Toth Financial Advisory Corp Purchases 59,044 Shares of Bank of America Corporation $BAC

Toth Financial Advisory Corp raised its position in Bank of America Corporation (NYSE:BAC) by 189.6% in the third quarter, Holdings Channel reports. The institutional investor owned 90,188 shares of the financial services provider’s stock after purchasing an additional 59,044 shares during the period. Toth Financial Advisory Corp’s holdings in Bank of America were worth $4,909,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of BAC. Turim 21 Investimentos Ltda. acquired a new position in Bank of America in the 2nd quarter worth about $25,000. Abound Financial LLC purchased a new stake in shares of Bank of America in the fourth quarter valued at approximately $26,000. Cherry Tree Wealth Management LLC raised its stake in shares of Bank of America by 167.6% during the 2nd quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider’s stock worth $27,000 after buying an additional 300 shares during the period. Principia Wealth Advisory LLC raised its stake in shares of Bank of America by 69.9% during the 2nd quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider’s stock worth $30,000 after buying an additional 218 shares during the period. Finally, Frazier Financial Advisors LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at approximately $34,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

More Bank of America News

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

• Positive Sentiment: TD Cowen initiated coverage with a Hold rating and a $60 price target, implying meaningful upside from recent trading levels. While the rating is cautious, the target suggests analysts see room for recovery. TD Cowen initiates coverage of Bank of America
• Positive Sentiment: A Seeking Alpha analysis upgraded Bank of America, arguing that a shift in Federal Reserve policy could improve net interest income, a key earnings driver for large banks. Bank of America: Fed Policy Shift Creates NII Upside
• Positive Sentiment: UBS maintained its Buy rating on BAC, reinforcing the view that the bank’s valuation and earnings outlook remain attractive. UBS keeps Buy rating on Bank of America
• Positive Sentiment: Management highlighted the use of artificial intelligence to personalize customer service and improve operations. Successful implementation could support efficiency and long-term competitiveness. How Bank of America is using AI to reinvent the customer experience

Bank of America Price Performance

BAC stock traded down $0.77 during mid-day trading on Thursday, reaching $52.75. The company’s stock had a trading volume of 25,422,451 shares, compared to its average volume of 37,076,652. 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’s 50 day moving average is $60.41 and its two-hundred day moving average is $56.49. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The stock has a market cap of $368.86 billion, a PE ratio of 12.11, a P/E/G ratio of 0.87 and a beta of 1.21.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $31.56 billion during the quarter, compared to analyst estimates of $30.78 billion. During the same period in the prior year, the business earned $0.89 earnings per share. The business’s revenue was up 19.6% compared to the same quarter last year. Equities research analysts expect that Bank of America Corporation will post 4.61 EPS for the current year.

Bank of America Increases Dividend

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

Analyst Ratings Changes

A number of equities research analysts recently issued reports on BAC shares. Evercore set a $62.00 price target on shares of Bank of America in a research note on Thursday, October 1st. Rothschild & Co Redburn set a $72.00 target price on shares of Bank of America in a research report on Tuesday. Truist Financial cut their target price on shares of 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. Robert W. Baird upped 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 report on Wednesday, July 15th. Finally, Argus set a $70.00 price target on shares of Bank of America in a research note on Wednesday, July 15th. Nineteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $64.22.

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.