Bank of America Corporation $BAC Shares Bought by Doliver Advisors LP

Key Points

• Doliver Advisors LP increased its Bank of America stake by 76.8% in the third quarter, bringing its holdings to 27,640 shares valued at approximately $1.5 million. Institutional investors collectively own 70.71% of BAC.
• Bank of America shares fell 1.3% to $53.71, despite the company’s latest quarterly results exceeding expectations with $1.21 in EPS and $31.56 billion in revenue.
• The bank raised its quarterly dividend to $0.32 per share, or $1.28 annually, while analysts maintain a “Moderate Buy” consensus and an average price target of $64.17.

Doliver Advisors LP grew its holdings in shares of Bank of America Corporation (NYSE:BAC) by 76.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,640 shares of the financial services provider's stock after purchasing an additional 12,007 shares during the period. Doliver Advisors LP's holdings in Bank of America were worth $1,504,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in BAC. Legal & General Group Plc bought a new stake in Bank of America during the second quarter worth approximately $2,571,060,000. Capital International Investors bought a new position in shares of Bank of America in the fourth quarter valued at $2,357,461,000. Deutsche Bank AG acquired a new stake in shares of Bank of America during the 2nd quarter valued at $2,359,172,000. Bank of New York Mellon Corp acquired a new stake in shares of Bank of America during the 2nd quarter valued at $2,313,953,000. Finally, Cardano Risk Management B.V. boosted its stake in shares of Bank of America by 914.5% during the 4th quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider's stock worth $1,380,239,000 after acquiring an additional 22,621,546 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America’s Personal Retirement Strategy surpassed $100 billion in assets, while Merrill Managed exceeded $10 billion. The milestones indicate continued demand for the bank’s wealth-management and retirement products. Bank of America retirement strategy announcement
• Positive Sentiment: Truist lowered its BAC price target from $65 to $62 but maintained a “Buy” rating, implying analysts still see meaningful upside from recent trading levels. Bank of America analyst expectations
• Positive Sentiment: The Federal Reserve’s proposed stress-test changes could reduce volatility in banks’ capital requirements and improve planning visibility for institutions such as Bank of America. Federal Reserve stress-test changes
• Neutral Sentiment: Bank of America will report third-quarter results on October 14. Analysts cited in recent coverage expect approximately $1.16 in EPS and $30.93 billion in revenue, making the upcoming report a key catalyst. The bank’s latest reported quarter exceeded consensus estimates, with $1.21 EPS and $31.56 billion in revenue. Bank of America third-quarter earnings date
• Neutral Sentiment: Bank of America is providing Boston Children’s Hospital with a $10 million grant for a pediatric behavioral-health campus. The donation supports the company’s community profile but is unlikely to materially affect earnings. Boston Children’s Hospital grant
• Negative Sentiment: Merrill Lynch reportedly agreed to pay $39 million to settle claims that brokerage customers received unusually low interest on idle cash in retirement accounts. The settlement adds a modest legal cost and reputational risk. Bank of America Merrill Lynch settlement
• Negative Sentiment: Recent commentary warns that Bank of America’s capital cushion may be relatively narrow for sustaining additional dividend increases, potentially forcing management to prioritize capital retention over buybacks or payout growth. Bank of America dividend outlook

Bank of America Stock Down 1.3%

Shares of BAC traded down $0.72 during mid-day trading on Thursday, reaching $53.71. The company's stock had a trading volume of 60,021,763 shares, compared to its average volume of 37,264,602. The business has a fifty day moving average of $61.21 and a 200 day moving average of $56.25. The company has a market cap of $375.59 billion, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 0.88 and a beta of 1.15. Bank of America Corporation has a 1 year low of $46.12 and a 1 year high of $65.22. 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 (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping the consensus estimate of $1.13 by $0.08. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The business had revenue of $31.56 billion during the quarter, compared to analysts' expectations of $30.78 billion. During the same quarter last year, the firm posted $0.89 earnings per share. Bank of America's revenue was up 19.6% compared to the same quarter last year. As a group, analysts forecast that Bank of America Corporation will post 4.66 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a 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 29.36%.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of recent analyst reports. Morgan Stanley reaffirmed an "overweight" rating on shares of Bank of America in a research report on Tuesday, September 15th. Citigroup increased their price target on Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a research report on Tuesday, June 23rd. HSBC assumed coverage on Bank of America in a research note on Monday. They issued a "buy" rating and a $65.00 price target on the stock. Truist Financial reduced their price objective on shares of Bank of America from $65.00 to $62.00 and set a "buy" rating for the company in a research note on Thursday. Finally, Robert W. Baird raised their target price on shares of Bank of America from $58.00 to $62.00 and gave the stock a "neutral" rating in a report on Wednesday, July 15th. Twenty investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $64.17.

About Bank of America

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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