15,006 Shares in Bank of America Corporation $BAC Acquired by Canandaigua National Trust Co of Florida

Key Points

• Canandaigua National Trust Co. of Florida acquired 15,006 Bank of America shares worth approximately $817,000 during the third quarter. Institutional investors collectively own 70.71% of BAC.
• Analyst sentiment remains favorable: Twenty analysts rate the stock a Buy and six rate it a Hold, with an average price target of $64.39 versus the reported share price of $53.56.
• Bank of America recently raised its quarterly dividend from $0.28 to $0.32 per share, bringing the annualized payout to $1.28 and the yield to about 2.4%; upcoming earnings will be a key catalyst amid concerns over interest rates and bond-market competition.

Canandaigua National Trust Co of Florida acquired a new position in shares of Bank of America Corporation (NYSE:BAC - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 15,006 shares of the financial services provider's stock, valued at approximately $817,000.

Several other large investors also recently added to or reduced their stakes in the stock. Turim 21 Investimentos Ltda. purchased a new position in shares of Bank of America during the 2nd quarter worth $25,000. Abound Financial LLC purchased a new stake in shares of Bank of America in the fourth quarter valued at about $26,000. Cherry Tree Wealth Management LLC grew its holdings in shares of Bank of America by 167.6% in the second quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 300 shares during the period. Principia Wealth Advisory LLC increased its position in Bank of America by 69.9% during the second quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider's stock worth $30,000 after purchasing an additional 218 shares during the last quarter. Finally, Frazier Financial Advisors LLC purchased a new position in Bank of America during the second quarter worth about $34,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Analyst support remains favorable. UBS maintained its Buy rating on BAC, while JPMorgan reiterated an Overweight rating, signaling continued confidence in the bank’s earnings power and valuation. UBS Keeps Their Buy Rating on Bank of America JPMorgan Reiterates Overweight Rating on Bank of America
• Positive Sentiment: Capital-markets activity could support fee revenue. BofA executive JD Moriarty said public markets can absorb potential mega-IPOs from OpenAI and Anthropic, reflecting strong demand for technology listings. A robust IPO market could benefit BofA’s investment-banking and underwriting businesses. BofA Sees Strong Demand for OpenAI, Anthropic IPOs
• Positive Sentiment: Customer-support and fraud-prevention initiatives enhance the franchise. BofA expanded fraud-education tools and webinars for small businesses, reinforcing its commercial-banking relationships, although the direct financial impact is likely limited. Bank of America Expands Fraud Education
• Neutral Sentiment: Earnings are the next major catalyst. BAC is expected to report results shortly, and investors will be watching net interest income, credit quality, investment-banking revenue and management’s guidance on interest rates. Bank of America Expected to Announce Earnings
• Negative Sentiment: Rate and bond-market concerns are weighing on sentiment. BofA strategist Savita Subramanian said bonds are competing more directly with stocks after a selloff driven by changing expectations for rate hikes to contain inflation. Higher yields can pressure bank bond portfolios and increase uncertainty around loan demand and funding costs. BofA’s Subramanian Says Bonds Compete With Stocks
• Negative Sentiment: Strategists are cautious about market concentration and evolving risks. BofA has warned that investors may be overexposed to AI-related spending and underestimating consumer weakness, while recommending hedges against a potential technology bubble. That defensive positioning can dampen risk appetite for large financial stocks. Bank of America Says Investors Are Overplaying AI BofA Analysts Discuss Tech Bubble Risk

Bank of America Trading Down 1.0%

Shares of Bank of America stock traded down $0.53 on Wednesday, reaching $53.56. The company had a trading volume of 30,904,127 shares, compared to its average volume of 37,146,559. The firm's 50 day moving average price is $60.56 and its two-hundred day moving average price is $56.45. The firm has a market cap of $374.53 billion, a PE ratio of 12.28, a PEG ratio of 0.87 and a beta of 1.21. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts' consensus estimates of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm had revenue of $31.56 billion during the quarter, compared to analysts' expectations of $30.78 billion. During the same quarter last year, the company posted $0.89 EPS. The firm's quarterly revenue was up 19.6% on a year-over-year basis. Sell-side analysts predict that Bank of America Corporation will post 4.62 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.4%. This is a positive change from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date was Friday, September 4th. Bank of America's payout ratio is currently 29.36%.

Analysts Set New Price Targets

Several equities analysts have weighed in on BAC shares. Royal Bank Of Canada boosted their target price on shares of Bank of America from $59.00 to $65.00 and gave the company an "outperform" rating in a report on Wednesday, July 15th. Evercore set a $62.00 price target on shares of Bank of America in a research report on Thursday, October 1st. HSBC began coverage on Bank of America in a report on Monday, September 28th. They issued a "buy" rating and a $65.00 price objective on the stock. Rothschild & Co Redburn set a $72.00 target price on Bank of America in a research note on Tuesday. Finally, Wells Fargo & Company lifted their target price on Bank of America from $67.00 to $69.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Twenty investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $64.39.

Bank of America 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.

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