Bank of America Corporation $BAC Stock Holdings Reduced by Trillium Asset Management LLC

Key Points

• Trillium Asset Management cut its Bank of America stake by 3.0% in the third quarter, selling 24,138 shares; it retained 767,701 shares valued at about $41.8 million.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $62.48, while recent target cuts included Morgan Stanley, Barclays and Truist Financial.
• Bank of America reported quarterly EPS of $1.08, below the $1.10 consensus, and revenue of $29.96 billion, also below expectations. It declared a $0.32 quarterly dividend, equal to a 2.5% yield at the reported share price.

Trillium Asset Management LLC trimmed its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 3.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 767,701 shares of the financial services provider's stock after selling 24,138 shares during the period. Bank of America makes up about 1.3% of Trillium Asset Management LLC's holdings, making the stock its 14th largest holding. Trillium Asset Management LLC's holdings in Bank of America were worth $41,786,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Fisher Asset Management LLC grew its holdings in shares of Bank of America by 2.3% during the 3rd quarter. Fisher Asset Management LLC now owns 60,605,657 shares of the financial services provider's stock worth $3,298,766,000 after purchasing an additional 1,390,289 shares during the period. Legal & General Group Plc purchased a new stake in Bank of America in the 2nd quarter valued at about $2,571,060,000. Amundi raised 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 valued at $2,066,274,000 after buying an additional 4,721,969 shares during the period. Deutsche Bank AG purchased a new stake in Bank of America in the 2nd quarter valued at about $2,359,172,000. Finally, Bank of New York Mellon Corp acquired a new position in Bank of America in the second quarter valued at about $2,313,953,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Analyst Ratings Changes

BAC has been the topic of a number of research analyst reports. UBS Group set a $62.00 price target on shares of Bank of America and gave the company a "buy" rating in a research note on Wednesday. HSBC initiated coverage on shares of Bank of America in a report on Monday, September 28th. They issued a "buy" rating and a $65.00 price objective on the stock. Morgan Stanley lowered their price objective on shares of Bank of America from $67.00 to $61.00 and set an "overweight" rating for the company in a research report on Thursday, October 15th. Barclays dropped their target price on shares of Bank of America from $72.00 to $68.00 and set an "overweight" rating for the company in a report on Thursday, October 15th. Finally, Truist Financial cut their target price on Bank of America from $62.00 to $58.00 and set a "buy" rating on the stock in a research report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $62.48.

Bank of America Stock Up 1.0%

Shares of NYSE BAC traded up $0.49 during midday trading on Friday, hitting $51.01. The company's stock had a trading volume of 19,987,219 shares, compared to its average volume of 37,279,760. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $351.95 billion, a price-to-earnings ratio of 12.12, a price-to-earnings-growth ratio of 0.89 and a beta of 1.19. The business's fifty day simple moving average is $54.07 and its two-hundred day simple moving average is $54.86. 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 earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share for the quarter, missing the consensus estimate of $1.10 by ($0.02). The business had revenue of $29.96 billion for the quarter, compared to analysts' expectations of $30.58 billion. Bank of America had a return on equity of 12.15% and a net margin of 16.80%. Bank of America's quarterly revenue was up 3.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.06 earnings per share. On average, equities analysts predict that Bank of America Corporation will post 4.51 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 24th. Shareholders of record on Friday, December 4th will be paid a $0.32 dividend. The ex-dividend date is Friday, December 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.5%. Bank of America's payout ratio is 30.40%.

Top Bank of America Stories

These are some of the BAC stories that stood out recently:

• Positive Sentiment: Bank of America reaffirmed its 16%–18% return-on-tangible-common-equity target for 2028–2030, citing expected support from net interest income, loan growth and expense discipline. The outlook reinforces the bank’s longer-term profitability ambitions. Article: BAC Reaffirms 16-18% ROTCE Target
• Positive Sentiment: The bank extended its co-branded credit-card partnership with Allegiant into the next decade, supporting continued card and customer-rewards business. Article: Allegiant and Bank of America Extend Co-Branded Credit Card Partnership
• Negative Sentiment: Reports say Bank of America will settle a lawsuit over allegations that it opened thousands of unauthorized accounts between 2012 and 2023. The settlement’s terms were not included in the supplied report; the matter carries potential reputational and financial risk. Article: BofA to Settle Fake-Accounts Lawsuit

About Bank of America

Bank of America Corporation is a financial services company serving consumers, businesses, institutional investors and government entities. Its offerings include checking and savings accounts, credit and debit cards, mortgages, auto loans and other lending, as well as payment and treasury services. The company also provides investment and wealth management through Merrill and Bank of America Private Bank, and serves corporate and institutional clients with commercial banking, capital markets, trading and advisory services.

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