14,090 Bank of America Corporation $BAC Shares Bought by ANB Bank

Key Points

• ANB Bank increased its Bank of America stake by 44% in the third quarter, acquiring 14,090 additional shares and bringing its holdings to 46,148 shares valued at approximately $2.5 million.
• Institutional investors and hedge funds own 70.71% of Bank of America. Several major firms, including Amundi, Dimensional Fund Advisors and Legal & General, also increased or initiated positions.
• Bank of America exceeded quarterly earnings and revenue expectations, while raising its quarterly dividend from $0.28 to $0.32 per share. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $64.22.

ANB Bank increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 44.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 46,148 shares of the financial services provider's stock after acquiring an additional 14,090 shares during the quarter. Bank of America makes up about 1.0% of ANB Bank's portfolio, making the stock its 24th largest position. ANB Bank's holdings in Bank of America were worth $2,512,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in BAC. Legal & General Group Plc bought a new position in Bank of America during the 2nd quarter valued at $2,571,060,000. Amundi grew its stake in shares of Bank of America by 12.5% in the 1st quarter. Amundi now owns 42,385,115 shares of the financial services provider's stock worth $2,066,274,000 after acquiring an additional 4,721,969 shares in the last quarter. Deutsche Bank AG purchased a new stake in shares of Bank of America in the second quarter valued at about $2,359,172,000. Bank of New York Mellon Corp purchased a new stake in shares of Bank of America in the second quarter valued at about $2,313,953,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Bank of America by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 31,135,112 shares of the financial services provider's stock valued at $1,517,599,000 after purchasing an additional 561,413 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Up 1.2%

Shares of BAC opened at $54.27 on Friday. Bank of America Corporation has a 1 year low of $46.12 and a 1 year high of $65.22. The firm has a market cap of $379.49 billion, a P/E ratio of 12.45, a P/E/G ratio of 0.86 and a beta of 1.21. The stock has a 50 day simple moving average of $60.09 and a two-hundred day simple moving average of $56.52. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping 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 business had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. During the same period last year, the company earned $0.89 EPS. Bank of America's revenue for the quarter was up 19.6% compared to the same quarter last year. On average, analysts forecast that Bank of America Corporation will post 4.61 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared 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. This is an increase from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Friday, September 4th. 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 Analyst Weigh In

Several research analysts recently weighed in on the stock. Truist Financial cut their price target on shares of Bank of America from $65.00 to $62.00 and set a "buy" rating on the stock in a report on Thursday, October 1st. Argus set a $70.00 target price on shares of Bank of America in a research report on Wednesday, July 15th. HSBC began 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. Citigroup upped their target price on Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a report on Tuesday, June 23rd. Finally, JPMorgan Chase & Co. decreased their price target on Bank of America from $68.00 to $62.00 and set an "overweight" rating for the company in a research report on Friday, October 2nd. 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 company has a consensus rating of "Moderate Buy" and a consensus 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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.