Bank of America Corporation $BAC Stake Increased by Everhart Financial Group Inc.

Key Points

• Everhart Financial Group increased its Bank of America stake by 33.2% in the third quarter, bringing its holdings to 58,605 shares valued at approximately $3.19 million. Institutional investors collectively own 70.71% of BAC.
• Bank of America reported quarterly EPS of $1.21, exceeding the $1.13 analyst consensus, while revenue rose 19.6% year over year to $31.56 billion.
• The company raised its quarterly dividend from $0.28 to $0.32 per share, equivalent to an annualized $1.28 dividend and a 2.4% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $64.22.

Everhart Financial Group Inc. increased its position in Bank of America Corporation (NYSE:BAC) by 33.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 58,605 shares of the financial services provider's stock after acquiring an additional 14,594 shares during the quarter. Everhart Financial Group Inc.'s holdings in Bank of America were worth $3,190,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Deutsche Bank AG raised its holdings in Bank of America by 5.9% in the 4th quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider's stock worth $2,594,488,000 after purchasing an additional 2,611,776 shares in the last quarter. Legal & General Group Plc bought a new position in Bank of America in the second quarter worth approximately $2,571,060,000. Amundi increased its holdings in Bank of America by 12.5% in the 1st quarter. Amundi now owns 42,385,115 shares of the financial services provider's stock worth $2,066,274,000 after acquiring an additional 4,721,969 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Bank of America in the second quarter worth $2,313,953,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Bank of America by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,135,112 shares of the financial services provider's stock valued at $1,517,599,000 after buying an additional 561,413 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

BAC stock traded down $0.52 during trading on Thursday, hitting $53.00. The company had a trading volume of 29,948,404 shares, compared to its average volume of 37,093,055. The firm has a market cap of $370.64 billion, a PE ratio of 12.16, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The firm has a 50-day moving average price of $60.41 and a 200-day moving average price of $56.49. Bank of America Corporation has a 1-year low of $46.12 and a 1-year high of $65.22.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. Bank of America's quarterly revenue was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.89 EPS. On average, analysts expect that Bank of America Corporation will post 4.61 earnings per share for the current year.

Bank of America Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Citigroup raised their price target on Bank of America from $62.00 to $66.00 and gave the company a "buy" rating in a report on Tuesday, June 23rd. Barclays upped their price target on shares of Bank of America from $71.00 to $72.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Royal Bank Of Canada boosted their target price on shares of Bank of America from $59.00 to $65.00 and gave the company an "outperform" rating in a research note on Wednesday, July 15th. Robert W. Baird boosted their price objective on shares of Bank of America from $58.00 to $62.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Finally, Wells Fargo & Company lifted their target price on Bank of America from $67.00 to $69.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Nineteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $64.22.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: TD Cowen initiated coverage with a Hold rating and a $60 price target, implying meaningful upside from recent trading levels. While the rating is cautious, the target suggests analysts see room for recovery. TD Cowen initiates coverage of Bank of America
• Positive Sentiment: A Seeking Alpha analysis upgraded Bank of America, arguing that a shift in Federal Reserve policy could improve net interest income, a key earnings driver for large banks. Bank of America: Fed Policy Shift Creates NII Upside
• Positive Sentiment: UBS maintained its Buy rating on BAC, reinforcing the view that the bank’s valuation and earnings outlook remain attractive. UBS keeps Buy rating on Bank of America
• Positive Sentiment: Management highlighted the use of artificial intelligence to personalize customer service and improve operations. Successful implementation could support efficiency and long-term competitiveness. How Bank of America is using AI to reinvent the customer experience

Bank of America 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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