Baker Tilly Wealth Management LLC Buys 9,862 Shares of Bank of America Corporation $BAC

Key Points

• Baker Tilly Wealth Management increased its Bank of America stake by 47.7% in the third quarter, purchasing 9,862 shares and bringing its holdings to 30,556 shares valued at approximately $1.66 million.
• Bank of America has broad institutional support, with institutional investors and hedge funds owning 70.71% of the company. Analysts maintain a “Moderate Buy” consensus and an average price target of $63.78, despite JPMorgan cutting its target.
• BAC shares recently traded at $54.08, below their 50-day moving average, while the company raised its quarterly dividend from $0.28 to $0.32 per share, implying a 2.4% annualized yield.

Baker Tilly Wealth Management LLC lifted its position in Bank of America Corporation (NYSE:BAC - Free Report) by 47.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,556 shares of the financial services provider's stock after acquiring an additional 9,862 shares during the quarter. Baker Tilly Wealth Management LLC's holdings in Bank of America were worth $1,663,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Legal & General Group Plc bought a new position in shares of Bank of America in the 2nd quarter worth about $2,571,060,000. Capital International Investors bought a new stake in shares of Bank of America during the 4th quarter valued at about $2,357,461,000. Deutsche Bank AG acquired a new stake in Bank of America during the second quarter worth about $2,359,172,000. Bank of New York Mellon Corp bought a new position in Bank of America in the second quarter worth about $2,313,953,000. Finally, Cardano Risk Management B.V. boosted 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 valued at $1,380,239,000 after acquiring an additional 22,621,546 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

More Bank of America News

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

• Positive Sentiment: BAC was identified as one of five oversold market areas that could rebound if market breadth improves and investors rotate beyond large-cap technology stocks. This supports the view that the shares have recovery potential after recent weakness. 5 Oversold Corners of the Market That Could Bounce If Breadth Finally Improves
• Positive Sentiment: Bank of America’s dividend profile remains a focus for income-oriented investors. A comparison with U.S. Bancorp highlights BAC’s dividend increase and the potential appeal of its scale and earnings capacity, although the stock’s income advantages depend partly on the interest-rate outlook. BAC vs. USB: Which Bank Stock Offers the Superior Dividend Income for Retirees?
• Positive Sentiment: Bank of America strategists expect two-year Treasury yields to rise further because of economic strength and possible additional Federal Reserve tightening. Higher rates can support banks’ loan yields and net interest income, potentially benefiting BAC, though they also increase broader market and credit risks. Two-Year Treasury Yields Could Rise Further Due to Robust Economy, BofA Says
• Neutral Sentiment: BAC disclosed higher indirect holdings in several Turkish companies through Merrill Lynch subsidiaries. The announcements appear related to client, custody, or trading activity and do not indicate a material change to Bank of America’s core investment outlook. Bank of America Lifts Indirect Stake in A1 Yenilenebilir Enerji to 3%
• Negative Sentiment: JPMorgan Chase reduced its price target for Bank of America, creating a valuation overhang and tempering the otherwise favorable rate and rotation narrative. Bank of America Stock Price Target Cut by JPMorgan Chase

Wall Street Analyst Weigh In

Several research firms have recently commented on BAC. Wells Fargo & Company upped their target price on Bank of America from $67.00 to $69.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Evercore set a $62.00 price objective on Bank of America in a research report on Thursday. Royal Bank Of Canada upped 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. Robert W. Baird increased their target price on Bank of America from $58.00 to $62.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. Finally, Truist Financial cut their target price on Bank of America from $65.00 to $62.00 and set a "buy" rating on the stock in a research note on Thursday. Twenty investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $63.78.

Bank of America Stock Performance

Shares of NYSE BAC traded up $0.33 during midday trading on Monday, hitting $54.08. 15,203,283 shares of the company's stock were exchanged, compared to its average volume of 37,135,414. 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 stock's 50 day moving average price is $60.89 and its 200-day moving average price is $56.35. The firm has a market cap of $378.13 billion, a P/E ratio of 12.43, a PEG ratio of 0.86 and a beta of 1.21. Bank of America Corporation has a twelve month low of $46.12 and a twelve month high of $65.22.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, beating the consensus estimate 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%.During the same period last year, the firm earned $0.89 EPS. The firm's revenue was up 19.6% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Corporation will post 4.63 EPS for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were paid a dividend of $0.32 per share. This is an increase from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Friday, September 4th. Bank of America's dividend payout ratio (DPR) 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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