Neville Rodie & Shaw Inc. Raises Position in Bank of America Corporation $BAC

Neville Rodie & Shaw Inc. lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 44.1% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 268,991 shares of the financial services provider’s stock after buying an additional 82,283 shares during the period. Bank of America comprises about 1.0% of Neville Rodie & Shaw Inc.’s portfolio, making the stock its 26th biggest holding. Neville Rodie & Shaw Inc.’s holdings in Bank of America were worth $14,641,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Total Clarity Wealth Management Inc. raised its stake 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 acquiring an additional 168 shares in the last quarter. Orca Wealth Management LLC boosted its stake in shares of 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 purchasing an additional 179 shares in the last quarter. Financial Consulate Inc. grew its holdings in shares of Bank of America by 4.0% during the 2nd quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider’s stock valued at $270,000 after purchasing an additional 181 shares during the last quarter. Bedel Financial Consulting Inc. grew its holdings in shares of Bank of America by 1.1% during the 2nd quarter. Bedel Financial Consulting Inc. now owns 16,456 shares of the financial services provider’s stock valued at $938,000 after purchasing an additional 184 shares during the last quarter. Finally, GatePass Capital LLC increased its position in Bank of America by 3.6% during the 1st quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider’s stock worth $266,000 after purchasing an additional 190 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BAC. Evercore set a $62.00 target price on shares of Bank of America in a research report on Thursday. Morgan Stanley reiterated an “overweight” rating on shares of Bank of America in a research note on Tuesday, September 15th. Robert W. Baird upped their target price on Bank of America from $58.00 to $62.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. Argus set a $70.00 price target on Bank of America in a research note on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods upped their price objective on Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. Twenty research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $63.78.

Bank of America News Summary

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

• Positive Sentiment: BAC was identified as one of five oversold market areas that could rebound if market breadth improves and investors rotate beyond large-cap technology stocks. This supports the view that the shares have recovery potential after recent weakness. 5 Oversold Corners of the Market That Could Bounce If Breadth Finally Improves
• Positive Sentiment: Bank of America’s dividend profile remains a focus for income-oriented investors. A comparison with U.S. Bancorp highlights BAC’s dividend increase and the potential appeal of its scale and earnings capacity, although the stock’s income advantages depend partly on the interest-rate outlook. BAC vs. USB: Which Bank Stock Offers the Superior Dividend Income for Retirees?
• Positive Sentiment: Bank of America strategists expect two-year Treasury yields to rise further because of economic strength and possible additional Federal Reserve tightening. Higher rates can support banks’ loan yields and net interest income, potentially benefiting BAC, though they also increase broader market and credit risks. Two-Year Treasury Yields Could Rise Further Due to Robust Economy, BofA Says
• Neutral Sentiment: BAC disclosed higher indirect holdings in several Turkish companies through Merrill Lynch subsidiaries. The announcements appear related to client, custody, or trading activity and do not indicate a material change to Bank of America’s core investment outlook. Bank of America Lifts Indirect Stake in A1 Yenilenebilir Enerji to 3%
• Negative Sentiment: JPMorgan Chase reduced its price target for Bank of America, creating a valuation overhang and tempering the otherwise favorable rate and rotation narrative. Bank of America Stock Price Target Cut by JPMorgan Chase

Bank of America Trading Up 0.8%

BAC stock traded up $0.41 during midday trading on Monday, hitting $54.16. The stock had a trading volume of 16,027,663 shares, compared to its average volume of 37,137,422. The firm has a market cap of $378.76 billion, a P/E ratio of 12.42, a price-to-earnings-growth ratio of 0.86 and a beta of 1.21. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a 1-year low of $46.12 and a 1-year high of $65.22. The business has a fifty day moving average price of $60.89 and a two-hundred day moving average price of $56.35.

Bank of America (NYSE:BAC) last issued its quarterly 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. The firm had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The business’s revenue was up 19.6% compared to the same quarter last year. During the same period last year, the business posted $0.89 EPS. On average, sell-side analysts predict that Bank of America Corporation will post 4.63 earnings per share 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. The ex-dividend date 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 presently 29.36%.

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.