Bank of America Corporation $BAC Shares Acquired by Neville Rodie & Shaw Inc.

Key Points

• Neville Rodie & Shaw increased its Bank of America stake by 44.1% in the third quarter, owning 268,991 shares valued at approximately $14.6 million. Institutional investors collectively hold 70.71% of BAC’s outstanding shares.
• Bank of America reported quarterly EPS of $1.21, exceeding analyst expectations of $1.13, while revenue rose 19.6% year over year to $31.56 billion.
• The company raised its quarterly dividend to $0.32 per share, equivalent to a 2.4% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $63.78.

Neville Rodie & Shaw Inc. boosted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 44.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 268,991 shares of the financial services provider's stock after buying an additional 82,283 shares during the quarter. Bank of America makes up approximately 1.0% of Neville Rodie & Shaw Inc.'s investment portfolio, making the stock its 26th largest position. Neville Rodie & Shaw Inc.'s holdings in Bank of America were worth $14,641,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of BAC. Baker Tilly Wealth Management LLC increased its holdings in shares of Bank of America by 47.7% in the third quarter. Baker Tilly Wealth Management LLC now owns 30,556 shares of the financial services provider's stock valued at $1,663,000 after purchasing an additional 9,862 shares during the last quarter. Eastover Investment Advisors LLC boosted its holdings in shares of Bank of America by 532.9% during the 3rd quarter. Eastover Investment Advisors LLC now owns 26,391 shares of the financial services provider's stock worth $1,436,000 after buying an additional 22,221 shares during the period. Ferguson Wellman Capital Management Inc. boosted its holdings in shares of Bank of America by 2,853.8% during the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 377,086 shares of the financial services provider's stock worth $20,525,000 after buying an additional 364,320 shares during the period. Eastern Bank grew its stake in Bank of America by 1.8% in the 3rd quarter. Eastern Bank now owns 1,551,300 shares of the financial services provider's stock valued at $84,437,000 after buying an additional 27,937 shares during the last quarter. Finally, Rockland Trust Co. raised its holdings in Bank of America by 425.4% in the 3rd quarter. Rockland Trust Co. now owns 434,499 shares of the financial services provider's stock valued at $23,650,000 after acquiring an additional 351,798 shares during the period. Institutional investors own 70.71% of the company's stock.

Bank of America Price Performance

NYSE BAC traded up $0.41 during midday trading on Monday, hitting $54.16. The company had a trading volume of 16,027,663 shares, compared to its average volume of 37,137,422. The firm has a 50-day moving average price of $60.89 and a 200-day moving average price of $56.35. The company has a market capitalization of $378.76 billion, a PE ratio of 12.42, a P/E/G ratio of 0.86 and a beta of 1.21. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. 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 issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping analysts' consensus estimates of $1.13 by $0.08. The company 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%.Bank of America's revenue was up 19.6% on a year-over-year basis. During the same quarter last year, the business earned $0.89 earnings per share. As a group, analysts anticipate that Bank of America Corporation will post 4.63 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Friday, September 4th. This is a boost from Bank of America's previous quarterly dividend of $0.28. Bank of America's dividend payout ratio is presently 29.36%.

Analysts Set New Price Targets

BAC has been the topic of several research reports. Oppenheimer downgraded Bank of America from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Royal Bank Of Canada lifted their price target on Bank of America from $59.00 to $65.00 and gave the stock an "outperform" rating in a report on Wednesday, July 15th. Truist Financial decreased their price objective on Bank of America from $65.00 to $62.00 and set a "buy" rating on the stock in a report on Thursday. Evercore set a $62.00 price objective on Bank of America in a research report on Thursday. Finally, UBS Group set a $67.00 target price on Bank of America in a report on Monday. Twenty research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $63.78.

Key Stories Impacting Bank of America

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

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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