bank of America’s dividend payout ratio (DPR) is currently 29.36%.
Bank of America News Roundup
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: Analyst support remains favorable. UBS maintained its Buy rating on BAC, while JPMorgan reiterated an Overweight rating, signaling continued confidence in the bank’s earnings power and valuation. UBS Keeps Their Buy Rating on Bank of America JPMorgan Reiterates Overweight Rating on Bank of America
- Positive Sentiment: Capital-markets activity could support fee revenue. BofA executive JD Moriarty said public markets can absorb potential mega-IPOs from OpenAI and Anthropic, reflecting strong demand for technology listings. A robust IPO market could benefit BofA’s investment-banking and underwriting businesses. BofA Sees Strong Demand for OpenAI, Anthropic IPOs
- Positive Sentiment: Customer-support and fraud-prevention initiatives enhance the franchise. BofA expanded fraud-education tools and webinars for small businesses, reinforcing its commercial-banking relationships, although the direct financial impact is likely limited. Bank of America Expands Fraud Education
- Neutral Sentiment: Earnings are the next major catalyst. BAC is expected to report results shortly, and investors will be watching net interest income, credit quality, investment-banking revenue and management’s guidance on interest rates. Bank of America Expected to Announce Earnings
- Negative Sentiment: Rate and bond-market concerns are weighing on sentiment. BofA strategist Savita Subramanian said bonds are competing more directly with stocks after a selloff driven by changing expectations for rate hikes to contain inflation. Higher yields can pressure bank bond portfolios and increase uncertainty around loan demand and funding costs. BofA’s Subramanian Says Bonds Compete With Stocks
- Negative Sentiment: Strategists are cautious about market concentration and evolving risks. BofA has warned that investors may be overexposed to AI-related spending and underestimating consumer weakness, while recommending hedges against a potential technology bubble. That defensive positioning can dampen risk appetite for large financial stocks. Bank of America Says Investors Are Overplaying AI BofA Analysts Discuss Tech Bubble Risk
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.
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