Bank of America Corporation $BAC Stock Bought by Lakeshore Capital Group Inc.

Key Points

• Lakeshore Capital Group increased its Bank of America position by 111.8% in the third quarter, holding 33,642 shares valued at approximately $1.83 million. Institutional investors and hedge funds collectively own 70.71% of BAC.
• Analysts maintain a generally positive outlook, with 20 Buy ratings and six Holds producing a “Moderate Buy” consensus and an average price target of $62.82.
• Bank of America’s latest quarter fell slightly short of earnings and revenue expectations, though revenue rose 3.2% year over year. The company raised its quarterly dividend to $0.32 per share, representing a 2.5% annualized yield.

Lakeshore Capital Group Inc. grew its position in Bank of America Corporation (NYSE:BAC - Free Report) by 111.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 33,642 shares of the financial services provider's stock after acquiring an additional 17,759 shares during the period. Bank of America comprises approximately 1.2% of Lakeshore Capital Group Inc.'s investment portfolio, making the stock its 22nd biggest position. Lakeshore Capital Group Inc.'s holdings in Bank of America were worth $1,831,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Total Clarity Wealth Management Inc. boosted its position in Bank of America by 3.6% during the second quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider's stock worth $279,000 after purchasing an additional 168 shares in the last quarter. Orca Wealth Management LLC increased its position in shares of Bank of America by 0.5% in the second quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider's stock valued at $1,999,000 after buying an additional 179 shares in the last quarter. Financial Consulate Inc. increased its position in shares of 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 valued at $270,000 after buying an additional 181 shares in the last quarter. Bedel Financial Consulting Inc. increased its position in shares of 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 valued at $938,000 after buying an additional 184 shares in the last quarter. Finally, GatePass Capital LLC raised its stake in shares of Bank of America by 3.6% during the 1st quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider's stock worth $266,000 after buying an additional 190 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BAC. Oppenheimer lowered Bank of America from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Rothschild & Co Redburn set a $72.00 price target on shares of Bank of America in a report on Tuesday, October 6th. Royal Bank Of Canada reduced their price objective on shares of Bank of America from $65.00 to $60.00 and set an "outperform" rating for the company in a research report on Thursday, October 15th. TD Cowen reduced their price objective on shares of Bank of America from $60.00 to $56.00 and set a "hold" rating for the company in a research report on Thursday, October 15th. Finally, Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and set a $62.00 price objective on the stock in a report on Thursday, October 15th. Twenty equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $62.82.

Bank of America Trading Up 0.4%

Shares of BAC opened at $50.59 on Wednesday. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.17. The firm's fifty day moving average is $58.52 and its two-hundred day moving average is $56.77. The stock has a market cap of $353.77 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 0.86 and a beta of 1.21.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $29.96 billion during the quarter, compared to analysts' expectations of $30.58 billion. During the same quarter last year, the company earned $1.06 earnings per share. Bank of America's revenue for the quarter was up 3.2% on a year-over-year basis. Research analysts forecast that Bank of America Corporation will post 4.54 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were issued a dividend of $0.32 per share. The ex-dividend date was Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. This is an increase from Bank of America's previous quarterly dividend of $0.28. Bank of America's payout ratio is 30.40%.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Bank of America’s second-quarter average loans rose 8% year over year while deposits increased 2%. Despite the uneven growth, net interest income climbed 9%, suggesting the bank is generating stronger returns from its deposit base and lending franchise. Bank of America Deposit Franchise Article
• Positive Sentiment: Bank of America was upgraded to a Buy rating by JLPascual. Other recent commentary indicated that the previously announced regulatory fine and earnings-related weakness may already be reflected in the stock, supporting the potential for a recovery. Bank of America Buy Upgrade
• Neutral Sentiment: The bank launched another investment-grade bond offering, including perpetual notes, shortly after raising $8 billion. The issuance may strengthen funding and capital flexibility, although it also adds financing costs and highlights continued reliance on wholesale markets. Bank of America Bond Sale
• Neutral Sentiment: Bank of America disclosed higher indirect stakes in Qiagen, ICU Girişim Sermayesi and Link Bilgisayar. These appear to be investment or regulatory ownership disclosures rather than changes to the core banking business. Qiagen Stake Disclosure
• Negative Sentiment: Multiple law firms announced or promoted securities-fraud investigations and class actions tied to alleged investor misstatements concerning anti-money-laundering and sanctions-compliance failures. The litigation follows more than $1.2 billion in federal penalties and creates potential legal costs and reputational damage. BAC Securities Class Action Alert
• Negative Sentiment: The latest reported quarter missed consensus estimates on both earnings and revenue, while broad bank stocks remain under pressure from rising Treasury yields and uncertainty over Federal Reserve policy. Bank Stocks Under Pressure

About Bank of America

Bank of America Corporation NYSE: BAC is a diversified financial services company headquartered in Charlotte, North Carolina. It provides banking, lending, investment, payments and financial management services to consumers, businesses, institutional investors and governments.

The company's consumer banking operations offer checking and savings accounts, credit cards, mortgages, home equity lending, auto loans and other consumer financial products. Through Merrill, Bank of America provides wealth management, investment advisory, brokerage and retirement services.

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