Bank of America Corporation $BAC Stock Sold by Single Point Partners LLC

Single Point Partners LLC reduced its stake in Bank of America Corporation (NYSE:BAC) by 82.0% during the third quarter, HoldingsChannel reports. The firm owned 4,626 shares of the financial services provider’s stock after selling 21,066 shares during the quarter. Single Point Partners LLC’s holdings in Bank of America were worth $252,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Legal & General Group Plc bought a new position in Bank of America in the 2nd quarter valued at approximately $2,571,060,000. Deutsche Bank AG bought a new stake in shares of Bank of America during the second quarter worth $2,359,172,000. Bank of New York Mellon Corp bought a new stake in shares of Bank of America during the second quarter worth $2,313,953,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Bank of America during the second quarter worth $939,807,000. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Bank of America during the second quarter worth $916,398,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Key Bank of America News

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

• Positive Sentiment: Bank of America has reduced its share count by nearly one-third over the past decade, supporting per-share value for continuing shareholders. A $10,000 investment made 10 years ago would reportedly be worth about $40,000 today. Bank of America share count article
• Positive Sentiment: Some analysts view the sell-off as an opportunity, arguing that BAC’s core profitability remains strong and that much of the regulatory damage may already be reflected in the stock. Morgan Stanley reportedly sees potential upside if execution improves. Bank of America upside analysis

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on BAC shares. Wells Fargo & Company dropped their price target on Bank of America from $69.00 to $64.00 and set an “overweight” rating for the company in a research note on Thursday. Evercore set a $62.00 price objective on Bank of America in a report on Thursday, October 1st. Truist Financial reduced their price objective on Bank of America from $62.00 to $58.00 and set a “buy” rating on the stock in a research report on Thursday, October 15th. Jefferies Financial Group reduced their price objective on Bank of America from $75.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, September 24th. Finally, TD Cowen lowered their target price on Bank of America from $60.00 to $56.00 and set a “hold” rating for the company in a report on Thursday, October 15th. Twenty analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $62.52.

Bank of America Stock Down 1.7%

NYSE:BAC opened at $50.38 on Tuesday. The firm’s 50 day simple moving average is $58.78 and its 200 day simple moving average is $56.76. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.82 and a quick ratio of 0.82. Bank of America Corporation has a one year low of $46.12 and a one year high of $65.22. The company has a market cap of $352.26 billion, a PE ratio of 11.97, a P/E/G ratio of 0.87 and a beta of 1.21.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.02). Bank of America had a return on equity of 12.15% and a net margin of 16.80%. The business had revenue of $29.96 billion for the quarter, compared to analyst estimates of $30.58 billion. During the same quarter last year, the firm posted $1.06 EPS. Bank of America’s revenue for the quarter was up 3.2% on a year-over-year basis. On average, research analysts anticipate that Bank of America Corporation will post 4.54 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.28 annualized dividend and a yield of 2.5%. This is an increase from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s dividend payout ratio is 30.40%.

Bank of America Company Profile

Bank of America Corporation (NYSE: BAC) is a diversified financial services company headquartered in Charlotte, North Carolina. It provides banking, lending, investment, payments and financial management services to consumers, businesses, institutional investors and governments.

The company’s consumer banking operations offer checking and savings accounts, credit cards, mortgages, home equity lending, auto loans and other consumer financial products. Through Merrill, Bank of America provides wealth management, investment advisory, brokerage and retirement services.