Bank of America Corporation $BAC Shares Purchased by Phoenix Financial Ltd.

Key Points

• Phoenix Financial increased its Bank of America stake by 50.1% in the third quarter, adding 52,725 shares to bring its holding to 158,053 shares, valued at about $8.6 million.
• Analysts’ consensus rating is Moderate Buy, with a $62.48 average price target; 19 analysts rate the stock Buy or Strong Buy, while six assign Hold ratings.
• Bank of America’s latest quarter came in below expectations, reporting $1.08 in EPS and $29.96 billion in revenue, though revenue rose 3.2% year over year. The company declared a quarterly dividend of $0.32 per share.

Phoenix Financial Ltd. increased its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 50.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 158,053 shares of the financial services provider's stock after purchasing an additional 52,725 shares during the period. Phoenix Financial Ltd.'s holdings in Bank of America were worth $8,614,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Total Clarity Wealth Management Inc. grew its stake in shares of Bank of America by 3.6% in the 2nd quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider's stock worth $279,000 after buying an additional 168 shares in the last quarter. Orca Wealth Management LLC lifted its holdings in shares of Bank of America by 0.5% in the 2nd quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider's stock valued at $1,999,000 after acquiring an additional 179 shares during the last quarter. Financial Consulate Inc. grew its position in 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 acquiring an additional 181 shares in the last quarter. Bedel Financial Consulting Inc. grew its position in 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 acquiring an additional 184 shares in the last quarter. Finally, GatePass Capital LLC increased its stake in Bank of America by 3.6% during the first quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider's stock worth $266,000 after acquiring an additional 190 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research analyst reports. Phillip Securities raised Bank of America to a "strong-buy" rating in a research note on Friday, October 16th. Jefferies Financial Group cut their price objective on Bank of America from $75.00 to $70.00 and set a "buy" rating on the stock in a research report on Thursday, September 24th. Rothschild & Co Redburn set a $72.00 target price on Bank of America in a research report on Tuesday, October 6th. Royal Bank Of Canada lowered their target price on shares of Bank of America from $65.00 to $60.00 and set an "outperform" rating for the company in a research note on Thursday, October 15th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Bank of America from $70.00 to $65.00 and set an "outperform" rating on the stock in a research note on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $62.48.

Bank of America Stock Up 1.0%

BAC traded up $0.49 on Friday, hitting $51.01. The company had a trading volume of 19,987,219 shares, compared to its average volume of 37,279,760. The stock has a market capitalization of $351.95 billion, a price-to-earnings ratio of 12.12, a P/E/G ratio of 0.89 and a beta of 1.19. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a fifty day moving average price of $54.07 and a 200-day moving average price of $54.86. 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 released its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $1.08 EPS for the quarter, missing the consensus estimate of $1.10 by ($0.02). Bank of America had a net margin of 16.80% and a return on equity of 12.15%. The firm had revenue of $29.96 billion for the quarter, compared to analysts' expectations of $30.58 billion. During the same period in the previous year, the company posted $1.06 earnings per share. The business's quarterly revenue was up 3.2% compared to the same quarter last year. Analysts predict that Bank of America Corporation will post 4.51 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 24th. Investors of record on Friday, December 4th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, December 4th. Bank of America's payout ratio is 30.40%.

Trending Headlines about Bank of America

These are some of the BAC headlines that stood out recently:

• Positive Sentiment: Bank of America reaffirmed its 16%–18% return-on-tangible-common-equity target for 2028–2030, citing expected support from net interest income, loan growth and expense discipline. The outlook reinforces the bank’s longer-term profitability ambitions. Article: BAC Reaffirms 16-18% ROTCE Target
• Positive Sentiment: The bank extended its co-branded credit-card partnership with Allegiant into the next decade, supporting continued card and customer-rewards business. Article: Allegiant and Bank of America Extend Co-Branded Credit Card Partnership
• Neutral Sentiment: BofA Global Research now expects the Federal Reserve to raise rates at each of its next three meetings following hotter-than-expected inflation. Higher rates can support bank interest income, but may also weigh on loan demand, credit quality and broader market sentiment. Article: BofA Now Sees Fed Hiking in January

About Bank of America

Bank of America Corporation is a financial services company serving consumers, businesses, institutional investors and government entities. Its offerings include checking and savings accounts, credit and debit cards, mortgages, auto loans and other lending, as well as payment and treasury services. The company also provides investment and wealth management through Merrill and Bank of America Private Bank, and serves corporate and institutional clients with commercial banking, capital markets, trading and advisory services.

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