66,272 Bank of America Corporation $BAC Shares Acquired by Professional Advisory Services Inc.

Professional Advisory Services Inc. boosted its holdings in Bank of America Corporation (NYSE:BAC) by 829.2% during the third quarter, HoldingsChannel.com reports. The fund owned 74,264 shares of the financial services provider’s stock after acquiring an additional 66,272 shares during the period. Professional Advisory Services Inc.’s holdings in Bank of America were worth $4,042,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Bamco Inc. NY boosted its holdings in shares of Bank of America by 45.4% during the second quarter. Bamco Inc. NY now owns 40,994 shares of the financial services provider’s stock valued at $2,336,000 after acquiring an additional 12,794 shares during the period. E Fund Management Co. Ltd. bought a new stake in Bank of America in the 2nd quarter valued at about $4,089,000. Bernicke Wealth Management Ltd. acquired a new position in Bank of America during the 2nd quarter valued at about $2,132,000. Legacy Private Trust Co. grew its position in Bank of America by 11.7% in the 3rd quarter. Legacy Private Trust Co. now owns 115,136 shares of the financial services provider’s stock worth $6,267,000 after purchasing an additional 12,016 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Bank of America in the first quarter valued at approximately $67,507,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of NYSE:BAC traded down $0.01 on Thursday, reaching $53.51. 59,761,941 shares of the company traded hands, compared to its average volume of 37,263,816. The stock has a market capitalization of $374.15 billion, a PE ratio of 12.27, a P/E/G ratio of 0.87 and a beta of 1.21. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. The company’s 50 day moving average is $60.25 and its 200-day moving average is $56.54. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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 company had revenue of $31.56 billion during the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The business’s quarterly revenue was up 19.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.89 earnings per share. As a group, analysts anticipate that Bank of America Corporation will post 4.61 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.4%. This is a boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, September 4th. Bank of America’s payout ratio is 29.36%.

Analyst Ratings Changes

BAC has been the subject of several analyst reports. Jefferies Financial Group reduced their price objective on Bank of America from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, September 24th. Oppenheimer cut Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, July 21st. Finally, JPMorgan Chase & Co. lowered their price objective 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. Nineteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $64.22.

Bank of America News Summary

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

• Positive Sentiment: TD Cowen initiated coverage of BAC with a “hold” rating and a $60 price target, implying approximately 12% upside from the referenced share price. While the rating is neutral, the target suggests the stock’s recent weakness may have created valuation support. TD Cowen Bank of America coverage
• Positive Sentiment: A recent analyst upgrade argues that a Federal Reserve policy shift could improve Bank of America’s net interest income, potentially providing earnings upside if funding costs and rate expectations become more favorable. Bank of America Fed policy analysis
• Positive Sentiment: Bank of America continues to promote artificial-intelligence initiatives designed to improve and personalize customer service. Successful deployment could support long-term efficiency and client retention, although the near-term financial benefit is uncertain. Bank of America AI customer experience
• Neutral Sentiment: Investors are focused on October 14 earnings, with coverage warning that EPS growth could slow from roughly 36% to single digits. The report will need to demonstrate solid revenue growth, resilient net interest income, and controlled expenses to justify the valuation. Bank of America EPS growth expectations
• Neutral Sentiment: Bank of America reported changes in holdings of several outside companies, including reducing its Lakefront Biotherapeutics position below 10% and increasing its stake in ICU Venture Capital Trust to 3.6%. These appear to be portfolio or client-related transactions rather than material changes to BAC’s core business.
• Negative Sentiment: Bank of America agreed to a $39 million settlement related to Merrill’s cash-sweep program. The payment is not large relative to the bank’s scale, but it adds a legal and compliance cost and may renew investor scrutiny of Merrill’s practices. Bank of America Merrill cash sweep settlement

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.