Avidian Wealth Enterprises LLC Purchases 20,385 Shares of Bank of America Corporation $BAC

Key Points

• Avidian Wealth Enterprises increased its Bank of America position by 21.2% in the third quarter, purchasing 20,385 shares and bringing its holdings to 116,705 shares valued at approximately $6.35 million.
• Bank of America reported quarterly EPS of $1.21, exceeding the $1.13 consensus estimate, while revenue rose 19.6% year over year to $31.56 billion.
• The company increased its quarterly dividend from $0.28 to $0.32 per share, and analysts maintain a Moderate Buy consensus rating with an average price target of $64.22.

Avidian Wealth Enterprises LLC increased its position in shares of Bank of America Corporation (NYSE:BAC) by 21.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 116,705 shares of the financial services provider's stock after purchasing an additional 20,385 shares during the quarter. Avidian Wealth Enterprises LLC's holdings in Bank of America were worth $6,352,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of BAC. Deutsche Bank AG lifted its position in Bank of America by 5.9% during the fourth quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider's stock valued at $2,594,488,000 after purchasing an additional 2,611,776 shares during the period. Legal & General Group Plc acquired a new stake in Bank of America during the 2nd quarter worth about $2,571,060,000. Amundi raised its stake in shares of Bank of America by 12.5% during the 1st quarter. Amundi now owns 42,385,115 shares of the financial services provider's stock valued at $2,066,274,000 after buying an additional 4,721,969 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Bank of America during the 2nd quarter valued at about $2,313,953,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Bank of America by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,135,112 shares of the financial services provider's stock valued at $1,517,599,000 after buying an additional 561,413 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Trading Down 1.0%

Shares of Bank of America stock traded down $0.56 during mid-day trading on Thursday, hitting $52.96. The stock had a trading volume of 27,982,134 shares, compared to its average volume of 37,082,188. The firm has a 50-day moving average of $60.41 and a two-hundred day moving average of $56.49. The firm has a market cap of $370.36 billion, a P/E ratio of 12.15, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a 12-month low of $46.12 and a 12-month high of $65.22.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating analysts' consensus estimates of $1.13 by $0.08. The firm had revenue of $31.56 billion for the quarter, compared to analysts' expectations of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The firm's quarterly revenue was up 19.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.89 earnings per share. Sell-side analysts forecast that Bank of America Corporation will post 4.61 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were paid 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 dividend payout ratio is currently 29.36%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. TD Cowen assumed coverage on Bank of America in a research report on Thursday. They set a "hold" rating and a $60.00 price target for the company. Robert W. Baird increased their target price on Bank of America from $58.00 to $62.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Royal Bank Of Canada boosted their price objective on Bank of America from $59.00 to $65.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 15th. Wells Fargo & Company upped their target price on shares of Bank of America from $67.00 to $69.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Finally, Evercore set a $62.00 price target on shares of Bank of America in a research report on Thursday, October 1st. Nineteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $64.22.

Bank of America News Summary

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 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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