Bank of America Corporation $BAC Stock Position Boosted by Eastern Bank

Eastern Bank raised its position in shares of Bank of America Corporation (NYSE:BAC) by 1.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,551,300 shares of the financial services provider's stock after buying an additional 27,937 shares during the quarter. Bank of America comprises about 1.3% of Eastern Bank's investment portfolio, making the stock its 20th largest holding. Eastern Bank's holdings in Bank of America were worth $84,437,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Rockland Trust Co. increased its position in shares of Bank of America by 425.4% during the third quarter. Rockland Trust Co. now owns 434,499 shares of the financial services provider's stock worth $23,650,000 after purchasing an additional 351,798 shares in the last quarter. Collective Family Office LLC boosted its position in shares of Bank of America by 23.1% in the 3rd quarter. Collective Family Office LLC now owns 6,269 shares of the financial services provider's stock worth $341,000 after purchasing an additional 1,178 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its position in Bank of America by 17.3% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 727,440 shares of the financial services provider's stock valued at $39,595,000 after buying an additional 107,466 shares in the last quarter. First Citizens Financial Corp boosted its holdings in Bank of America by 25.3% in the third quarter. First Citizens Financial Corp now owns 17,392 shares of the financial services provider's stock worth $947,000 after acquiring an additional 3,516 shares in the last quarter. Finally, Polaris Financial Partners acquired a new stake in Bank of America in the third quarter worth about $68,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on BAC. Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a report on Tuesday, July 21st. Robert W. Baird increased their price objective on Bank of America from $58.00 to $62.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. Argus set a $70.00 price objective on Bank of America in a research note on Wednesday, July 15th. Royal Bank Of Canada upped their target price on Bank of America from $59.00 to $65.00 and gave the company an "outperform" rating in a research report on Wednesday, July 15th. Finally, Wells Fargo & Company increased their price target on shares of Bank of America from $67.00 to $69.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. Twenty research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $63.78.

Key Bank of America News

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

• Positive Sentiment: BAC was identified as one of five oversold market areas that could rebound if market breadth improves and investors rotate beyond large-cap technology stocks. This supports the view that the shares have recovery potential after recent weakness. 5 Oversold Corners of the Market That Could Bounce If Breadth Finally Improves
• Positive Sentiment: Bank of America’s dividend profile remains a focus for income-oriented investors. A comparison with U.S. Bancorp highlights BAC’s dividend increase and the potential appeal of its scale and earnings capacity, although the stock’s income advantages depend partly on the interest-rate outlook. BAC vs. USB: Which Bank Stock Offers the Superior Dividend Income for Retirees?
• Positive Sentiment: Bank of America strategists expect two-year Treasury yields to rise further because of economic strength and possible additional Federal Reserve tightening. Higher rates can support banks’ loan yields and net interest income, potentially benefiting BAC, though they also increase broader market and credit risks. Two-Year Treasury Yields Could Rise Further Due to Robust Economy, BofA Says
• Neutral Sentiment: BAC disclosed higher indirect holdings in several Turkish companies through Merrill Lynch subsidiaries. The announcements appear related to client, custody, or trading activity and do not indicate a material change to Bank of America’s core investment outlook. Bank of America Lifts Indirect Stake in A1 Yenilenebilir Enerji to 3%
• Negative Sentiment: JPMorgan Chase reduced its price target for Bank of America, creating a valuation overhang and tempering the otherwise favorable rate and rotation narrative. Bank of America Stock Price Target Cut by JPMorgan Chase

Bank of America Stock Performance

Shares of BAC traded up $0.33 during trading hours on Monday, hitting $54.08. The stock had a trading volume of 15,203,283 shares, compared to its average volume of 37,135,414. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. The firm has a 50-day moving average price of $60.89 and a 200 day moving average price of $56.35. Bank of America Corporation has a fifty-two week low of $46.12 and a fifty-two week high of $65.22. The firm has a market capitalization of $378.13 billion, a price-to-earnings ratio of 12.43, a PEG ratio of 0.86 and a beta of 1.21.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS 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 company had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. During the same quarter last year, the business earned $0.89 earnings per share. The firm's revenue was up 19.6% on a year-over-year basis. As a group, research analysts anticipate that Bank of America Corporation will post 4.63 EPS for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were given a dividend of $0.32 per share. This is a boost from Bank of America's previous quarterly dividend of $0.28. 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%. Bank of America's payout ratio is 29.36%.

Bank of America Company 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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