Bank of America Corporation $BAC Shares Bought by First Financial Bank Trust Division

Key Points

• First Financial Bank Trust Division increased its Bank of America stake by 14.7% in the third quarter, buying 29,681 shares to own 231,099 shares valued at approximately $12.6 million. Institutional investors and hedge funds collectively own 70.71% of BAC.
• Bank of America shares recently traded at $53.71, below their 50-day moving average of $61.21, while the company reported quarterly earnings and revenue above analyst expectations. The bank also raised its quarterly dividend from $0.28 to $0.32 per share, representing a 2.4% annualized yield.
• Analysts maintain a broadly positive outlook, with 20 Buy ratings and six Holds producing a consensus “Moderate Buy” rating and an average price target of $64.17.

First Financial Bank Trust Division boosted its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 14.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 231,099 shares of the financial services provider's stock after purchasing an additional 29,681 shares during the quarter. Bank of America makes up 1.0% of First Financial Bank Trust Division's holdings, making the stock its 26th largest position. First Financial Bank Trust Division's holdings in Bank of America were worth $12,579,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Turim 21 Investimentos Ltda. purchased a new position in shares of Bank of America during the 2nd quarter valued at approximately $25,000. Abound Financial LLC purchased a new stake in Bank of America in the 4th quarter worth $26,000. Cherry Tree Wealth Management LLC raised its position in Bank of America by 167.6% during the second quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider's stock worth $27,000 after acquiring an additional 300 shares during the period. Principia Wealth Advisory LLC lifted its holdings in Bank of America by 69.9% during the second quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 218 shares in the last quarter. Finally, Frazier Financial Advisors LLC purchased a new position in Bank of America during the second quarter valued at $34,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE:BAC traded down $0.72 during midday trading on Thursday, hitting $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's 50 day simple moving average is $61.21 and its 200 day simple moving average is $56.25. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. The company has a market cap of $375.59 billion, a P/E 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 12-month low of $46.12 and a 12-month high of $65.22.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts' consensus estimates of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. During the same period in the previous year, the business posted $0.89 earnings per share. Bank of America's quarterly revenue was up 19.6% on a year-over-year basis. On average, analysts forecast that Bank of America Corporation will post 4.66 EPS for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were paid a $0.32 dividend. This is a positive change 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 dividend on an annualized basis and a yield of 2.4%. Bank of America's dividend payout ratio is 29.36%.

Analysts Set New Price Targets

A number of analysts have recently commented on BAC shares. Jefferies Financial Group cut their target price on shares of Bank of America from $75.00 to $70.00 and set a "buy" rating for the company in a research note on Thursday, September 24th. JPMorgan Chase & Co. lifted their price objective on Bank of America from $62.50 to $68.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Argus set a $70.00 price objective on Bank of America in a research note on Wednesday, July 15th. Truist Financial reduced their target price on Bank of America from $65.00 to $62.00 and set a "buy" rating for the company in a report on Thursday. Finally, Oppenheimer downgraded Bank of America from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Twenty investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $64.17.

Bank of America News Summary

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 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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