Bank of America Corporation $BAC Stock Bought by Canandaigua National Bank & Trust Co.

Key Points

• Canandaigua National Bank & Trust increased its Bank of America stake by 18.2% in the third quarter, bringing its holdings to 116,442 shares valued at approximately $6.34 million. Institutional investors and hedge funds collectively own 70.71% of BAC.
• Bank of America reported quarterly EPS of $1.21, exceeding estimates of $1.13, while revenue rose 19.6% year over year to $31.56 billion. The company also raised its quarterly dividend to $0.32 per share, or $1.28 annually.
• Analyst sentiment remains generally positive: 20 analysts rate BAC a Buy and six rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $64.39 versus the reported share price of $53.56.

Canandaigua National Bank & Trust Co. lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 18.2% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 116,442 shares of the financial services provider's stock after acquiring an additional 17,960 shares during the period. Canandaigua National Bank & Trust Co.'s holdings in Bank of America were worth $6,338,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of BAC. Exchange Bank grew its holdings in shares of Bank of America by 44.7% during the third quarter. Exchange Bank now owns 8,436 shares of the financial services provider's stock valued at $459,000 after buying an additional 2,606 shares during the last quarter. Baring Financial LLC increased its position in shares of Bank of America by 38.6% in the 3rd quarter. Baring Financial LLC now owns 6,047 shares of the financial services provider's stock valued at $329,000 after acquiring an additional 1,685 shares during the period. Greenfield Savings Bank raised its stake in Bank of America by 15.2% in the 3rd quarter. Greenfield Savings Bank now owns 48,533 shares of the financial services provider's stock worth $2,642,000 after acquiring an additional 6,398 shares during the last quarter. Echo45 Advisors LLC acquired a new stake in Bank of America during the 3rd quarter worth about $305,000. Finally, Emprise Bank lifted its position in Bank of America by 25.5% during the 3rd quarter. Emprise Bank now owns 24,649 shares of the financial services provider's stock worth $1,342,000 after acquiring an additional 5,014 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of BAC stock traded down $0.53 on Wednesday, hitting $53.56. The company had a trading volume of 30,904,127 shares, compared to its average volume of 37,146,559. Bank of America Corporation has a twelve month low of $46.12 and a twelve month 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. The firm has a market cap of $374.53 billion, a P/E ratio of 12.28, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21. The company has a 50-day moving average price of $60.56 and a 200-day moving average price of $56.45.

Bank of America (NYSE:BAC - Get Free Report) last posted 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. The firm had revenue of $31.56 billion for the quarter, compared to analyst estimates 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 for the quarter was up 19.6% compared to the same quarter last year. During the same period last year, the company earned $0.89 earnings per share. As a group, equities research analysts predict that Bank of America Corporation will post 4.62 earnings per share for the current fiscal year.

Bank of America Increases Dividend

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

Trending Headlines about Bank of America

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

• Positive Sentiment: Analyst support remains favorable. UBS maintained its Buy rating on BAC, while JPMorgan reiterated an Overweight rating, signaling continued confidence in the bank’s earnings power and valuation. UBS Keeps Their Buy Rating on Bank of America JPMorgan Reiterates Overweight Rating on Bank of America
• Positive Sentiment: Capital-markets activity could support fee revenue. BofA executive JD Moriarty said public markets can absorb potential mega-IPOs from OpenAI and Anthropic, reflecting strong demand for technology listings. A robust IPO market could benefit BofA’s investment-banking and underwriting businesses. BofA Sees Strong Demand for OpenAI, Anthropic IPOs
• Positive Sentiment: Customer-support and fraud-prevention initiatives enhance the franchise. BofA expanded fraud-education tools and webinars for small businesses, reinforcing its commercial-banking relationships, although the direct financial impact is likely limited. Bank of America Expands Fraud Education
• Neutral Sentiment: Earnings are the next major catalyst. BAC is expected to report results shortly, and investors will be watching net interest income, credit quality, investment-banking revenue and management’s guidance on interest rates. Bank of America Expected to Announce Earnings
• Negative Sentiment: Rate and bond-market concerns are weighing on sentiment. BofA strategist Savita Subramanian said bonds are competing more directly with stocks after a selloff driven by changing expectations for rate hikes to contain inflation. Higher yields can pressure bank bond portfolios and increase uncertainty around loan demand and funding costs. BofA’s Subramanian Says Bonds Compete With Stocks
• Negative Sentiment: Strategists are cautious about market concentration and evolving risks. BofA has warned that investors may be overexposed to AI-related spending and underestimating consumer weakness, while recommending hedges against a potential technology bubble. That defensive positioning can dampen risk appetite for large financial stocks. Bank of America Says Investors Are Overplaying AI BofA Analysts Discuss Tech Bubble Risk

Wall Street Analyst Weigh In

BAC has been the topic of a number of research reports. 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 report on Thursday, September 24th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of America in a report on Tuesday, July 21st. Evercore set a $62.00 target price on Bank of America in a research report on Thursday, October 1st. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $67.00 to $70.00 and gave the stock an "outperform" rating in a report on Wednesday, July 15th. Finally, Argus set a $70.00 price target on shares of Bank of America in a research report on Wednesday, July 15th. Twenty analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $64.39.

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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