Arnhold LLC Sells 24,718 Shares of Bank of America Corporation $BAC

Key Points

• Arnhold LLC reduced its Bank of America stake by 9.2% in the third quarter, selling 24,718 shares and retaining 244,224 shares valued at approximately $13.3 million. Institutional investors and hedge funds collectively own 70.71% of BAC.
• Bank of America’s latest quarterly results slightly missed expectations, with earnings of $1.08 per share versus $1.10 forecast and revenue of $29.96 billion versus $30.58 billion expected. The company nevertheless reported 3.2% year-over-year revenue growth.
• The bank declared a quarterly dividend of $0.32 per share, equivalent to a 2.5% yield, while analysts maintained a “Moderate Buy” consensus with an average price target of $62.82.

Arnhold LLC cut its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 9.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 244,224 shares of the financial services provider's stock after selling 24,718 shares during the period. Arnhold LLC's holdings in Bank of America were worth $13,293,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Park Avenue Securities LLC boosted its stake in Bank of America by 7.4% in the third quarter. Park Avenue Securities LLC now owns 256,392 shares of the financial services provider's stock valued at $13,955,000 after acquiring an additional 17,694 shares in the last quarter. Verdence Capital Advisors LLC grew its holdings in shares of Bank of America by 1.1% during the third quarter. Verdence Capital Advisors LLC now owns 109,770 shares of the financial services provider's stock worth $5,975,000 after purchasing an additional 1,155 shares during the last quarter. National Wealth Management Group LLC acquired a new stake in shares of Bank of America during the third quarter worth about $242,000. AGH Wealth Advisors LLC increased its position in shares of Bank of America by 1.3% during the third quarter. AGH Wealth Advisors LLC now owns 18,438 shares of the financial services provider's stock worth $1,004,000 after purchasing an additional 228 shares in the last quarter. Finally, Flagship Harbor Advisors LLC increased its position in shares of Bank of America by 1.1% during the third quarter. Flagship Harbor Advisors LLC now owns 41,486 shares of the financial services provider's stock worth $2,258,000 after purchasing an additional 450 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Price Performance

Bank of America stock opened at $50.51 on Tuesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.82 and a quick ratio of 0.82. The business has a 50 day simple moving average of $57.73 and a 200-day simple moving average of $55.10. Bank of America Corporation has a 12 month low of $46.12 and a 12 month high of $65.22. The stock has a market capitalization of $353.20 billion, a PE ratio of 12.00, a price-to-earnings-growth ratio of 0.88 and a beta of 1.21.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share for the quarter, missing analysts' consensus estimates of $1.10 by ($0.02). The firm had revenue of $29.96 billion during the quarter, compared to analysts' expectations of $30.58 billion. Bank of America had a net margin of 16.80% and a return on equity of 12.15%. The business's quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter last year, the business earned $1.06 earnings per share. Equities analysts predict that Bank of America Corporation will post 4.52 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 24th. Stockholders of record on Friday, December 4th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, December 4th. Bank of America's dividend payout ratio (DPR) is 30.40%.

Trending Headlines about Bank of America

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

• Positive Sentiment: Bank of America joined Blackstone, Citi and Morgan Stanley in a $63 billion financing structure to help Anthropic deploy AI computing capacity using Broadcom technology, with deliveries expected to begin in 2027. The deal highlights BAC’s role in financing the AI infrastructure boom and could generate fees and lending opportunities, although the bank’s precise economic share was not disclosed. Bank of America, Blackstone, Citi and Morgan Stanley Announce Landmark $63 Billion Financing Structure
• Positive Sentiment: Bank of America’s research activity also points to continued investment-banking and capital-markets engagement: the bank said African corporate bond issuance reached $13.3 billion, the fastest pace in five years. Greater issuance activity can benefit banks through underwriting and advisory fees. African corporate bond sales hit $13.3 billion

Wall Street Analyst Weigh In

Several analysts have recently weighed in on BAC shares. Oppenheimer downgraded Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Wells Fargo & Company dropped their price target on Bank of America from $69.00 to $64.00 and set an "overweight" rating on the stock in a research note on Thursday, October 15th. JPMorgan Chase & Co. dropped their price target on Bank of America from $68.00 to $62.00 and set an "overweight" rating on the stock in a research note on Friday, October 2nd. Robert W. Baird raised Bank of America from a "neutral" rating to an "outperform" rating and set a $62.00 price target on the stock in a research report on Thursday, October 15th. Finally, Argus set a $70.00 price objective on Bank of America in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and a consensus price target of $62.82.

About Bank of America

Bank of America Corporation NYSE: BAC is a diversified financial services company headquartered in Charlotte, North Carolina. It provides banking, lending, investment, payments and financial management services to consumers, businesses, institutional investors and governments.

The company's consumer banking operations offer checking and savings accounts, credit cards, mortgages, home equity lending, auto loans and other consumer financial products. Through Merrill, Bank of America provides wealth management, investment advisory, brokerage and retirement services.

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