Bank of America Corporation $BAC Stock Bought by Mn Services Vermogensbeheer B.V.

Key Points

• Mn Services Vermogensbeheer increased its Bank of America stake by 26.4% in the third quarter, adding 522,896 shares to own 2.5 million shares valued at approximately $136.1 million. Institutional investors collectively hold 70.71% of BAC’s stock.
• Analyst sentiment remains favorable, with 19 Buy ratings and seven Holds producing a “Moderate Buy” consensus and an average price target of $64.22, compared with the referenced share price of $53.51.
• Bank of America exceeded quarterly earnings and revenue expectations and raised its quarterly dividend to $0.32 per share, equivalent to a $1.28 annualized payout and a 2.4% yield.

Mn Services Vermogensbeheer B.V. boosted its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 26.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,500,806 shares of the financial services provider's stock after purchasing an additional 522,896 shares during the period. Bank of America makes up about 1.0% of Mn Services Vermogensbeheer B.V.'s portfolio, making the stock its 21st biggest position. Mn Services Vermogensbeheer B.V.'s holdings in Bank of America were worth $136,119,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in the company. First Heartland Consultants Inc. boosted its holdings in shares of Bank of America by 67.1% in the 3rd quarter. First Heartland Consultants Inc. now owns 16,651 shares of the financial services provider's stock valued at $906,000 after acquiring an additional 6,687 shares during the last quarter. Dorato Capital Management raised its position in Bank of America by 10.5% during the third quarter. Dorato Capital Management now owns 22,053 shares of the financial services provider's stock valued at $1,209,000 after acquiring an additional 2,096 shares in the last quarter. Professional Advisory Services Inc. lifted its holdings in Bank of America by 829.2% in the third quarter. Professional Advisory Services Inc. now owns 74,264 shares of the financial services provider's stock valued at $4,042,000 after acquiring an additional 66,272 shares during the period. Hamilton Capital LLC boosted its position in Bank of America by 46.3% in the 3rd quarter. Hamilton Capital LLC now owns 8,292 shares of the financial services provider's stock worth $451,000 after purchasing an additional 2,624 shares in the last quarter. Finally, Sapient Capital LLC grew its stake in shares of Bank of America by 2.2% during the 3rd quarter. Sapient Capital LLC now owns 1,138,705 shares of the financial services provider's stock worth $61,980,000 after purchasing an additional 24,533 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

BAC has been the subject of a number of analyst reports. Morgan Stanley reaffirmed an "overweight" rating on shares of Bank of America in a report on Tuesday, September 15th. JPMorgan Chase & Co. decreased their target price on Bank of America from $68.00 to $62.00 and set an "overweight" rating on the stock in a research report on Friday, October 2nd. Rothschild & Co Redburn set a $72.00 price objective on shares of Bank of America in a research report on Tuesday. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of America in a research note on Tuesday, July 21st. Finally, Wells Fargo & Company increased their target price on Bank of America from $67.00 to $69.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Nineteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and an average target price of $64.22.

Bank of America Stock Down 0.0%

Shares of NYSE:BAC opened at $53.51 on Friday. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. The stock has a market cap of $374.15 billion, a P/E ratio of 12.27, a PEG ratio of 0.86 and a beta of 1.21. The business has a fifty day moving average of $60.25 and a two-hundred day moving average of $56.54. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm had revenue of $31.56 billion for the quarter, compared to analysts' expectations of $30.78 billion. During the same quarter in the previous year, the company posted $0.89 EPS. The company's revenue was up 19.6% compared to the same quarter last year. On average, research 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 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 2.4%. This is an increase from Bank of America's previous quarterly dividend of $0.28. Bank of America's payout ratio is 29.36%.

More Bank of America News

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

• Positive Sentiment: A favorable shift in Federal Reserve policy could support Bank of America’s net interest income, prompting a rating upgrade and strengthening the bullish case for BAC. Bank of America: Fed Policy Shift Creates NII Upside
• Positive Sentiment: TD Cowen initiated coverage with a “hold” rating and a $60 price target, implying roughly 12% upside from the referenced price. Although not bullish, the target suggests analysts see recovery potential. TD Cowen initiates Bank of America coverage
• Positive Sentiment: Management highlighted artificial intelligence investments aimed at improving and personalizing customer service. Over time, better efficiency and client engagement could support revenue growth and profitability. How Bank of America is using AI to reinvent the customer experience
• Neutral Sentiment: Bank of America raised its price target on Marvell Technology while maintaining a buy rating, reflecting continued investment-banking and research activity but offering little direct earnings impact for BAC. Marvell price target raised by Bank of America
• Neutral Sentiment: Recent disclosures show Bank of America reduced holdings in Lakefront Biotherapeutics and Gentas, while increasing its stake in ICU Venture Capital Trust. These portfolio transactions are unlikely to materially affect BAC’s fundamentals. Bank of America trims Lakefront Biotherapeutics stake
• Negative Sentiment: Analysts expect EPS growth to slow from approximately 36% to single digits. Investors will focus on October 14 earnings for evidence that revenue growth, margins and net interest income can offset decelerating profit momentum. Bank of America EPS growth expected to slow
• Negative Sentiment: Bank of America agreed to a $39 million Merrill cash-sweep settlement. The financial cost is manageable relative to BAC’s size, but the resolution adds regulatory and litigation overhang ahead of earnings. Bank of America agrees to Merrill cash sweep settlement

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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