Bank of America Corporation $BAC Stock Position Raised by Howard Capital Management LLC

Key Points

• Howard Capital Management increased its Bank of America stake by 27.5% in the third quarter, adding 13,230 shares to hold 61,338 shares valued at approximately $3.34 million. Institutional investors collectively own 70.71% of BAC.
• Bank of America shares traded down 0.8% to $51.28, while the company’s quarterly earnings of $1.08 per share and $29.96 billion in revenue fell slightly short of analyst expectations.
• The bank raised its quarterly dividend to $0.32 per share, representing a 2.5% yield, and analysts maintained a consensus “Moderate Buy” rating with an average price target of $62.52.

Howard Capital Management LLC boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 27.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,338 shares of the financial services provider's stock after buying an additional 13,230 shares during the period. Howard Capital Management LLC's holdings in Bank of America were worth $3,339,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Turim 21 Investimentos Ltda. acquired a new position in Bank of America in the 2nd quarter valued at $25,000. Cherry Tree Wealth Management LLC boosted its stake in Bank of America by 167.6% during the 2nd quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider's stock worth $27,000 after purchasing an additional 300 shares during the last quarter. Principia Wealth Advisory LLC boosted its stake in Bank of America by 69.9% during the 2nd quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider's stock worth $30,000 after purchasing an additional 218 shares during the last quarter. Vermillion Wealth Management Inc. boosted its stake in Bank of America by 199.1% during the 1st quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider's stock worth $32,000 after purchasing an additional 438 shares during the last quarter. Finally, Frazier Financial Advisors LLC purchased a new stake in shares of Bank of America during the second quarter worth $34,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Trading Down 0.8%

Shares of BAC traded down $0.42 during midday trading on Friday, reaching $51.28. The company had a trading volume of 64,306,447 shares, compared to its average volume of 41,999,672. Bank of America Corporation has a 1-year low of $46.12 and a 1-year high of $65.22. The stock has a market cap of $358.59 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 0.84 and a beta of 1.21. The firm has a 50 day simple moving average of $59.05 and a 200-day simple moving average of $56.69. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.17.

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 EPS for the quarter, missing the consensus estimate of $1.10 by ($0.02). The company 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%. The firm's revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.06 EPS. Research analysts forecast that Bank of America Corporation will post 4.57 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were given a dividend of $0.32 per share. The ex-dividend date was Friday, September 4th. This is an increase from Bank of America's previous quarterly dividend of $0.28. This represents a $1.28 annualized dividend and a yield of 2.5%. Bank of America's dividend payout ratio (DPR) is 29.36%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Jefferies Financial Group reduced their target price on shares of Bank of America from $75.00 to $70.00 and set a "buy" rating for the company in a research report on Thursday, September 24th. JPMorgan Chase & Co. lowered their price target on shares of 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. Citigroup cut their price objective on shares of Bank of America from $66.00 to $60.00 and set a "buy" rating for the company in a report on Thursday. Rothschild & Co Redburn set a $72.00 price objective on shares of Bank of America in a report on Tuesday, October 6th. Finally, TD Cowen decreased their target price on shares of Bank of America from $60.00 to $56.00 and set a "hold" rating on the stock in a research note on Thursday. Twenty investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $62.52.

Trending Headlines about Bank of America

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

• Positive Sentiment: Analyst support and potential earnings recovery: Baird upgraded BAC to Outperform with a $62 price target, while other analysts maintained Buy or Outperform ratings despite reducing targets. Management also projected at least 8% net interest income growth in 2027, supported by loan and deposit expansion. Baird Upgrades Bank of America Stock Despite a Soft Quarter
• Positive Sentiment: Regulatory remediation is progressing: Bank of America said it has completed substantial work required under a consent order, potentially helping reduce longer-term compliance uncertainty. The bank’s CEO also described the U.S. economy as resilient and growing. Bank of America says it has completed a lot of work on consent order
• Neutral Sentiment: Preferred dividends declared: The board authorized regular cash dividends on multiple preferred-stock series, payable in November and December. The announcement supports the bank’s capital-distribution profile but does not represent a new increase in BAC common-stock dividends. Bank of America Declares Preferred Stock Dividends
• Negative Sentiment: Q3 earnings missed expectations: BAC reported adjusted earnings of $1.08 per share versus a $1.10 consensus, while revenue also fell short. A $1.2 billion anti-money-laundering and sanctions penalty reduced earnings, and expenses grew faster than revenue; weaker fixed-income trading and settlement costs added pressure. Bank of America Stock Sell-Off Looks Like a Buying Opportunity
• Negative Sentiment: Compliance and litigation overhang: Senator Elizabeth Warren criticized the penalty as insufficient, while several law firms announced investigations into potential securities claims and fiduciary-duty issues. These developments could increase legal costs and prolong reputational concerns. Rosen Law Firm Investigation

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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