Canandaigua National Trust Co of Florida acquired a new stake in Bank of America Corporation (NYSE:BAC) in the 3rd quarter, HoldingsChannel reports. The fund acquired 15,006 shares of the financial services provider’s stock, valued at approximately $817,000.
A number of other institutional investors have also recently made changes to their positions in BAC. Legal & General Group Plc acquired a new stake in Bank of America during the 2nd quarter worth approximately $2,571,060,000. Deutsche Bank AG purchased a new position in Bank of America in the 2nd quarter valued at approximately $2,359,172,000. Bank of New York Mellon Corp acquired a new position in shares of Bank of America in the second quarter worth $2,313,953,000. Cardano Risk Management B.V. increased its position in shares of Bank of America by 914.5% during the fourth quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock worth $1,380,239,000 after acquiring an additional 22,621,546 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Bank of America in the second quarter valued at $939,807,000. Institutional investors and hedge funds own 70.71% of the company’s stock.
Bank of America Stock Down 1.0%
Bank of America stock traded down $0.53 during midday trading on Wednesday, reaching $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 company has a market cap of $374.53 billion, a P/E ratio of 12.28, a P/E/G ratio of 0.87 and a beta of 1.21. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The business has a 50-day simple moving average of $60.56 and a 200-day simple moving average of $56.45. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22.
Bank of America Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, September 4th. This is an increase from Bank of America’s previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a yield of 2.4%. Bank of America’s dividend payout ratio is 29.36%.
Key Headlines Impacting Bank of America
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
Analyst Upgrades and Downgrades
Several research analysts recently commented on BAC shares. Rothschild & Co Redburn set a $72.00 target price on Bank of America in a research note on Tuesday. Barclays lifted their price objective on Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Jefferies Financial Group lowered their price objective on 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. Robert W. Baird upped their target price on shares of Bank of America from $58.00 to $62.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Finally, Wells Fargo & Company raised their target price on shares of Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Twenty research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $64.39.
Read Our Latest Research Report on Bank of America
About Bank of America
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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