Bank of America Corporation $BAC Stock Bought by Doliver Advisors LP

Doliver Advisors LP grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 76.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,640 shares of the financial services provider’s stock after acquiring an additional 12,007 shares during the period. Doliver Advisors LP’s holdings in Bank of America were worth $1,504,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Bank of New York Mellon Corp boosted its position in Bank of America by 5.4% during the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock valued at $3,169,062,000 after purchasing an additional 2,929,779 shares during the last quarter. Deutsche Bank AG increased its position in Bank of America by 5.9% in the 4th quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider’s stock worth $2,594,488,000 after purchasing an additional 2,611,776 shares during the last quarter. Legal & General Group Plc purchased a new stake in shares of Bank of America during the 2nd quarter worth about $2,571,060,000. Capital International Investors acquired a new stake in shares of Bank of America during the 4th quarter valued at about $2,357,461,000. Finally, Amundi lifted its holdings in shares of Bank of America by 12.5% during the 1st quarter. Amundi now owns 42,385,115 shares of the financial services provider’s stock valued at $2,066,274,000 after buying an additional 4,721,969 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America’s Personal Retirement Strategy surpassed $100 billion in assets, while Merrill Managed exceeded $10 billion. The milestones indicate continued demand for the bank’s wealth-management and retirement products. Bank of America retirement strategy announcement
• Positive Sentiment: Truist lowered its BAC price target from $65 to $62 but maintained a “Buy” rating, implying analysts still see meaningful upside from recent trading levels. Bank of America analyst expectations
• Positive Sentiment: The Federal Reserve’s proposed stress-test changes could reduce volatility in banks’ capital requirements and improve planning visibility for institutions such as Bank of America. Federal Reserve stress-test changes
• Neutral Sentiment: Bank of America will report third-quarter results on October 14. Analysts cited in recent coverage expect approximately $1.16 in EPS and $30.93 billion in revenue, making the upcoming report a key catalyst. The bank’s latest reported quarter exceeded consensus estimates, with $1.21 EPS and $31.56 billion in revenue. Bank of America third-quarter earnings date
• Neutral Sentiment: Bank of America is providing Boston Children’s Hospital with a $10 million grant for a pediatric behavioral-health campus. The donation supports the company’s community profile but is unlikely to materially affect earnings. Boston Children’s Hospital grant
• Negative Sentiment: Merrill Lynch reportedly agreed to pay $39 million to settle claims that brokerage customers received unusually low interest on idle cash in retirement accounts. The settlement adds a modest legal cost and reputational risk. Bank of America Merrill Lynch settlement
• Negative Sentiment: Recent commentary warns that Bank of America’s capital cushion may be relatively narrow for sustaining additional dividend increases, potentially forcing management to prioritize capital retention over buybacks or payout growth. Bank of America dividend outlook

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Argus set a $70.00 price objective on Bank of America in a report on Wednesday, July 15th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, July 21st. Morgan Stanley restated an “overweight” rating on shares of Bank of America in a research note on Tuesday, September 15th. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, July 15th. Finally, HSBC assumed coverage on shares of Bank of America in a research note on Monday. They issued a “buy” rating and a $65.00 price objective for the company. Twenty investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $64.17.

Bank of America Stock Performance

NYSE:BAC traded down $0.72 during midday trading on Thursday, reaching $53.71. The stock had a trading volume of 60,021,763 shares, compared to its average volume of 37,264,602. Bank of America Corporation has a 1-year low of $46.12 and a 1-year high of $65.22. The firm’s fifty day simple moving average is $61.21 and its 200-day simple moving average is $56.25. 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 stock has a market capitalization of $375.59 billion, a P/E ratio of 12.32, a PEG ratio of 0.88 and a beta of 1.15.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm had revenue of $31.56 billion during the quarter, compared to analyst estimates of $30.78 billion. During the same quarter in the previous year, the business earned $0.89 EPS. The business’s revenue was up 19.6% on a year-over-year basis. On average, equities research analysts forecast that Bank of America Corporation will post 4.66 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were issued a $0.32 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a yield of 2.4%. Bank of America’s payout ratio is 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.