Bank of America Corporation $BAC Shares Acquired by Trek Financial LLC

Trek Financial LLC boosted its position in Bank of America Corporation (NYSE:BAC) by 100.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 35,698 shares of the financial services provider’s stock after acquiring an additional 17,911 shares during the quarter. Trek Financial LLC’s holdings in Bank of America were worth $1,943,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in BAC. Total Clarity Wealth Management Inc. raised its position in shares of 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 grew 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 purchasing an additional 179 shares during the period. Financial Consulate Inc. increased its stake in Bank of America by 4.0% during the 2nd quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider’s stock valued at $270,000 after purchasing an additional 181 shares in the last quarter. Bedel Financial Consulting Inc. increased its stake in Bank of America by 1.1% during the 2nd quarter. Bedel Financial Consulting Inc. now owns 16,456 shares of the financial services provider’s stock valued at $938,000 after purchasing an additional 184 shares in the last quarter. Finally, GatePass Capital LLC increased its stake in Bank of America by 3.6% during the 1st 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 in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Bank of America

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

• Positive Sentiment: UBS retains a Buy rating. UBS lowered its price target from $67 to $62, but the revised target still implies substantial upside from recent trading levels, suggesting the firm views the pullback as an opportunity. UBS Bank of America price target report
• Positive Sentiment: ETF demand provided support. Exchange-traded funds purchased approximately $24.4 million of BAC shares on October 29, indicating continued passive or index-related institutional demand. ETF purchases of Bank of America shares
• Positive Sentiment: Some analysts remain bullish. Recent commentary says Wall Street analysts generally expect Bank of America to recover despite its underperformance relative to the broader market. Premarket trading also offered a tentative indication of stabilization. Wall Street outlook for Bank of America
• Neutral Sentiment: AI-related economic concerns could affect the banking sector. Bank of America economists warned that a sustained sell-off in artificial-intelligence stocks could become a broader economic risk, particularly because equities represent a large share of household wealth. The warning is a macroeconomic risk rather than a company-specific development. Bank of America AI sell-off warning
• Negative Sentiment: Regulatory scrutiny and shareholder lawsuits are weighing on sentiment. Senator Elizabeth Warren is reportedly urging the Justice Department to investigate alleged anti-money-laundering and sanctions-law violations after Bank of America resolved enforcement actions. Multiple law firms also announced securities class actions tied to the alleged violations, with a December 15 lead-plaintiff deadline. These developments could increase legal, compliance and reputational costs, although the allegations and claims have not been proven. Bank of America regulatory scrutiny and class action report

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BAC. Rothschild & Co Redburn set a $72.00 price objective on shares of Bank of America in a research note on Tuesday, October 6th. Barclays reduced their price objective on shares of Bank of America from $72.00 to $68.00 and set an “overweight” rating for the company in a report on Thursday, October 15th. TD Cowen decreased their target price on shares of Bank of America from $60.00 to $56.00 and set a “hold” rating for the company in a research report on Thursday, October 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 target price on the stock. Finally, Morgan Stanley dropped their price target on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating on the stock in a research report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $62.48.

Bank of America Stock Down 1.1%

Shares of NYSE:BAC opened at $49.47 on Tuesday. The stock has a market cap of $345.95 billion, a price-to-earnings ratio of 11.75, a PEG ratio of 0.89 and a beta of 1.21. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.17. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22. The business’s 50 day moving average is $56.20 and its 200 day moving average is $54.94.

Bank of America (NYSE:BAC) last released 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). 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 16.80% and a return on equity of 12.15%. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.06 earnings per share. On average, sell-side analysts forecast that Bank of America Corporation will post 4.52 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 24th. Shareholders of record on Friday, December 4th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Friday, December 4th. Bank of America’s payout ratio is currently 30.40%.

About Bank of America

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.