Bank of America Corporation $BAC Stock Position Boosted by Park National Corp OH

Key Points

• Park National Corp OH increased its Bank of America stake by 163.8% in the third quarter, bringing its holdings to 172,977 shares valued at approximately $9.4 million. Institutional investors and hedge funds collectively own 70.71% of BAC shares.
• Analysts remain broadly positive, with 20 Buy ratings and six Hold ratings. Bank of America has a consensus rating of “Moderate Buy” and an average price target of $63.78.
• Bank of America reported quarterly earnings of $1.21 per share, exceeding estimates, while revenue rose 19.6% year over year to $31.56 billion. The company also raised its quarterly dividend to $0.32 per share, or $1.28 annually.

Park National Corp OH lifted its stake in Bank of America Corporation (NYSE:BAC) by 163.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 172,977 shares of the financial services provider's stock after acquiring an additional 107,401 shares during the period. Park National Corp OH's holdings in Bank of America were worth $9,415,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Bamco Inc. NY boosted its stake in Bank of America by 45.4% during the second quarter. Bamco Inc. NY now owns 40,994 shares of the financial services provider's stock worth $2,336,000 after buying an additional 12,794 shares during the period. E Fund Management Co. Ltd. acquired a new stake in Bank of America during the second quarter worth approximately $4,089,000. Bernicke Wealth Management Ltd. acquired a new stake in shares of Bank of America during the second quarter valued at about $2,132,000. Renaissance Technologies LLC bought a new position in Bank of America during the 1st quarter worth $67,507,000. Finally, Nykredit A S acquired a new position in shares of Bank of America during the second quarter valued at approximately $94,447,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Morgan Stanley reiterated an "overweight" rating on shares of Bank of America in a report on Tuesday, September 15th. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $67.00 to $70.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 15th. Barclays boosted their price target on shares of Bank of America from $71.00 to $72.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Robert W. Baird lifted their price target on Bank of America from $58.00 to $62.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of America in a report on Tuesday, July 21st. Twenty research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and a consensus target price of $63.78.

Bank of America Trading Up 0.8%

Shares of NYSE:BAC traded up $0.40 during mid-day trading on Monday, reaching $54.15. 16,205,178 shares of the company were exchanged, compared to its average volume of 37,137,422. The firm has a market cap of $378.69 billion, a price-to-earnings ratio of 12.42, a P/E/G ratio of 0.86 and a beta of 1.21. The firm's 50-day simple moving average is $60.89 and its 200 day simple moving average is $56.35. Bank of America Corporation has a 1 year low of $46.12 and a 1 year high of $65.22. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82.

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

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were issued a $0.32 dividend. 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. The ex-dividend date of this dividend was Friday, September 4th. Bank of America's dividend payout ratio is 29.36%.

More 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 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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