OFI Invest Asset Management Acquires 111,178 Shares of Bank of America Corporation $BAC

OFI Invest Asset Management lifted its holdings in Bank of America Corporation (NYSE:BAC) by 13.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 965,724 shares of the financial services provider’s stock after buying an additional 111,178 shares during the period. OFI Invest Asset Management’s holdings in Bank of America were worth $49,822,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Nova Wealth Management Inc. raised its position in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the period. Quaker Wealth Management LLC increased its position in shares of Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares during the last quarter. RMG Wealth Management LLC bought a new position in shares of Bank of America during the 2nd quarter valued at approximately $28,000. Steph & Co. raised its holdings in Bank of America by 224.3% during the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after buying an additional 379 shares during the period. Finally, CGC Financial Services LLC lifted its position in Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after buying an additional 521 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Bank of America stock opened at $55.81 on Tuesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market capitalization of $407.56 billion, a PE ratio of 15.21 and a beta of 1.30. The company has a 50 day moving average price of $53.03 and a 200-day moving average price of $49.98. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $56.11.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The company had revenue of $5.35 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period last year, the business posted $0.81 EPS. As a group, equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, December 5th. Bank of America’s payout ratio is presently 30.52%.

Wall Street Analyst Weigh In

BAC has been the topic of a number of analyst reports. Piper Sandler boosted their price objective on shares of Bank of America from $55.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, December 11th. Wall Street Zen cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Saturday. Royal Bank Of Canada increased their price objective on shares of Bank of America from $56.00 to $59.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Barclays boosted their target price on Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Finally, Seaport Global Securities increased their price target on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $58.59.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: CEO Brian Moynihan said AI is increasingly boosting U.S. economic growth and that the consumer is in “pretty good shape,” comments that support a stronger macro outlook and potential growth in transactional, investment banking and wealth-management revenue. Article Title
• Positive Sentiment: Bank of America announced a $10 million zero-interest capital commitment to CDFIs supporting L.A. wildfire recovery — a reputation- and community-focused move that can support local lending relationships and franchise goodwill. Article Title
• Positive Sentiment: Rocket Companies extended a key Bank of America facility, indicating ongoing corporate lending/servicing activity and client engagement that supports fee and credit businesses. Article Title
• Positive Sentiment: Analyst coverage activity and upgrades in the market have lifted sentiment around big-bank names, contributing to upward pressure on BAC shares. (Market report on an analyst upgrade referenced.) Article Title
• Neutral Sentiment: Bank of America Securities continues active research coverage (e.g., ratings on CRISPR, ArcBest, Vail Resorts) — reinforces the firm’s research franchise but has limited direct impact on BAC equity fundamentals. Article Title
• Negative Sentiment: Moynihan also said the Fed will have room to cut rates next year — a policy path that could compress net interest margins for large banks if cuts occur, representing a potential headwind to BAC’s core profitability. Article Title

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.