Decker Wealth Management LLC Acquires 22,885 Shares of Bank of America Corporation $BAC

Decker Wealth Management LLC boosted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 71.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 55,027 shares of the financial services provider’s stock after buying an additional 22,885 shares during the period. Decker Wealth Management LLC’s holdings in Bank of America were worth $2,995,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Bamco Inc. NY boosted its position in shares of Bank of America by 45.4% in 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 during the 2nd quarter worth approximately $4,089,000. Bernicke Wealth Management Ltd. bought a new stake in Bank of America during the 2nd quarter worth approximately $2,132,000. Legacy Private Trust Co. lifted its stake 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 in the last quarter. Finally, Renaissance Technologies LLC bought a new position in Bank of America in the 1st quarter valued at $67,507,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 1.2%

Shares of NYSE:BAC opened at $54.27 on Friday. The stock has a market capitalization of $379.49 billion, a P/E ratio of 12.45, a price-to-earnings-growth ratio of 0.86 and a beta of 1.21. The stock’s 50-day moving average price is $60.09 and its 200-day moving average price is $56.52. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.08. Bank of America had a return on equity of 12.20% and a net margin of 17.56%. The company had revenue of $31.56 billion during the quarter, compared to analysts’ expectations of $30.78 billion. During the same period in the prior year, the business posted $0.89 EPS. Bank of America’s quarterly revenue was up 19.6% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Corporation will post 4.61 earnings per share for the current year.

Bank of America Increases Dividend

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

Key Stories Impacting Bank of America

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

• Positive Sentiment: Analysts expect higher net interest income and solid trading performance to support third-quarter results. A recent analysis also argues that a Federal Reserve policy shift could create additional NII upside for Bank of America. Bank of America: Fed Policy Shift Creates NII Upside
• Positive Sentiment: TD Cowen began coverage with a $60 price target, implying potential upside from recent trading levels, although it assigned a Hold rating. TD Cowen coverage of Bank of America
• Positive Sentiment: Bank of America’s continued use of artificial intelligence to personalize customer service and improve operating efficiency could provide longer-term competitive benefits. How Bank of America is using AI
• Neutral Sentiment: Wall Street’s third-quarter estimates point to a mixed report: stronger NII and trading may be offset by weaker investment-banking fees and higher credit risks. Investors are focused on whether management can maintain earnings momentum as year-over-year EPS growth is expected to slow sharply from the prior period. BAC shares ahead of Q3 earnings
• Neutral Sentiment: The appointment of Jeff Crabtree as president of the Sarasota/Manatee region is a routine leadership change with limited near-term earnings impact. Bank of America names Jeff Crabtree president
• Negative Sentiment: Bank of America agreed to a $39 million Merrill cash-sweep settlement, creating a modest legal and regulatory expense. Merrill cash sweep settlement
• Negative Sentiment: Chief equity strategist Michael Hartnett said investors are keeping substantial cash in money-market funds until sustained Fed rate cuts begin, signaling cautious risk appetite that could limit near-term support for bank shares. Investors need sustained Fed cuts

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Truist Financial reduced their price target on shares of Bank of America from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Thursday, October 1st. Barclays lifted their price objective on Bank of America from $71.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. HSBC initiated coverage on Bank of America in a research note on Monday, September 28th. They issued a “buy” rating and a $65.00 target price on the stock. Evercore set a $62.00 price target on Bank of America in a report on Thursday, October 1st. Finally, Argus set a $70.00 price target on Bank of America in a research report on Wednesday, July 15th. Nineteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $64.22.

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.