59,044 Bank of America Corporation $BAC Shares Acquired by Toth Financial Advisory Corp

Key Points

• Toth Financial Advisory increased its Bank of America stake by 189.6%, acquiring 59,044 additional shares to hold 90,188 shares valued at approximately $4.9 million. Institutional investors collectively own 70.71% of BAC.
• Analysts remain generally positive, with 19 Buy ratings and seven Holds, producing a “Moderate Buy” consensus and an average price target of $64.22. Recent targets range from $60 to $72.
• Bank of America reported quarterly earnings of $1.21 per share, exceeding estimates, while revenue rose 19.6% year over year to $31.56 billion. The company also raised its quarterly dividend to $0.32, representing a 2.4% annualized yield.

Toth Financial Advisory Corp lifted its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 189.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 90,188 shares of the financial services provider's stock after buying an additional 59,044 shares during the period. Toth Financial Advisory Corp's holdings in Bank of America were worth $4,909,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

Several research firms have recently commented on BAC. Barclays boosted their price target on shares of Bank of America from $71.00 to $72.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Jefferies Financial Group decreased their price objective on Bank of America from $75.00 to $70.00 and set a "buy" rating for the company in a research note on Thursday, September 24th. Keefe, Bruyette & Woods lifted their target price on Bank of America from $67.00 to $70.00 and gave the company an "outperform" rating in a research note on Wednesday, July 15th. Royal Bank Of Canada increased their price target on shares of Bank of America from $59.00 to $65.00 and gave the company an "outperform" rating in a research report on Wednesday, July 15th. Finally, TD Cowen started coverage on shares of Bank of America in a research report on Thursday. They issued a "hold" rating and a $60.00 price objective on the stock. Nineteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $64.22.

More Bank of America News

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

• Positive Sentiment: TD Cowen initiated coverage with a Hold rating and a $60 price target, implying meaningful upside from recent trading levels. While the rating is cautious, the target suggests analysts see room for recovery. TD Cowen initiates coverage of Bank of America
• Positive Sentiment: A Seeking Alpha analysis upgraded Bank of America, arguing that a shift in Federal Reserve policy could improve net interest income, a key earnings driver for large banks. Bank of America: Fed Policy Shift Creates NII Upside
• Positive Sentiment: UBS maintained its Buy rating on BAC, reinforcing the view that the bank’s valuation and earnings outlook remain attractive. UBS keeps Buy rating on Bank of America
• Positive Sentiment: Management highlighted the use of artificial intelligence to personalize customer service and improve operations. Successful implementation could support efficiency and long-term competitiveness. How Bank of America is using AI to reinvent the customer experience

Bank of America Stock Performance

BAC traded down $0.77 on Thursday, reaching $52.75. 25,422,451 shares of the stock were exchanged, compared to its average volume of 37,076,652. The company's 50-day moving average price is $60.41 and its 200 day moving average price is $56.49. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. The firm has a market capitalization of $368.86 billion, a PE ratio of 12.11, a PEG ratio of 0.87 and a beta of 1.21.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. During the same period in the prior year, the company earned $0.89 earnings per share. The company's revenue was up 19.6% on a year-over-year basis. As a group, sell-side analysts forecast that Bank of America Corporation will post 4.61 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were issued a $0.32 dividend. This is a boost from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.4%. Bank of America's payout ratio is presently 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.

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