Gradient Investments LLC Grows Stock Holdings in Bank of America Corporation $BAC

Gradient Investments LLC lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 10.8% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 784,317 shares of the financial services provider’s stock after buying an additional 76,481 shares during the quarter. Gradient Investments LLC’s holdings in Bank of America were worth $42,690,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Legal & General Group Plc bought a new position in Bank of America during the second quarter worth about $2,571,060,000. Deutsche Bank AG acquired a new position in shares of Bank of America during the 2nd quarter worth approximately $2,359,172,000. Bank of New York Mellon Corp acquired a new position in shares of Bank of America during the 2nd quarter worth approximately $2,313,953,000. Cardano Risk Management B.V. grew its holdings in shares of Bank of America by 914.5% during the 4th quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock worth $1,380,239,000 after purchasing an additional 22,621,546 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Bank of America in the second quarter worth $939,807,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BAC. TD Cowen assumed coverage on shares of Bank of America in a research report on Thursday. They set a “hold” rating and a $60.00 price objective for the company. Rothschild & Co Redburn set a $72.00 target price on shares of Bank of America in a report on Tuesday. HSBC initiated coverage on shares of Bank of America in a research report on Monday, September 28th. They issued a “buy” rating and a $65.00 target price for the company. Barclays upped their price objective on Bank of America from $71.00 to $72.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Finally, Truist Financial reduced their price objective on Bank of America from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Thursday, October 1st. Nineteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $64.22.

Bank of America Price Performance

BAC traded down $0.55 on Thursday, reaching $52.97. The stock had a trading volume of 29,072,240 shares, compared to its average volume of 37,093,055. 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 capitalization of $370.41 billion, a price-to-earnings ratio of 12.16, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The firm has a 50-day moving average of $60.41 and a 200-day moving average of $56.49.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.08. The firm had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The business’s revenue for the quarter was up 19.6% on a year-over-year basis. During the same period last year, the firm posted $0.89 earnings per share. As a group, sell-side analysts anticipate that Bank of America Corporation will post 4.61 EPS for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.4%. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date was Friday, September 4th. Bank of America’s dividend payout ratio is 29.36%.

Bank of America News Roundup

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

• Positive Sentiment: TD Cowen initiated coverage with a Hold rating and a $60 price target, implying meaningful upside from recent trading levels. While the rating is cautious, the target suggests analysts see room for recovery. TD Cowen initiates coverage of Bank of America
• Positive Sentiment: A Seeking Alpha analysis upgraded Bank of America, arguing that a shift in Federal Reserve policy could improve net interest income, a key earnings driver for large banks. Bank of America: Fed Policy Shift Creates NII Upside
• Positive Sentiment: UBS maintained its Buy rating on BAC, reinforcing the view that the bank’s valuation and earnings outlook remain attractive. UBS keeps Buy rating on Bank of America
• Positive Sentiment: Management highlighted the use of artificial intelligence to personalize customer service and improve operations. Successful implementation could support efficiency and long-term competitiveness. How Bank of America is using AI to reinvent the customer experience

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.