Bank of America Corporation $BAC Stock Bought by Gallagher Capital Advisors LLC

Key Points

• Gallagher Capital Advisors LLC more than doubled its Bank of America position in the third quarter, increasing holdings by 101.4% to 21,822 shares valued at approximately $1.19 million. Other institutional investors also raised their stakes, with institutions owning 70.71% of BAC.
• Bank of America reported quarterly EPS of $1.21, exceeding the $1.13 consensus estimate, while revenue rose 19.6% year over year to $31.56 billion. The company also increased its quarterly dividend to $0.32 per share, or $1.28 annually.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $64.22, though investors are monitoring potential pressure from weaker investment-banking fees, higher credit risks, and cautious market sentiment.

Gallagher Capital Advisors LLC grew its position in Bank of America Corporation (NYSE:BAC) by 101.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 21,822 shares of the financial services provider's stock after purchasing an additional 10,988 shares during the period. Gallagher Capital Advisors LLC's holdings in Bank of America were worth $1,188,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Armstrong Advisory Group Inc. grew its stake in Bank of America by 8.0% during the third quarter. Armstrong Advisory Group Inc. now owns 30,611 shares of the financial services provider's stock worth $1,666,000 after buying an additional 2,261 shares during the last quarter. Marquette Asset Management LLC raised its stake in shares of Bank of America by 194.4% in the third quarter. Marquette Asset Management LLC now owns 1,802 shares of the financial services provider's stock valued at $98,000 after acquiring an additional 1,190 shares during the last quarter. Gilpin Wealth Management LLC raised its stake in shares of Bank of America by 820.6% in the third quarter. Gilpin Wealth Management LLC now owns 4,299 shares of the financial services provider's stock valued at $234,000 after acquiring an additional 3,832 shares during the last quarter. ANB Bank boosted its holdings in shares of Bank of America by 44.0% in the 3rd quarter. ANB Bank now owns 46,148 shares of the financial services provider's stock worth $2,512,000 after acquiring an additional 14,090 shares in the last quarter. Finally, Davidson Trust Co. grew its position in Bank of America by 35.1% during the 3rd quarter. Davidson Trust Co. now owns 13,337 shares of the financial services provider's stock worth $726,000 after acquiring an additional 3,466 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Trending Headlines about Bank of America

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

• Positive Sentiment: Analysts expect higher net interest income and solid trading performance to support third-quarter results. A recent analysis also argues that a Federal Reserve policy shift could create additional NII upside for Bank of America. Bank of America: Fed Policy Shift Creates NII Upside
• Positive Sentiment: TD Cowen began coverage with a $60 price target, implying potential upside from recent trading levels, although it assigned a Hold rating. TD Cowen coverage of Bank of America
• Positive Sentiment: Bank of America’s continued use of artificial intelligence to personalize customer service and improve operating efficiency could provide longer-term competitive benefits. How Bank of America is using AI
• Neutral Sentiment: Wall Street’s third-quarter estimates point to a mixed report: stronger NII and trading may be offset by weaker investment-banking fees and higher credit risks. Investors are focused on whether management can maintain earnings momentum as year-over-year EPS growth is expected to slow sharply from the prior period. BAC shares ahead of Q3 earnings
• Neutral Sentiment: The appointment of Jeff Crabtree as president of the Sarasota/Manatee region is a routine leadership change with limited near-term earnings impact. Bank of America names Jeff Crabtree president
• Negative Sentiment: Bank of America agreed to a $39 million Merrill cash-sweep settlement, creating a modest legal and regulatory expense. Merrill cash sweep settlement
• Negative Sentiment: Chief equity strategist Michael Hartnett said investors are keeping substantial cash in money-market funds until sustained Fed rate cuts begin, signaling cautious risk appetite that could limit near-term support for bank shares. Investors need sustained Fed cuts

Bank of America Stock Performance

Bank of America stock opened at $54.27 on Friday. The company has a market cap of $379.49 billion, a PE ratio of 12.45, a PEG ratio of 0.86 and a beta of 1.21. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. Bank of America Corporation has a 1 year low of $46.12 and a 1 year high of $65.22. The company's 50-day moving average is $60.09 and its two-hundred day moving average is $56.52.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly 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 company had revenue of $31.56 billion during the quarter, compared to analysts' expectations 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 revenue was up 19.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.89 EPS. Equities analysts anticipate that Bank of America Corporation will post 4.61 earnings per share 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 issued a dividend of $0.32 per share. 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%. This is a boost from Bank of America's previous quarterly dividend of $0.28. Bank of America's dividend payout ratio (DPR) is presently 29.36%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BAC. 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. Morgan Stanley restated an "overweight" rating on shares of Bank of America in a report on Tuesday, September 15th. Royal Bank Of Canada raised their target price on Bank of America from $59.00 to $65.00 and gave the company an "outperform" rating in a research note on Wednesday, July 15th. TD Cowen began coverage on Bank of America in a report on Thursday. They issued a "hold" rating and a $60.00 price target for the company. Finally, Truist Financial reduced their price target on shares of Bank of America from $65.00 to $62.00 and set a "buy" rating on the stock in a research report on Thursday, October 1st. Nineteen investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $64.22.

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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