Bank of America Corporation $BAC Stock Holdings Raised by Godsey & Gibb Inc.

Godsey & Gibb Inc. raised its stake in Bank of America Corporation (NYSE:BAC) by 2,798.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 83,780 shares of the financial services provider’s stock after acquiring an additional 80,889 shares during the quarter. Godsey & Gibb Inc.’s holdings in Bank of America were worth $4,560,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in BAC. Legal & General Group Plc bought a new position in Bank of America in the second quarter worth approximately $2,571,060,000. Deutsche Bank AG bought a new stake in shares of Bank of America during the second quarter valued at approximately $2,359,172,000. Bank of New York Mellon Corp acquired a new position in shares of Bank of America during the second quarter worth approximately $2,313,953,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Bank of America during the second quarter worth approximately $939,807,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of Bank of America in the 2nd quarter worth $916,398,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Underlying banking activity remained healthy: net interest income increased 8% year over year to $16.4 billion, consumer banking revenue rose 4%, wealth-management revenue climbed 13%, average loans grew 6%, and deposits increased 2%. The bank also returned $8.3 billion to shareholders through dividends and share repurchases. Bank of America Reports Third-Quarter Results
• Positive Sentiment: Some market commentary argued that the selloff could create a long-term buying opportunity, while options activity and a reported institutional purchase of long-dated BAC call options pointed to bullish interest among some investors. Unusual Long-Dated BAC Call Options
• Neutral Sentiment: CEO Brian Moynihan said Bank of America is addressing regulatory requirements and expects elevated remediation and software-patching expenses to decline over time. The bank hired about 1,000 contractors to help fix software vulnerabilities identified through Anthropic’s Mythos testing. Bank of America Software-Patching Costs
• Negative Sentiment: Adjusted EPS was $1.08 versus the $1.10 consensus, while revenue of roughly $30.0 billion missed estimates near $30.6 billion. Reported net income fell 17% to $6.9 billion, or $0.91 per share, after the regulatory charge. Bank of America Earnings Miss
• Negative Sentiment: Regulators imposed approximately $1.21 billion in penalties over anti-money-laundering, Bank Secrecy Act, and sanctions-compliance failures, including failures to timely report more than $5 billion in suspicious transactions. The non-tax-deductible charge reduced quarterly earnings by about $0.17 per share and intensified concerns that compliance problems may persist. Bank of America Regulatory Penalties
• Negative Sentiment: Expenses rose faster than revenue, pushing the adjusted efficiency ratio to about 62% from 60%. Bond-trading revenue fell 17%, investment-banking and trading results disappointed, and provisions for credit losses reached $1.3 billion. Hotter-than-expected inflation and several shareholder-law-firm investigations added to the cautious backdrop.

Bank of America Stock Down 4.7%

Bank of America stock opened at $51.40 on Thursday. Bank of America Corporation has a twelve month low of $46.12 and a twelve month high of $65.22. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The firm has a 50 day moving average price of $59.51 and a 200-day moving average price of $56.69. The company has a market capitalization of $359.45 billion, a P/E ratio of 11.79, a P/E/G ratio of 0.87 and a beta of 1.21.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share for the quarter, missing the consensus estimate of $1.10 by ($0.02). Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm had revenue of $29.96 billion for the quarter, compared to the consensus estimate of $30.58 billion. During the same period last year, the company posted $1.06 earnings per share. Bank of America’s revenue for the quarter was up 3.2% on a year-over-year basis. As a group, equities analysts predict that Bank of America Corporation will post 4.60 EPS for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Stockholders 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 annualized dividend and a dividend yield of 2.5%. Bank of America’s payout ratio is presently 29.36%.

Analyst Ratings Changes

A number of brokerages have commented on BAC. Citigroup boosted their price target on shares of Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Truist Financial reduced their price objective on shares of Bank of America from $65.00 to $62.00 and set a “buy” rating for the company in a report on Thursday, October 1st. HSBC assumed coverage on Bank of America in a report on Monday, September 28th. They set a “buy” rating and a $65.00 price objective for the company. Jefferies Financial Group dropped their target price on Bank of America from $75.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, September 24th. Finally, Morgan Stanley reissued an “overweight” rating on shares of Bank of America in a research report on Tuesday, September 15th. Nineteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.22.

Bank of America Company 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.