Bank of America Corporation $BAC Position Lifted by Howard Capital Management Group LLC

Key Points

• Howard Capital Management Group increased its Bank of America position by 654.5% in the third quarter, adding 103,057 shares for a total of 118,803 shares valued at approximately $6.47 million.
• Bank of America reported third-quarter earnings of $1.08 per share, slightly below the $1.10 consensus estimate, while revenue also missed expectations. The stock opened at $51.28, below its 50-day and 200-day moving averages.
• The bank raised its quarterly dividend to $0.32 per share, equivalent to a 2.5% yield, while analysts maintained an overall “Moderate Buy” rating with a consensus price target of $62.52.

Howard Capital Management Group LLC grew its holdings in shares of Bank of America Corporation (NYSE:BAC) by 654.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 118,803 shares of the financial services provider's stock after acquiring an additional 103,057 shares during the period. Howard Capital Management Group LLC's holdings in Bank of America were worth $6,466,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Total Clarity Wealth Management Inc. grew its holdings in Bank of America by 3.6% during the second quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider's stock valued at $279,000 after purchasing an additional 168 shares during the period. Orca Wealth Management LLC increased its position in Bank of America by 0.5% in the second quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider's stock worth $1,999,000 after buying an additional 179 shares in the last quarter. Financial Consulate Inc. raised its stake in shares of Bank of America by 4.0% in the second quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider's stock worth $270,000 after buying an additional 181 shares during the period. Bedel Financial Consulting Inc. raised its stake in shares of Bank of America by 1.1% in the second quarter. Bedel Financial Consulting Inc. now owns 16,456 shares of the financial services provider's stock worth $938,000 after buying an additional 184 shares during the period. Finally, GatePass Capital LLC raised its stake in shares of Bank of America by 3.6% in the first quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider's stock worth $266,000 after buying an additional 190 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

NYSE BAC opened at $51.28 on Friday. The firm has a market cap of $358.59 billion, a price-to-earnings ratio of 12.18, a price-to-earnings-growth ratio of 0.83 and a beta of 1.21. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.17. The business has a 50-day moving average price of $59.05 and a 200-day moving average price of $56.69. 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 released its earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.10 by ($0.02). The business had revenue of $29.96 billion for the quarter, compared to analysts' expectations of $30.58 billion. Bank of America had a return on equity of 12.15% and a net margin of 16.80%. The business's revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.06 EPS. As a group, equities research analysts predict that Bank of America Corporation will post 4.54 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.5%. The ex-dividend date was Friday, September 4th. This is a positive change from Bank of America's previous quarterly dividend of $0.28. Bank of America's dividend payout ratio is currently 30.40%.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Analyst support and potential earnings recovery: Baird upgraded BAC to Outperform with a $62 price target, while other analysts maintained Buy or Outperform ratings despite reducing targets. Management also projected at least 8% net interest income growth in 2027, supported by loan and deposit expansion. Baird Upgrades Bank of America Stock Despite a Soft Quarter
• Positive Sentiment: Regulatory remediation is progressing: Bank of America said it has completed substantial work required under a consent order, potentially helping reduce longer-term compliance uncertainty. The bank’s CEO also described the U.S. economy as resilient and growing. Bank of America says it has completed a lot of work on consent order
• Neutral Sentiment: Preferred dividends declared: The board authorized regular cash dividends on multiple preferred-stock series, payable in November and December. The announcement supports the bank’s capital-distribution profile but does not represent a new increase in BAC common-stock dividends. Bank of America Declares Preferred Stock Dividends
• Negative Sentiment: Q3 earnings missed expectations: BAC reported adjusted earnings of $1.08 per share versus a $1.10 consensus, while revenue also fell short. A $1.2 billion anti-money-laundering and sanctions penalty reduced earnings, and expenses grew faster than revenue; weaker fixed-income trading and settlement costs added pressure. Bank of America Stock Sell-Off Looks Like a Buying Opportunity
• Negative Sentiment: Compliance and litigation overhang: Senator Elizabeth Warren criticized the penalty as insufficient, while several law firms announced investigations into potential securities claims and fiduciary-duty issues. These developments could increase legal costs and prolong reputational concerns. Rosen Law Firm Investigation

Analyst Ratings Changes

A number of research firms have recently weighed in on BAC. Keefe, Bruyette & Woods lowered their price objective on Bank of America from $70.00 to $65.00 and set an "outperform" rating on the stock in a research report on Thursday. Barclays cut their price objective on Bank of America from $72.00 to $68.00 and set an "overweight" rating for the company in a research note on Thursday. Morgan Stanley reduced their target price on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a report on Thursday. Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a research note on Tuesday, July 21st. Finally, Jefferies Financial Group decreased their target price on shares of Bank of America from $75.00 to $70.00 and set a "buy" rating on the stock in a research note on Thursday, September 24th. Twenty equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $62.52.

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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