Bank of America Corporation $BAC Stake Lowered by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. cut its holdings in Bank of America Corporation (NYSE:BAC) by 1.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 862,311 shares of the financial services provider’s stock after selling 14,990 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Bank of America were worth $46,936,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Turim 21 Investimentos Ltda. acquired a new position in Bank of America during the 2nd quarter worth about $25,000. Cherry Tree Wealth Management LLC grew its holdings in Bank of America by 167.6% during the 2nd quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 300 shares during the last quarter. Principia Wealth Advisory LLC increased its position in Bank of America by 69.9% in the 2nd quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 218 shares in the last quarter. Frazier Financial Advisors LLC acquired a new stake in Bank of America in the 2nd quarter valued at about $34,000. Finally, Vermillion Wealth Management Inc. increased its position in Bank of America by 199.1% in the 1st quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 438 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on BAC shares. Jefferies Financial Group dropped their target price on shares of Bank of America from $75.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, September 24th. JPMorgan Chase & Co. decreased their price target on shares of Bank of America from $68.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, October 2nd. Rothschild & Co Redburn set a $72.00 price target on shares of Bank of America in a research note on Tuesday, October 6th. Keefe, Bruyette & Woods lowered their price target on shares of Bank of America from $70.00 to $65.00 and set an “outperform” rating for the company in a report on Thursday, October 15th. Finally, Truist Financial lowered their price target on shares of Bank of America from $62.00 to $58.00 and set a “buy” rating for the company in a report on Thursday, October 15th. Twenty equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $62.82.

Bank of America Trading Up 0.4%

Shares of BAC opened at $50.59 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.17. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22. The firm has a market capitalization of $353.77 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 0.86 and a beta of 1.21. The stock’s fifty day simple moving average is $58.52 and its 200-day simple moving average is $56.77.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.10 by ($0.02). The firm had revenue of $29.96 billion during the quarter, compared to the consensus estimate of $30.58 billion. Bank of America had a net margin of 16.80% and a return on equity of 12.15%. Bank of America’s revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.06 EPS. As a group, research analysts predict that Bank of America Corporation will post 4.54 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Shareholders 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 represents a $1.28 annualized dividend and a yield of 2.5%. This is an increase from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio (DPR) is presently 30.40%.

Bank of America News Summary

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

• Positive Sentiment: Bank of America’s second-quarter average loans rose 8% year over year while deposits increased 2%. Despite the uneven growth, net interest income climbed 9%, suggesting the bank is generating stronger returns from its deposit base and lending franchise. Bank of America Deposit Franchise Article
• Positive Sentiment: Bank of America was upgraded to a Buy rating by JLPascual. Other recent commentary indicated that the previously announced regulatory fine and earnings-related weakness may already be reflected in the stock, supporting the potential for a recovery. Bank of America Buy Upgrade
• Neutral Sentiment: The bank launched another investment-grade bond offering, including perpetual notes, shortly after raising $8 billion. The issuance may strengthen funding and capital flexibility, although it also adds financing costs and highlights continued reliance on wholesale markets. Bank of America Bond Sale
• Neutral Sentiment: Bank of America disclosed higher indirect stakes in Qiagen, ICU Girişim Sermayesi and Link Bilgisayar. These appear to be investment or regulatory ownership disclosures rather than changes to the core banking business. Qiagen Stake Disclosure
• Negative Sentiment: Multiple law firms announced or promoted securities-fraud investigations and class actions tied to alleged investor misstatements concerning anti-money-laundering and sanctions-compliance failures. The litigation follows more than $1.2 billion in federal penalties and creates potential legal costs and reputational damage. BAC Securities Class Action Alert
• Negative Sentiment: The latest reported quarter missed consensus estimates on both earnings and revenue, while broad bank stocks remain under pressure from rising Treasury yields and uncertainty over Federal Reserve policy. Bank Stocks Under Pressure

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.