Bank of America Corporation $BAC Shares Newly Bought by North Point Portfolio Managers Corp OH

North Point Portfolio Managers Corp OH purchased a new stake in Bank of America Corporation (NYSE:BAC) in the 3rd quarter, HoldingsChannel.com reports. The fund purchased 68,649 shares of the financial services provider’s stock, valued at approximately $3,737,000.

Several other institutional investors also recently modified their holdings of BAC. Total Clarity Wealth Management Inc. increased its stake in Bank of America by 3.6% during the second quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 168 shares during the period. Orca Wealth Management LLC boosted its position in Bank of America by 0.5% in the 2nd quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider’s stock valued at $1,999,000 after buying an additional 179 shares during the period. Financial Consulate Inc. grew its stake in shares of Bank of America by 4.0% in the second quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider’s stock worth $270,000 after acquiring an additional 181 shares in the last quarter. Bedel Financial Consulting Inc. increased its position in shares of Bank of America by 1.1% during the second quarter. Bedel Financial Consulting Inc. now owns 16,456 shares of the financial services provider’s stock worth $938,000 after acquiring an additional 184 shares during the period. Finally, GatePass Capital LLC boosted its holdings in Bank of America by 3.6% in the first quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider’s stock valued at $266,000 after purchasing an additional 190 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Truist Financial reduced their price target on Bank of America from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Thursday, October 1st. Royal Bank Of Canada upped 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 note on Wednesday, July 15th. Robert W. Baird lifted their price target on shares of Bank of America from $58.00 to $62.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. HSBC started coverage on shares of Bank of America in a report on Monday, September 28th. They issued a “buy” rating and a $65.00 price objective on the stock. Finally, UBS Group lowered their target price on shares of Bank of America from $70.00 to $67.00 and set a “buy” rating for the company in a research note on Monday. Twenty research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $64.39.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Analyst support remains favorable. UBS maintained its Buy rating, while JPMorgan reiterated an Overweight rating on BAC. These endorsements suggest analysts continue to see value in the stock despite recent weakness. UBS Keeps Their Buy Rating on Bank of America JPMorgan Reiterates Overweight Rating on Bank of America
• Positive Sentiment: Fraud-prevention initiative may strengthen customer relationships. Bank of America launched new fraud-education tools, checklists and webinars for small businesses amid rising cybercrime losses. The program is unlikely to materially affect near-term earnings but could support the bank’s brand and commercial-banking relationships. Bank of America Expands Fraud Education for Small Business Owners
• Neutral Sentiment: Earnings are the next major catalyst. Bank of America is expected to report quarterly results on Wednesday. Investors will focus on net interest income, loan growth, credit quality and management’s outlook, particularly after the company’s prior quarter exceeded revenue and EPS expectations. Bank of America Expected to Announce Earnings
• Neutral Sentiment: Market strategy commentary highlights a possible rotation toward consumer spending. BofA strategists said investors may be overemphasizing artificial-intelligence spending and underestimating consumers, while also warning that technology valuations could be vulnerable. This may influence broader market positioning but has limited direct impact on BAC’s fundamentals. Bank of America Says Investors Are Overplaying AI and Underestimating Consumers
• Negative Sentiment: Pre-earnings caution and bond-market volatility are weighing on sentiment. Commentary on evolving risks ahead of third-quarter results, together with a bond selloff driven by changing expectations for U.S. rate hikes, may be encouraging investors to reduce exposure to financial stocks until the earnings outlook becomes clearer. Bank of America As Q3 Earnings Near

Bank of America Stock Down 0.9%

NYSE:BAC traded down $0.47 during midday trading on Wednesday, hitting $53.62. 14,951,207 shares of the company were exchanged, compared to its average volume of 37,059,762. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The company has a market capitalization of $374.99 billion, a PE ratio of 12.31, a price-to-earnings-growth 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 company has a fifty day simple moving average of $60.56 and a 200 day simple moving average of $56.45.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.08. The company had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. Bank of America’s revenue for the quarter was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.89 earnings per share. As a group, equities analysts anticipate that Bank of America Corporation will post 4.62 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.4%. This is a positive change 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 dividend payout ratio is presently 29.36%.

Bank of America 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.