Bank of America Corporation $BAC Stock Purchased by Apollon Wealth Management LLC

Key Points

• Apollon Wealth Management increased its Bank of America stake by 8.5% in the third quarter, bringing its holdings to 221,172 shares valued at approximately $12.0 million. Institutional investors collectively own 70.71% of BAC.
• Bank of America reported quarterly EPS of $1.08, slightly below the $1.10 consensus estimate, while revenue of $29.96 billion also missed expectations but increased 3.2% year over year.
• The company declared a quarterly dividend of $0.32 per share, equivalent to a $1.28 annualized payout and a 2.5% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $62.82.

Apollon Wealth Management LLC boosted its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 8.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 221,172 shares of the financial services provider's stock after buying an additional 17,379 shares during the period. Apollon Wealth Management LLC's holdings in Bank of America were worth $12,038,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Kingswood Wealth Advisors LLC boosted its position in Bank of America by 9.1% in the third quarter. Kingswood Wealth Advisors LLC now owns 118,903 shares of the financial services provider's stock valued at $6,472,000 after buying an additional 9,940 shares in the last quarter. Sigma Planning Corp grew its stake in Bank of America by 4.3% during the third quarter. Sigma Planning Corp now owns 136,123 shares of the financial services provider's stock worth $7,360,000 after buying an additional 5,551 shares during the last quarter. Paladin Wealth LLC grew its stake in Bank of America by 13.5% during the third quarter. Paladin Wealth LLC now owns 15,997 shares of the financial services provider's stock worth $871,000 after buying an additional 1,902 shares during the last quarter. Samalin Investment Counsel LLC increased its holdings in shares of Bank of America by 0.8% during the third quarter. Samalin Investment Counsel LLC now owns 72,860 shares of the financial services provider's stock worth $3,966,000 after buying an additional 551 shares in the last quarter. Finally, Centerpoint Advisory Group increased its holdings in shares of Bank of America by 2.9% during the third quarter. Centerpoint Advisory Group now owns 9,334 shares of the financial services provider's stock worth $508,000 after buying an additional 264 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Trading Down 0.1%

BAC stock opened at $50.51 on Tuesday. The company has a market cap of $353.20 billion, a P/E ratio of 12.00, a PEG ratio of 0.88 and a beta of 1.21. Bank of America Corporation has a twelve month low of $46.12 and a twelve month high of $65.22. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.17. The business has a fifty day moving average of $57.73 and a 200-day moving average of $55.10.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.10 by ($0.02). Bank of America had a net margin of 16.80% and a return on equity of 12.15%. The firm had revenue of $29.96 billion for the quarter, compared to analyst estimates of $30.58 billion. During the same period last year, the company earned $1.06 EPS. The company's revenue was up 3.2% compared to the same quarter last year. As a group, equities research analysts expect that Bank of America Corporation will post 4.52 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. Stockholders of record on Friday, December 4th will be given a dividend of $0.32 per share. 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 currently 30.40%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BAC. Evercore set a $62.00 target price on Bank of America in a report on Thursday, October 1st. Argus set a $70.00 price target on Bank of America in a report on Wednesday, July 15th. TD Cowen dropped their price target on Bank of America from $60.00 to $56.00 and set a "hold" rating for the company in a report on Thursday, October 15th. Phillip Securities upgraded Bank of America to a "strong-buy" rating in a research report on Friday, October 16th. Finally, HSBC initiated coverage on Bank of America in a research note on Monday, September 28th. They issued a "buy" rating and a $65.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $62.82.

More Bank of America News

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

• Positive Sentiment: Bank of America joined Blackstone, Citi and Morgan Stanley in a $63 billion financing structure to help Anthropic deploy AI computing capacity using Broadcom technology, with deliveries expected to begin in 2027. The deal highlights BAC’s role in financing the AI infrastructure boom and could generate fees and lending opportunities, although the bank’s precise economic share was not disclosed. Bank of America, Blackstone, Citi and Morgan Stanley Announce Landmark $63 Billion Financing Structure
• Positive Sentiment: Bank of America’s research activity also points to continued investment-banking and capital-markets engagement: the bank said African corporate bond issuance reached $13.3 billion, the fastest pace in five years. Greater issuance activity can benefit banks through underwriting and advisory fees. African corporate bond sales hit $13.3 billion

Bank of America Company Profile

Bank of America Corporation NYSE: BAC is a diversified financial services company headquartered in Charlotte, North Carolina. It provides banking, lending, investment, payments and financial management services to consumers, businesses, institutional investors and governments.

The company's consumer banking operations offer checking and savings accounts, credit cards, mortgages, home equity lending, auto loans and other consumer financial products. Through Merrill, Bank of America provides wealth management, investment advisory, brokerage and retirement services.

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