Ashurst Perkins Coie Trust Co Purchases 29,403 Shares of Bank of America Corporation $BAC

Key Points

• Ashurst Perkins Coie Trust Co increased its Bank of America stake by 2,891.2%, purchasing 29,403 additional shares to hold 30,420 shares valued at approximately $1.66 million. Institutional investors collectively own 70.71% of BAC.
• Bank of America’s latest quarter fell slightly short of expectations, with adjusted EPS of $1.08 versus $1.10 expected and revenue of $29.96 billion versus $30.58 billion forecast. The stock opened at $51.40, down 4.7%, amid regulatory penalties and higher expenses.
• The bank raised its quarterly dividend to $0.32 per share, equivalent to a 2.5% yield, while analysts maintained an overall “Moderate Buy” consensus with an average price target of $64.22.

Ashurst Perkins Coie Trust Co lifted its position in Bank of America Corporation (NYSE:BAC - Free Report) by 2,891.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,420 shares of the financial services provider's stock after purchasing an additional 29,403 shares during the period. Ashurst Perkins Coie Trust Co's holdings in Bank of America were worth $1,656,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Turim 21 Investimentos Ltda. purchased a new stake in Bank of America in the 2nd quarter worth $25,000. Abound Financial LLC bought a new position in Bank of America in the 4th quarter worth approximately $26,000. Cherry Tree Wealth Management LLC lifted 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 worth $27,000 after buying an additional 300 shares in the last quarter. Principia Wealth Advisory LLC increased its holdings in Bank of America by 69.9% in the 2nd quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 218 shares during the last quarter. Finally, Vermillion Wealth Management Inc. boosted its holdings in shares of Bank of America by 199.1% during the 1st quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 438 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Down 4.7%

NYSE BAC opened at $51.40 on Thursday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The company has a fifty day moving average of $59.51 and a two-hundred day moving average of $56.69. The firm has a market capitalization of $359.45 billion, a price-to-earnings ratio of 11.79, 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.

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). Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm had revenue of $29.96 billion for the quarter, compared to the consensus estimate of $30.58 billion. During the same quarter last year, the firm earned $1.06 EPS. The company's revenue was up 3.2% on a year-over-year basis. On average, analysts predict that Bank of America Corporation will post 4.60 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.5%. This is a boost from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date was Friday, September 4th. Bank of America's dividend payout ratio (DPR) is presently 29.36%.

Trending Headlines about Bank of America

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

• Positive Sentiment: Underlying banking activity remained healthy: net interest income increased 8% year over year to $16.4 billion, consumer banking revenue rose 4%, wealth-management revenue climbed 13%, average loans grew 6%, and deposits increased 2%. The bank also returned $8.3 billion to shareholders through dividends and share repurchases. Bank of America Reports Third-Quarter Results
• Positive Sentiment: Some market commentary argued that the selloff could create a long-term buying opportunity, while options activity and a reported institutional purchase of long-dated BAC call options pointed to bullish interest among some investors. Unusual Long-Dated BAC Call Options
• Neutral Sentiment: CEO Brian Moynihan said Bank of America is addressing regulatory requirements and expects elevated remediation and software-patching expenses to decline over time. The bank hired about 1,000 contractors to help fix software vulnerabilities identified through Anthropic’s Mythos testing. Bank of America Software-Patching Costs
• Negative Sentiment: Adjusted EPS was $1.08 versus the $1.10 consensus, while revenue of roughly $30.0 billion missed estimates near $30.6 billion. Reported net income fell 17% to $6.9 billion, or $0.91 per share, after the regulatory charge. Bank of America Earnings Miss
• Negative Sentiment: Regulators imposed approximately $1.21 billion in penalties over anti-money-laundering, Bank Secrecy Act, and sanctions-compliance failures, including failures to timely report more than $5 billion in suspicious transactions. The non-tax-deductible charge reduced quarterly earnings by about $0.17 per share and intensified concerns that compliance problems may persist. Bank of America Regulatory Penalties
• Negative Sentiment: Expenses rose faster than revenue, pushing the adjusted efficiency ratio to about 62% from 60%. Bond-trading revenue fell 17%, investment-banking and trading results disappointed, and provisions for credit losses reached $1.3 billion. Hotter-than-expected inflation and several shareholder-law-firm investigations added to the cautious backdrop.

Analysts Set New Price Targets

A number of research firms recently commented on BAC. HSBC began coverage on Bank of America in a research report on Monday, September 28th. They issued a "buy" rating and a $65.00 target price on the stock. UBS Group decreased their price objective on Bank of America from $70.00 to $67.00 and set a "buy" rating on the stock in a report on Monday, October 5th. Oppenheimer cut Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Argus set a $70.00 target price on Bank of America in a research report on Wednesday, July 15th. Finally, Morgan Stanley reissued an "overweight" rating on shares of Bank of America in a report on Tuesday, September 15th. Nineteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus price target 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.

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