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

Stokes Capital Advisors LLC raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 216.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 49,215 shares of the financial services provider’s stock after acquiring an additional 33,659 shares during the period. Stokes Capital Advisors LLC’s holdings in Bank of America were worth $2,679,000 as of its most recent SEC filing.

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

Bank of America Trading Up 1.2%

NYSE:BAC opened at $54.27 on Friday. The company has a market capitalization of $379.49 billion, a PE ratio of 12.45, a price-to-earnings-growth ratio of 0.86 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. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. The stock has a fifty day simple moving average of $60.09 and a 200-day simple moving average of $56.52.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping the consensus estimate of $1.13 by $0.08. The business had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The business’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.89 EPS. On average, equities research analysts expect that Bank of America Corporation will post 4.61 earnings per share 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. Shareholders of record on Friday, September 4th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.4%. This is a boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, September 4th. Bank of America’s payout ratio is currently 29.36%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BAC. Wells Fargo & Company upped their price objective on shares of Bank of America from $67.00 to $69.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Oppenheimer lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Citigroup increased their price target on shares of Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. HSBC initiated coverage on Bank of America in a report on Monday, September 28th. They issued a “buy” rating and a $65.00 price objective on the stock. Finally, Evercore set a $62.00 target price on Bank of America in a research note on Thursday, October 1st. Nineteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.22.

Key Stories 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 Company 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.