Bank of America Corporation $BAC Stock: Parkside Investments LLC Reduces Stake

Parkside Investments LLC lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 77.5% in the third quarter, Holdings Channel reports. The institutional investor owned 9,000 shares of the financial services provider’s stock after selling 31,000 shares during the period. Parkside Investments LLC’s holdings in Bank of America were worth $490,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Total Clarity Wealth Management Inc. grew its position in Bank of America by 3.6% during the second quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider’s stock worth $279,000 after buying an additional 168 shares in the last quarter. Orca Wealth Management LLC raised its holdings in Bank of America by 0.5% in the 2nd quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider’s stock valued at $1,999,000 after acquiring an additional 179 shares in the last quarter. Financial Consulate Inc. raised its holdings in Bank of America by 4.0% in the 2nd quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider’s stock valued at $270,000 after acquiring an additional 181 shares in the last quarter. Bedel Financial Consulting Inc. raised its holdings in Bank of America by 1.1% in the 2nd quarter. Bedel Financial Consulting Inc. now owns 16,456 shares of the financial services provider’s stock valued at $938,000 after acquiring an additional 184 shares in the last quarter. Finally, GatePass Capital LLC raised its holdings in Bank of America by 3.6% in the 1st quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider’s stock valued at $266,000 after acquiring an additional 190 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $50.59 on Wednesday. The firm has a market cap of $353.77 billion, a P/E ratio of 12.02, a price-to-earnings-growth ratio of 0.86 and a beta of 1.21. The firm’s 50-day simple moving average is $58.52 and its 200-day simple moving average is $56.77. 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 1.17, a quick ratio of 0.82 and a current ratio of 0.82.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.10 by ($0.02). Bank of America had a return on equity of 12.15% and a net margin of 16.80%. The business had revenue of $29.96 billion during the quarter, compared to analyst estimates of $30.58 billion. During the same period last year, the company earned $1.06 EPS. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. As a group, research analysts expect that Bank of America Corporation will post 4.54 EPS for the current fiscal year.

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 a positive change 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 2.5%. Bank of America’s dividend payout ratio (DPR) is presently 30.40%.

Bank of America News Summary

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

• Positive Sentiment: Bank of America’s second-quarter average loans rose 8% year over year while deposits increased 2%. Despite the uneven growth, net interest income climbed 9%, suggesting the bank is generating stronger returns from its deposit base and lending franchise. Bank of America Deposit Franchise Article
• Positive Sentiment: Bank of America was upgraded to a Buy rating by JLPascual. Other recent commentary indicated that the previously announced regulatory fine and earnings-related weakness may already be reflected in the stock, supporting the potential for a recovery. Bank of America Buy Upgrade
• Neutral Sentiment: The bank launched another investment-grade bond offering, including perpetual notes, shortly after raising $8 billion. The issuance may strengthen funding and capital flexibility, although it also adds financing costs and highlights continued reliance on wholesale markets. Bank of America Bond Sale
• Neutral Sentiment: Bank of America disclosed higher indirect stakes in Qiagen, ICU Girişim Sermayesi and Link Bilgisayar. These appear to be investment or regulatory ownership disclosures rather than changes to the core banking business. Qiagen Stake Disclosure
• Negative Sentiment: Multiple law firms announced or promoted securities-fraud investigations and class actions tied to alleged investor misstatements concerning anti-money-laundering and sanctions-compliance failures. The litigation follows more than $1.2 billion in federal penalties and creates potential legal costs and reputational damage. BAC Securities Class Action Alert
• Negative Sentiment: The latest reported quarter missed consensus estimates on both earnings and revenue, while broad bank stocks remain under pressure from rising Treasury yields and uncertainty over Federal Reserve policy. Bank Stocks Under Pressure

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. Rothschild & Co Redburn set a $72.00 price objective on Bank of America in a research report on Tuesday, October 6th. HSBC began coverage on Bank of America in a research report on Monday, September 28th. They set a “buy” rating and a $65.00 price objective on the stock. Oppenheimer lowered Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research report on Monday. Finally, Argus set a $70.00 target price on Bank of America in a research 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. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $62.82.

Bank of America Company Profile

Bank of America Corporation (NYSE: BAC) is a diversified financial services company headquartered in Charlotte, North Carolina. It provides banking, lending, investment, payments and financial management services to consumers, businesses, institutional investors and governments.

The company’s consumer banking operations offer checking and savings accounts, credit cards, mortgages, home equity lending, auto loans and other consumer financial products. Through Merrill, Bank of America provides wealth management, investment advisory, brokerage and retirement services.