28,403 Bank of America Corporation $BAC Shares Purchased by Chickasaw Capital Management LLC

Key Points

• Chickasaw Capital Management increased its Bank of America stake by 390.7% in the third quarter, purchasing 28,403 shares to bring its holdings to 35,673 shares valued at approximately $1.94 million.
• Institutional investors own roughly 70.7% of BAC’s outstanding shares, with major firms including Deutsche Bank, Amundi and Dimensional Fund Advisors also holding substantial positions.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $64.39 price target, while BAC recently raised its quarterly dividend to $0.32 per share.

Chickasaw Capital Management LLC boosted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 390.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,673 shares of the financial services provider's stock after buying an additional 28,403 shares during the period. Chickasaw Capital Management LLC's holdings in Bank of America were worth $1,942,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Deutsche Bank AG lifted its holdings in shares of Bank of America by 5.9% during the 4th quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider's stock worth $2,594,488,000 after acquiring an additional 2,611,776 shares during the period. Legal & General Group Plc acquired a new position in Bank of America in the second quarter worth about $2,571,060,000. Amundi raised its position in Bank of America by 12.5% in the first quarter. Amundi now owns 42,385,115 shares of the financial services provider's stock worth $2,066,274,000 after purchasing an additional 4,721,969 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Bank of America during the second quarter worth about $2,313,953,000. Finally, Dimensional Fund Advisors LP lifted its stake in 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 worth $1,517,599,000 after purchasing an additional 561,413 shares during the period. Institutional investors own 70.71% of the company's stock.

Key Bank of America News

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. The endorsements suggest major-bank analysts continue to see value in the shares despite recent weakness. UBS Keeps Their Buy Rating on Bank of America JPMorgan Reiterates Overweight Rating on Bank of America
• Positive Sentiment: Potential IPO activity could support investment-banking revenue: BofA executive JD Moriarty said public markets could absorb large offerings from OpenAI and Anthropic, reflecting strong demand for transformational technology companies. A robust IPO pipeline could benefit BofA’s advisory and underwriting businesses. BofA Sees Strong Demand for OpenAI and Anthropic IPOs
• Neutral Sentiment: Earnings are the next major catalyst: BAC is expected to report quarterly results shortly. Investors will focus on net interest income, loan growth, credit quality, investment-banking activity and management’s outlook for interest rates. Bank of America Expected to Announce Earnings
• Neutral Sentiment: Business initiatives remain constructive but financially limited: BofA expanded fraud-prevention education and tools for small businesses. The program supports customer relationships and brand reputation, but is unlikely to materially affect near-term earnings. Bank of America Expands Fraud Education for Small Business Owners
• Negative Sentiment: Bond-market competition and rate uncertainty are weighing on sentiment: BofA strategist Savita Subramanian said bonds are in unusually strong competition with stocks after investors repriced interest-rate expectations to combat inflation. Higher yields can pressure bank valuations and increase concern about funding costs and economic growth. BofA’s Subramanian Says Bonds in Rare Competition With Stocks
• Negative Sentiment: Pre-earnings caution is another headwind: Commentary warns that evolving macroeconomic, credit and market risks could limit upside even though BAC’s valuation remains relatively moderate. Bank of America: As Q3 Earnings Near, Cautious of Evolving Risks

Analysts Set New Price Targets

Several research firms have recently weighed in on BAC. Citigroup upped their price objective on Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a research note on Tuesday, June 23rd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of America in a research note on Tuesday, July 21st. Barclays increased their price objective on Bank of America from $71.00 to $72.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. UBS Group cut their price objective on Bank of America from $70.00 to $67.00 and set a "buy" rating for the company in a report on Monday. Finally, Jefferies Financial Group reduced their target price on shares of Bank of America from $75.00 to $70.00 and set a "buy" rating on the stock in a research note on Thursday, September 24th. Twenty 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 stock has an average rating of "Moderate Buy" and a consensus target price of $64.39.

Bank of America Stock Down 1.0%

Shares of BAC opened at $53.56 on Thursday. The company has a market capitalization of $374.53 billion, a P/E ratio of 12.28, a PEG ratio of 0.87 and a beta of 1.21. Bank of America Corporation has a one year low of $46.12 and a one year high of $65.22. The business's 50 day simple moving average is $60.41 and its 200-day simple moving average is $56.49. 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 released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share 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 firm had revenue of $31.56 billion during the quarter, compared to analysts' expectations of $30.78 billion. During the same period last year, the firm posted $0.89 EPS. The business's revenue was up 19.6% on a year-over-year basis. As a group, sell-side analysts predict that Bank of America Corporation will post 4.61 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were issued a dividend of $0.32 per share. The ex-dividend date was Friday, September 4th. This is a boost 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%. Bank of America's dividend payout ratio (DPR) is currently 29.36%.

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.