Avidian Wealth Enterprises LLC grew its position in shares of Bank of America Corporation (NYSE:BAC) by 21.2% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 116,705 shares of the financial services provider’s stock after purchasing an additional 20,385 shares during the period. Avidian Wealth Enterprises LLC’s holdings in Bank of America were worth $6,352,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the company. Veracity Capital LLC boosted its position in Bank of America by 39.5% in the 3rd quarter. Veracity Capital LLC now owns 9,775 shares of the financial services provider’s stock valued at $532,000 after buying an additional 2,766 shares during the period. Tactive Advisors LLC boosted its holdings in Bank of America by 47.7% in the third quarter. Tactive Advisors LLC now owns 5,414 shares of the financial services provider’s stock valued at $295,000 after purchasing an additional 1,748 shares during the period. New Covenant Trust Company N.A. grew its stake in Bank of America by 39.5% during the 3rd quarter. New Covenant Trust Company N.A. now owns 16,839 shares of the financial services provider’s stock worth $917,000 after purchasing an additional 4,771 shares in the last quarter. Kaydan Wealth Management Inc. increased its holdings in Bank of America by 19.8% during the 3rd quarter. Kaydan Wealth Management Inc. now owns 4,797 shares of the financial services provider’s stock worth $261,000 after purchasing an additional 792 shares during the period. Finally, Toth Financial Advisory Corp boosted its stake in shares of Bank of America by 189.6% in the 3rd quarter. Toth Financial Advisory Corp now owns 90,188 shares of the financial services provider’s stock valued at $4,909,000 after buying an additional 59,044 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on BAC. HSBC assumed coverage on shares of Bank of America in a report on Monday, September 28th. They issued a “buy” rating and a $65.00 target price on the stock. Robert W. Baird raised their price objective on shares of Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Morgan Stanley reaffirmed an “overweight” rating on shares of Bank of America in a research report on Tuesday, September 15th. Oppenheimer cut Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Finally, JPMorgan Chase & Co. lowered their price objective on Bank of America from $68.00 to $62.00 and set an “overweight” rating for the company in a research report on Friday, October 2nd. Nineteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $64.22.
Trending Headlines about Bank of America
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: TD Cowen initiated coverage with a Hold rating and a $60 price target, implying meaningful upside from recent trading levels. While the rating is cautious, the target suggests analysts see room for recovery. TD Cowen initiates coverage of Bank of America
- Positive Sentiment: A Seeking Alpha analysis upgraded Bank of America, arguing that a shift in Federal Reserve policy could improve net interest income, a key earnings driver for large banks. Bank of America: Fed Policy Shift Creates NII Upside
- Positive Sentiment: UBS maintained its Buy rating on BAC, reinforcing the view that the bank’s valuation and earnings outlook remain attractive. UBS keeps Buy rating on Bank of America
- Positive Sentiment: Management highlighted the use of artificial intelligence to personalize customer service and improve operations. Successful implementation could support efficiency and long-term competitiveness. How Bank of America is using AI to reinvent the customer experience
Bank of America Stock Performance
Shares of BAC traded down $0.56 during midday trading on Thursday, reaching $52.96. 27,982,134 shares of the stock were exchanged, compared to its average volume of 37,082,188. Bank of America Corporation has a twelve month low of $46.12 and a twelve month high of $65.22. 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 company has a market capitalization of $370.36 billion, a price-to-earnings ratio of 12.15, a PEG ratio of 0.87 and a beta of 1.21. The business’s 50-day moving average price is $60.41 and its 200 day moving average price is $56.49.
Bank of America (NYSE:BAC – Get Free Report) last released its quarterly 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 for the quarter, compared to the consensus estimate of $30.78 billion. During the same quarter last year, the business posted $0.89 EPS. The firm’s quarterly revenue was up 19.6% compared to the same quarter last year. On average, sell-side analysts expect that Bank of America Corporation will post 4.61 EPS for the current fiscal year.
Bank of America Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were given 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 annualized dividend and a yield of 2.4%. Bank of America’s payout ratio is currently 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.
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