Bank of America Corporation $BAC Stock: Trek Financial LLC Boosts Holdings

Trek Financial LLC raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 100.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 35,698 shares of the financial services provider’s stock after purchasing an additional 17,911 shares during the period. Trek Financial LLC’s holdings in Bank of America were worth $1,943,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Woodmont Investment Counsel LLC lifted its stake in shares of Bank of America by 2.1% in the third quarter. Woodmont Investment Counsel LLC now owns 141,612 shares of the financial services provider’s stock worth $7,708,000 after acquiring an additional 2,921 shares during the period. Bank Julius Baer & Co. Ltd Zurich increased its position in Bank of America by 5.3% during the 3rd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 4,558,552 shares of the financial services provider’s stock valued at $248,132,000 after purchasing an additional 230,616 shares during the period. Virtue Capital Management LLC increased its position in Bank of America by 7.3% during the 3rd quarter. Virtue Capital Management LLC now owns 17,856 shares of the financial services provider’s stock valued at $972,000 after purchasing an additional 1,220 shares during the period. Nippon Life Global Investors Americas Inc. increased its position in Bank of America by 25.5% during the 3rd quarter. Nippon Life Global Investors Americas Inc. now owns 763,580 shares of the financial services provider’s stock valued at $41,562,000 after purchasing an additional 154,950 shares during the period. Finally, Bell Investment Advisors Inc raised its holdings in Bank of America by 34.9% during the 3rd quarter. Bell Investment Advisors Inc now owns 2,886 shares of the financial services provider’s stock worth $157,000 after purchasing an additional 747 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Citigroup dropped their price target on shares of Bank of America from $66.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, October 15th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and set a $62.00 price objective for the company in a research report on Thursday, October 15th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research note on Monday, October 19th. Morgan Stanley dropped their target price on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating on the stock in a report on Thursday, October 15th. Finally, TD Cowen dropped their target price on shares of Bank of America from $60.00 to $56.00 and set a “hold” rating on the stock in a report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $62.48.

Key Stories Impacting Bank of America

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

• Positive Sentiment: UBS retains a Buy rating. UBS lowered its price target from $67 to $62, but the revised target still implies substantial upside from recent trading levels, suggesting the firm views the pullback as an opportunity. UBS Bank of America price target report
• Positive Sentiment: ETF demand provided support. Exchange-traded funds purchased approximately $24.4 million of BAC shares on October 29, indicating continued passive or index-related institutional demand. ETF purchases of Bank of America shares
• Positive Sentiment: Some analysts remain bullish. Recent commentary says Wall Street analysts generally expect Bank of America to recover despite its underperformance relative to the broader market. Premarket trading also offered a tentative indication of stabilization. Wall Street outlook for Bank of America
• Neutral Sentiment: AI-related economic concerns could affect the banking sector. Bank of America economists warned that a sustained sell-off in artificial-intelligence stocks could become a broader economic risk, particularly because equities represent a large share of household wealth. The warning is a macroeconomic risk rather than a company-specific development. Bank of America AI sell-off warning
• Negative Sentiment: Regulatory scrutiny and shareholder lawsuits are weighing on sentiment. Senator Elizabeth Warren is reportedly urging the Justice Department to investigate alleged anti-money-laundering and sanctions-law violations after Bank of America resolved enforcement actions. Multiple law firms also announced securities class actions tied to the alleged violations, with a December 15 lead-plaintiff deadline. These developments could increase legal, compliance and reputational costs, although the allegations and claims have not been proven. Bank of America regulatory scrutiny and class action report

Bank of America Trading Down 1.1%

NYSE BAC opened at $49.47 on Tuesday. The business has a 50 day simple moving average of $56.20 and a 200 day simple moving average of $54.94. Bank of America Corporation has a one year low of $46.12 and a one year high of $65.22. The stock has a market capitalization of $345.95 billion, a P/E ratio of 11.75, a P/E/G ratio of 0.89 and a beta of 1.21. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.82 and a quick ratio of 0.82.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $30.58 billion. During the same quarter in the previous year, the firm posted $1.06 earnings per share. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. Research analysts expect that Bank of America Corporation will post 4.52 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 24th. Stockholders of record on Friday, December 4th will be paid a $0.32 dividend. The ex-dividend date is Friday, December 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.6%. Bank of America’s payout ratio is currently 30.40%.

Bank of America 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.