Bank of America Corporation $BAC Stock Sold by Eurizon Capital SGR S.p.A.

Eurizon Capital SGR S.p.A. decreased its stake in shares of Bank of America Corporation (NYSE:BAC) by 4.0% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 7,140,367 shares of the financial services provider’s stock after selling 295,024 shares during the quarter. Bank of America makes up about 1.0% of Eurizon Capital SGR S.p.A.’s investment portfolio, making the stock its 18th largest position. Eurizon Capital SGR S.p.A.’s holdings in Bank of America were worth $390,274,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Legal & General Group Plc purchased a new stake in Bank of America in the 2nd quarter valued at $2,571,060,000. Amundi increased its stake in shares of Bank of America by 12.5% in the 1st quarter. Amundi now owns 42,385,115 shares of the financial services provider’s stock worth $2,066,274,000 after acquiring an additional 4,721,969 shares during the last quarter. Deutsche Bank AG purchased a new position in shares of Bank of America during the 2nd quarter worth $2,359,172,000. Bank of New York Mellon Corp purchased a new position in shares of Bank of America during the 2nd quarter worth $2,313,953,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Bank of America by 1.8% during 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 acquiring an additional 561,413 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Key Headlines Impacting Bank of America

These are some of the BAC headlines that stood out recently:

• Positive Sentiment: Bank of America reaffirmed its 16%–18% return-on-tangible-common-equity target for 2028–2030. The outlook is supported by expected net interest income growth, loan growth, and expense discipline, signaling confidence in longer-term profitability. BAC Reaffirms 16-18% ROTCE Target
• Neutral Sentiment: The bank was named the official bank of West Palm Beach’s CityPlace under a multiyear partnership involving events, financial-wellness programming, and a planned retail presence. This may support brand visibility, though no financial contribution was disclosed. Related Ross Names Bank of America Official Bank of CityPlace
• Negative Sentiment: Bank of America is also reportedly set to settle a lawsuit alleging thousands of unauthorized accounts were opened from 2012 to 2023. The article did not disclose settlement terms, leaving the potential financial and reputational impact unclear. BofA to Settle Fake-Accounts Lawsuit

Bank of America Price Performance

BAC stock opened at $50.56 on Friday. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.17. The stock has a market cap of $348.87 billion, a price-to-earnings ratio of 11.57, a price-to-earnings-growth ratio of 0.89 and a beta of 1.19. The business has a fifty day moving average of $54.31 and a two-hundred day moving average of $54.86.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $1.08 EPS for the quarter, missing the consensus estimate of $1.10 by ($0.02). The business had revenue of $29.96 billion during the quarter, compared to analyst estimates of $30.58 billion. Bank of America had a net margin of 16.80% and a return on equity of 12.15%. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period last year, the company earned $1.06 EPS. As a group, research analysts anticipate that Bank of America Corporation will post 4.51 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 24th. Investors of record on Friday, December 4th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, December 4th. Bank of America’s dividend payout ratio (DPR) is presently 30.40%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on BAC shares. TD Cowen dropped their price objective on shares of Bank of America from $60.00 to $56.00 and set a “hold” rating for the company in a report on Thursday, October 15th. Jefferies Financial Group cut their price objective on shares of Bank of America from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, September 24th. UBS Group set a $62.00 target price on shares of Bank of America and gave the stock a “buy” rating in a research note on Wednesday. Barclays decreased their target price on shares of Bank of America from $72.00 to $68.00 and set an “overweight” rating on the stock in a report on Thursday, October 15th. Finally, Wells Fargo & Company dropped their price target on shares of Bank of America from $69.00 to $64.00 and set an “overweight” rating for the company in a research note on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $62.48.

About Bank of America

Bank of America Corporation is a financial services company serving consumers, businesses, institutional investors and government entities. Its offerings include checking and savings accounts, credit and debit cards, mortgages, auto loans and other lending, as well as payment and treasury services. The company also provides investment and wealth management through Merrill and Bank of America Private Bank, and serves corporate and institutional clients with commercial banking, capital markets, trading and advisory services.