Bank of America Corporation $BAC Stock Acquired by Cypress Asset Management Inc. TX

Cypress Asset Management Inc. TX lifted its holdings in Bank of America Corporation (NYSE:BAC) by 139.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 43,981 shares of the financial services provider’s stock after buying an additional 25,639 shares during the quarter. Cypress Asset Management Inc. TX’s holdings in Bank of America were worth $2,394,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of BAC. Legal & General Group Plc bought a new position in Bank of America in the 2nd quarter valued at $2,571,060,000. Deutsche Bank AG purchased a new position in Bank of America in the 2nd quarter worth about $2,359,172,000. Bank of New York Mellon Corp bought a new stake in Bank of America during the 2nd quarter valued at about $2,313,953,000. Cardano Risk Management B.V. lifted its holdings in Bank of America by 914.5% during the 4th quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock valued at $1,380,239,000 after buying an additional 22,621,546 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Bank of America in the 2nd quarter valued at about $939,807,000. 70.71% of the stock is owned by institutional investors.

Bank of America News Roundup

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

• Positive Sentiment: A favorable shift in Federal Reserve policy could support Bank of America’s net interest income, prompting a rating upgrade and strengthening the bullish case for BAC. Bank of America: Fed Policy Shift Creates NII Upside
• Positive Sentiment: TD Cowen initiated coverage with a “hold” rating and a $60 price target, implying roughly 12% upside from the referenced price. Although not bullish, the target suggests analysts see recovery potential. TD Cowen initiates Bank of America coverage
• Positive Sentiment: Management highlighted artificial intelligence investments aimed at improving and personalizing customer service. Over time, better efficiency and client engagement could support revenue growth and profitability. How Bank of America is using AI to reinvent the customer experience
• Neutral Sentiment: Bank of America raised its price target on Marvell Technology while maintaining a buy rating, reflecting continued investment-banking and research activity but offering little direct earnings impact for BAC. Marvell price target raised by Bank of America
• Neutral Sentiment: Recent disclosures show Bank of America reduced holdings in Lakefront Biotherapeutics and Gentas, while increasing its stake in ICU Venture Capital Trust. These portfolio transactions are unlikely to materially affect BAC’s fundamentals. Bank of America trims Lakefront Biotherapeutics stake
• Negative Sentiment: Analysts expect EPS growth to slow from approximately 36% to single digits. Investors will focus on October 14 earnings for evidence that revenue growth, margins and net interest income can offset decelerating profit momentum. Bank of America EPS growth expected to slow
• Negative Sentiment: Bank of America agreed to a $39 million Merrill cash-sweep settlement. The financial cost is manageable relative to BAC’s size, but the resolution adds regulatory and litigation overhang ahead of earnings. Bank of America agrees to Merrill cash sweep settlement

Bank of America Trading Down 0.0%

BAC opened at $53.51 on Friday. 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 firm has a market cap of $374.15 billion, a price-to-earnings ratio of 12.27, a PEG ratio of 0.86 and a beta of 1.21. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22. The stock has a fifty day moving average price of $60.25 and a 200-day moving average price of $56.54.

Bank of America (NYSE:BAC) last posted its earnings results 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 for the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The firm’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.89 earnings per share. As a group, equities research analysts anticipate that Bank of America Corporation will post 4.61 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were paid a dividend of $0.32 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date was Friday, September 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.4%. Bank of America’s dividend payout ratio (DPR) is presently 29.36%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BAC. Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. Citigroup boosted their price target on Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Robert W. Baird raised their price objective on Bank of America from $58.00 to $62.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, July 21st. Finally, Oppenheimer downgraded Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Nineteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target 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.