98,482 Shares in Bank of America Corporation $BAC Purchased by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. acquired a new position in Bank of America Corporation (NYSE:BAC) in the 2nd quarter, Holdings Channel reports. The institutional investor acquired 98,482 shares of the financial services provider’s stock, valued at approximately $5,612,000.

Other institutional investors have also recently bought and sold shares of the company. Money Concepts Capital Corp grew its position in Bank of America by 3.8% during the fourth quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock worth $273,000 after buying an additional 182 shares in the last quarter. Operose Advisors LLC raised its holdings in Bank of America by 0.9% in the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock valued at $1,123,000 after acquiring an additional 185 shares in the last quarter. Asahi Life Asset Management CO. LTD. lifted its position in shares of Bank of America by 1.0% during the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock valued at $1,092,000 after acquiring an additional 187 shares during the period. GatePass Capital LLC grew its holdings in shares of Bank of America by 3.6% during the 1st quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider’s stock worth $266,000 after purchasing an additional 190 shares in the last quarter. Finally, GeoWealth Management LLC increased its position in shares of Bank of America by 0.3% in the fourth quarter. GeoWealth Management LLC now owns 61,597 shares of the financial services provider’s stock worth $3,388,000 after purchasing an additional 191 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America News Summary

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

• Positive Sentiment: Steeper yield curve supports net interest income. Coverage of Bank of America highlights the potential benefit of higher long-term yields relative to short-term rates, which can improve lending spreads and support revenue growth across the bank’s large deposit and loan base. Why Is Bank of America Tracking the Yield Story?
• Positive Sentiment: UBS reaffirmed its Buy rating on BAC. Continued support from a major investment bank reinforces the bullish view on Bank of America’s earnings outlook and valuation. UBS Reaffirms Their Buy Rating on Bank of America
• Positive Sentiment: Expansion of investment-banking coverage could improve fee growth. Bank of America appointed new leaders for its Africa and Benelux franchises, signaling efforts to win more corporate and investment-banking business in those regions. Bank of America Taps New Africa, Benelux Investment Bank Leads
• Neutral Sentiment: AI investment is a broader, indirect tailwind. BofA’s forecast for more than $1.2 trillion in hyperscaler AI capital spending could support markets and transaction activity, although the reports primarily benefit semiconductor companies rather than directly changing BAC’s fundamentals. Hyperscaler Capex Tops $1.2 Trillion
• Negative Sentiment: Compliance costs remain an overhang. A new disclosure regarding the OCC’s 2024 consent order said a resolution could include monetary penalties, creating uncertainty around expenses and regulatory risk. Bank of America’s New Disclosure Highlights Compliance Risk
• Negative Sentiment: Citi hired a Bank of America technology-banking executive. The departure of Rohan Sen after 11 years could weaken BAC’s technology-services coverage, though the financial impact is likely limited unless additional senior departures follow. Citi Hires Bank of America’s Rohan Sen

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Argus set a $70.00 price objective on shares of Bank of America in a research report on Wednesday, July 15th. Morgan Stanley boosted their target price on shares of Bank of America from $61.00 to $67.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. Jefferies Financial Group reaffirmed a “buy” rating and set a $75.00 price target on shares of Bank of America in a report on Tuesday, July 14th. Oppenheimer lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Finally, Barclays lifted their price objective on shares of Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $64.08.

Bank of America Trading Up 0.8%

BAC opened at $62.96 on Wednesday. The company’s 50 day moving average is $57.92 and its 200-day moving average is $53.67. Bank of America Corporation has a 1-year low of $44.75 and a 1-year high of $63.54. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. The company has a market cap of $440.24 billion, a P/E ratio of 14.44, a PEG ratio of 1.00 and a beta of 1.17.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s payout ratio is currently 25.69%.

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.