100,624 Bank of America Corporation $BAC Shares Bought by Mather Group LLC.

Mather Group LLC. raised its stake in Bank of America Corporation (NYSE:BAC) by 75.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 233,572 shares of the financial services provider’s stock after purchasing an additional 100,624 shares during the quarter. Mather Group LLC.’s holdings in Bank of America were worth $12,713,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in BAC. Turim 21 Investimentos Ltda. purchased a new position in shares of Bank of America in the 2nd quarter worth $25,000. Abound Financial LLC acquired a new position in Bank of America in the fourth quarter valued at $26,000. Cherry Tree Wealth Management LLC boosted its holdings in Bank of America by 167.6% in the second quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 300 shares during the last quarter. Principia Wealth Advisory LLC grew its position in Bank of America by 69.9% during the second 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 during the period. Finally, Frazier Financial Advisors LLC purchased a new stake in Bank of America during the second quarter valued at about $34,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America News Summary

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

• Positive Sentiment: Underlying banking activity remained healthy: net interest income increased 8% year over year to $16.4 billion, consumer banking revenue rose 4%, wealth-management revenue climbed 13%, average loans grew 6%, and deposits increased 2%. The bank also returned $8.3 billion to shareholders through dividends and share repurchases. Bank of America Reports Third-Quarter Results
• Positive Sentiment: Some market commentary argued that the selloff could create a long-term buying opportunity, while options activity and a reported institutional purchase of long-dated BAC call options pointed to bullish interest among some investors. Unusual Long-Dated BAC Call Options
• Neutral Sentiment: CEO Brian Moynihan said Bank of America is addressing regulatory requirements and expects elevated remediation and software-patching expenses to decline over time. The bank hired about 1,000 contractors to help fix software vulnerabilities identified through Anthropic’s Mythos testing. Bank of America Software-Patching Costs
• Negative Sentiment: Adjusted EPS was $1.08 versus the $1.10 consensus, while revenue of roughly $30.0 billion missed estimates near $30.6 billion. Reported net income fell 17% to $6.9 billion, or $0.91 per share, after the regulatory charge. Bank of America Earnings Miss
• Negative Sentiment: Regulators imposed approximately $1.21 billion in penalties over anti-money-laundering, Bank Secrecy Act, and sanctions-compliance failures, including failures to timely report more than $5 billion in suspicious transactions. The non-tax-deductible charge reduced quarterly earnings by about $0.17 per share and intensified concerns that compliance problems may persist. Bank of America Regulatory Penalties
• Negative Sentiment: Expenses rose faster than revenue, pushing the adjusted efficiency ratio to about 62% from 60%. Bond-trading revenue fell 17%, investment-banking and trading results disappointed, and provisions for credit losses reached $1.3 billion. Hotter-than-expected inflation and several shareholder-law-firm investigations added to the cautious backdrop.

Wall Street Analyst Weigh In

Several brokerages have commented on BAC. Truist Financial dropped their price target on Bank of America from $65.00 to $62.00 and set a “buy” rating for the company in a research note on Thursday, October 1st. HSBC assumed coverage on Bank of America in a report on Monday, September 28th. They set a “buy” rating and a $65.00 target price for the company. Citigroup boosted their target price on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Royal Bank Of Canada increased their target price on shares of Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Finally, Morgan Stanley restated an “overweight” rating on shares of Bank of America in a report on Tuesday, September 15th. Nineteen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.22.

Bank of America Stock Down 4.7%

Shares of NYSE BAC opened at $51.40 on Thursday. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22. The company has a market cap of $359.45 billion, a P/E ratio of 11.79, a P/E/G ratio of 0.87 and a beta of 1.21. 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 stock has a fifty day moving average price of $59.51 and a 200 day moving average price of $56.69.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $1.08 EPS for the quarter, missing the consensus estimate of $1.10 by ($0.02). The company had revenue of $29.96 billion during the quarter, compared to analysts’ expectations of $30.58 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period last year, the business earned $1.06 earnings per share. Research analysts anticipate that Bank of America Corporation will post 4.60 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. This is an increase from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date was Friday, September 4th. Bank of America’s payout ratio is 29.36%.

About Bank of America

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.